A recent report from Lux Research predicts that clinical devices will dominate the mobile health market within the next 10 years. The mobile health market, valued at $5.1 billion in 2013, is estimated to grow to $41.8 billion by 2023, according to report “mHealth Showdown: Consumer and Clincial Devices’ Battle for Market Dominance.”
Though the consumer side has dominated the market since 2010 largely thanks to an array of apps and wearables, the clinical side of mobile health is quickly catching up. Clinical vital-sign monitoring and in vitro diagnostic devices currently make up a large portion of the clinical mobile device market; in 2013, the clinical vital-sign monitoring device market was $372 million. In nine years, it’s expected to grow to $16 billion.
Lux Research associate and lead author of the report Nick Kurkjy, explained the current and projected growth of the clinical device market, stating “Clinical markets will be able to pay much more for comparable services, especially if a device is able to reduce patient recovery times or re-admission rates, which can lead to outsized cost savings for the health care provider.”