The mobile health device market is expected to see an eight-fold increase over the next decade, according to a report from Lux Research, MedCity News reports.
The report found that the mobile health device market will grow from $5.1 billion in 2013 to $41.8 billion in 2023.
However, the report predicted that the market will shift from a heavy focus on consumer-driven products, which have dominated sales since 2010, to greater growth in clinical devices (Baum, MedCity News, 7/1).
Specifically, the report found that the market for clinical health monitoring devices will grow to $16 billion by 2023, up from $372 million in 2013 (Conn, Modern Healthcare, 7/1). In comparison, consumer monitoring applications are expected to grow to $7 billion, up from $2.5 billion, over the same time period (Lux Research release, 7/1).
Nick Kurkjy, lead analyst of the report, said, "The reason why clinical devices are really going to blow away consumer devices in a decade or so [is] there is so much more value to be had in a clinical setting. Outcomes-based reimbursement and a focus on readmissions is going to really drive this" (Modern Healthcare, 7/1).
The report also found that:
- Acquisitions among large companies in the electronics and medical devices industries are expected to increase;
- The vital signs and in vitro diagnostic device mobile health sectors will make up 75% of the mobile health market and are projected to reach $32.9 billion by 2023; and
- Venture funding for mobile health devices reached $480 million in 2013, driven largely by the popularity of smartphones (Lux Research release, 7/1).