Remote monitoring poised to save global healthcare market $36B annually by 2018
Forecasts on the global mHealth market reveal cost savings of up to $36 billion from remote patient monitoring over the next five years.
The smartphone, mHealth attachments and companion apps are creating new pathways to provide mHealth services, with strong cost savings achieved potentially in cardiac and chronic disease remote patient monitoring. Smartphone-based mHealth is expected to grow the most, according to the report by Juniper Research.
Although currently remote patient monitoring, particularly for chronic diseases, is at its infancy stages in the development cycle, it will play a critical role as the healthcare system transitions to accountable care models, according to the report.
Other findings in the report:
- Western Europe will be the most promising new market for cardiac outpatient monitoring after the U.S. as partnerships emerge for its provision in the region.
- Demonstrating cost-savings to those funding the healthcare sector is likely to be the most effective way of advancing mHealth.
- Robust growth likely will occur in the adjacent mobile-fitness industry, driven by motivated users and coherent product offering from several players.
- Despite the positive forecast, mHealth players’ business models are hampered by a lack of clarity on how they will be reimbursed for the services they provide.