The mobile Health market is being revitalized by the growth of the smartphone industry, with more than 140 million smartphone users in the U.S. only. And, over the next five years, this number is expected to increase to more than 200 million. Healthcare industry is leveraging this mobile industry, which in turn, resulting into thousands of apps that are empowering mobile users in their daily lives. People leveraging and enjoying the handheld convenience of easily depositing checks, tracking family members, avoiding traffic, playing games, and staying connected with friends. Nowadays, mHealth is facilitating thousands of patients and doctors through its technology-based applications. Examples include the exchange of key medical information via e-mail, texting, smartphone apps, storing and forwarding pictures, and Web-based video.
Mobile health (mHealth) industry is still progressing and growing according to its users need, but where it goes next depends on our changing healthcare needs. According to research2guidance's fourth annual study on mHealth app publishing, the number of mHealth apps published on iOS and Android has more than doubled in two and-a-half years, reaching more than 100,000 apps in 2014 and Market revenue reached $2.4 billion dollars in 2013 and is projected to grow to $26 billion by 2017.
But, that doesn't mean that all apps are successful. Only few of them were blockbusters. According to research2guidance, 68 percent of mHealth app publishers make less than $10,000 in revenue, and only the top 5 percent make more than $1 million. Eighty-two percent of app publishers generated less than 50,000 downloads with their mHealth portfolios in 2013 while the top 5 percent reached more than 500,000.
Nowadays, it's not that intricate to develop an application on a smartphone that can serve the purpose of Healthcare industry. The most important question that arises - Are there any useful and user-centric technology that can entice more and more users? The market has reached there – through Wearable Technology. Even investors are looking for those unique technology and factors that are different and have an entirely unique and captivating business model.
However, tech entrepreneurs and industry gurus see the great potential in mobile health (mHealth) market as the next great and critical business revolution, but it has yet to achieve a long run and critical mass. They are expecting mHealth the main market drivers that tend to increase in the near future depending on the more and more penetration of smartphone/tablets and user/patient data demand etc.
However, the year 2014 is considered to go down as the year of wearable technology. But, with the year 2015, the impact of wearables on Healthcare industry has started brightening. Till date, Wearable technology has already shown its marks in education, commerce, communication, navigation, and entertainment verticals; but now, industry experts are predicting that the greatest potential lies in healthcare. Moreover, the wearable technology has already started to revolutionize healthcare by supporting patients and doctors in their critical activities like providing real time access to their electronic health records.
But, the full potential of wearable technology has proved its presence in healthcare industry. And, its limitations have gone beyond assisting doctors and patients. Apple and Google’s new launched trendy wearables is enticing many users and making new records in the history of Wearables. In 2014 Consumer Electronics Show in Las Vegas, Sony, LG and Garmin introduced devices that track everything from heart rate and blood pressure to a patient's O2 saturation. By 2018, the overall number of wearable devices shipped to consumers is expected to reach 130 million. With such a huge appreciation and acceptance from the users, wearables are emerging as the perfect technology for healthcare industry.
Jas is a blogger, author and strategist and have worked with companies and brands to optimize their online strategies with digital content and social media marketing.