Non-healthcare Player Joins the $20 Billion mHealth Market

JSB Market Research recently revealed results of their latest study, mHealth Apps & Solutions Market By Connected Devices, Health Apps, Medical Apps. In this report, JSB noted the successful integration of mobile technology and healthcare solutions into the healthcare services market. According to JSB, the global mHealth makret has reached an estimated value of $6.6 billion in 2013 and is expected to reach $20.7 billion by 2018 with a CAGR of 25.5%.

The mobile healthcare market is generally categorized into two: medical devices and healthcare applications, which is the revenue generating arm of the market, with approximately 80% of the revenue in 2013 generated from these apps. Meanwhile, the connected device market has been divided into segments such as cardiac monitoring devices, diabetes management, sleep apnea, respiratory monitors and other multi-parameter trackers. In this report, JSB noted that among these segments cardiac monitors contributed the most to the market's revenue, followed by diabetes management devices, which is expected to see the highest predicted growth as well within the same forecast period, primarily due to the increasing number of diabetic patients globally.

The healthcare app market, however, does not show a very significant contribution into the market's revenue. This market is segmented into health apps and medical apps. Medical apps are mostly for references, emergency response, mental health or dermatological treatment, which does not have as much download volume as health apps that include fitness and weight loss apps. But despite higher demand for these apps, its revenue contribution is still relatively insignificant to the market given that paid apps only cost between $1 to $2. Nonetheless, weight loss apps as well as sleep and medication reminder apps are still expected to grow at a higher CAGR during the forecast period.

As per JSB Market Research, primary drivers of the market are the increasing chronic diseases, rapidly growing smartphone adoption, flourishing 3G and 4G network penetration worldwide, among others. Yet again, market growth may be be hindered by more strict FDA and EU regulations on data security and privacy, low doctor population in underdeveloped countries as well as other emerging mHealth platforms. In 2013, North America has the largest share of the global mHealth market amounting to $2.9 billion, according to the report. Meanwhile, Asia and Europe will see latent growth brought by significant adoption of mobile healthcare technologies as well as government initiatives.

Market players on the other hand is very diverse, from healthcare to non-healthcare providers, getting their hands on this $300 billion market. Leadingquest and Parla Con, a non-healthcare market player that provides mHealth and M2M solutions in Brazil and the US, acknowledge the need for better and more efficient healthcare solutions especially with the increasing and maturing population.

Parlacom, headed by its Founder and CEO, Clovis Lacerda, believes that as more people get older, the demands for health care grows with it, and soon there may not be enough medical facilities, hospitals and equipment to accommodate this need. From among the company's line of machine-to-machine solutions, Parlacom provides medical facilities and hospitals a more efficient and effective way of monitoring and attending to patients while leveraging cutting edge cloud-based mHealth solutions. And with the potential of the market still growing, Parlacom is commitment to push for more innovative solutions for its clients, especially the healthcare industry. Parlacom has created smartphone applications for managed care facilities and caregivers, as well as specific healthcare apps for medication management for chronic illnesses, that are able both on iOS and Android platforms.

"We understand that providing top quality healthcare solutions is important. At Parlacom, we strive and continue to deliver services and solutions not just to help save lives but improve ways of living." Mr. Lacerda said in a statement.