The market for mobile health (mHealth) devices is projected to grow at an astonishing rate over the next few years, from $5.1 billion in 2013 to $41.8 billion by 2023, according to business intelligence consultancy Lux Research. While it has been overshadowed by the consumer devices market, which has received considerable media attention, clinical mHealth devices will surge after 2018 and emerge as the long-term winner, says Lux Research.
The reason clinical mHealth devices are late bloomers, relatively speaking, largely is attributed to the regulatory barriers that medical manufacturers must negotiate, but the medical community's conservative nature is also a factor, says Nick Kurkjy, Lux Research Associate and lead author of the report titled, mHealth Showdown: Consumer and Clinical Devices' Battle for Market Dominance.
"It can seem like physician workflow rules are set in stone," Kurkjy told PlasticsToday. "Doctors are among the slowest adopters of new technology," he adds. "That is understandable, because people's lives depend on what they do, and what they are doing is working." Health economics, however, is changing the playing field, and making mHealth an inevitable force.