New projections put forward last week by Lux Research suggest that the mobile health devices market is set for explosive growth through 2023.
The prevalence of clinical devices will be driven by the adoption of vital signs monitoring and in vitro diagnostic (IVD) devices. Consequently, the mobile health market will grow eight-fold from $5.1B in 2013 to $41.8B in 2023.
Lux Research estimates that clinical mHealth devices will soar past consumer-focused counterparts after a slow start due to regulatory approval barriers and slower integration into physicians’ workflows.
For instance, clinical vital signs monitoring devices will grow from $372M in 2013 to $16B in 2023, a compound annual growth rate (CAGR) of 46%, while consumer applications will grow from $2.5B to $7B, an 11% CAGR.
“Consumer devices have seen a lot of hype but clinical devices will surpass their consumer counterparts in revenues by 2020, helped by value-added software services and generally larger revenue streams,” said Nick Kurkjy, Lux Research Associate.
“Clinical markets will be able to pay much more for comparable services, especially if a device is able to reduce patient recovery times or readmission rates, which can lead to outsized cost savings for the health care provider,” he added.