Report: Clinical Mobile Health Devices Expected To Surpass Consumer Devices

Clinical mobile health devices will soar past consumer-focused counterparts after a slow start due to regulatory approval barriers and slower integration into physicians’ workflows, according to Lux Research. Driven by adoption of vital signs monitoring and in vitro diagnostic (IVD) devices, the mobile health (mHealth) market will grow eight-fold from $5.1 billion in 2013 to $41.8 billion by 2023.  For instance, clinical vital signs monitoring devices will grow from $372 million in 2013 to $16 billion by 2023, a compound annual growth rate (CAGR) of 46%, while consumer applications will grow from $2.5 billion to $7 billion, 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 and lead author of the report titled, “mHealth Showdown: Consumer and Clinical Devices’ Battle for Market Dominance.”  “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...