mHealth market predicted to hit $11.8B by 2018, say analysts

The mHealth market is expected to grow from an estimated $3 billion in 2013 to more than $11 billion by 2018, according to some analysts.

Apple’s HealthKit platform, which integrates medical apps, EHRs and peripheral devices, represents a part of this burgeoning market.

HealthKit “will be a major milestone in the wave of technology-healthcare alliances,” said Linda Tian, a medical devices analyst from London-based global research and consulting firm GlobalData, in a release. “Apple’s timely market penetration and established consumer engagement strategies will potentially enable the company to set the industry standards for future developments, similar to how it revolutionized the smartphone space."

Apple is among many major companies looking to collect data and transform them into meaninfful information to disseminate on a large scale, according to Niharika Midha, another medical device analyst at GlobalData.

However, the consulting firm analyst notes that getting there may not be easy, as companies will encounter hurdles in seeking regulatory approval in various countries and receiving reimbursement.

“Many medical devices are currently able to achieve regulatory approval, but fail to meet reimbursement criteria and therefore face barriers in adoption,” said Midha.