MOUNTAIN VIEW, Calif., Sept. 1, 2016 /PRNewswire/ -- The Internet of Medical Things (IoMT) entails any ecosystem of connected medical technologies supporting targeted health and well-being services. MHealth entails dedicated healthcare apps, hand held point of care tools, wearables, and even dedicated enterprise smart devices for the healthcare environment.
While new 'health' centric apps are being released on a daily basis, only a selected few have been able to translate services into tangible results. Innovative start-ups use several analytics and cross platform tools to improve interoperability and connectivity, thereby engaging patients in easier access to health and medical information.
From hand held point of care ultrasound devices, to smart phone attachments that can detect anything from eye disorders to skin conditions; clinical support that could once be only performed in a hospital with expensive capital equipment is now being performed at any time in any place.
New analysis from Frost & Sullivan, Clinical mHealth Growth Opportunities (http://frost.ly/qb), finds that the mhealth-enabled care market earned revenues of $12.1 billion in 2015 and estimates this to reach $63.8 billion in 2021. The market is segmented into:
- HC enterprise smartphones
- Mobile tools and
- HC apps
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Distinguished from consumer grade mHealth services that target self-managed health goals, clinical grade solutions can be used by a medical professional to diagnosis or influence course of care decisions. These technologies can augment telehealth services that to date predominantly rely on a video chat between a patient and doctor. Now, these devices can capture real time biometric data points and trend information that can be reviewed by a clinician.
"New market paradigms require innovative business models," states Frost & Sullivan Transformational Health Industry Analyst Harpreet Singh Buttar. "In order to better align with new compensation models that reward outcomes and quality of care, entrepreneurial companies are rethinking how healthcare technologies are monetized."
A unique dynamic of this market is the role that is to be played by large consumer technology brands like Apple, Google, and Intel. Players from diverse backgrounds ranging from phone, chip and sensor manufacturers to telecom service providers are actively considering opportunities for their solutions in a wide range of healthcare environments.
"Solution launches that have failed to gain traction, generally suffered due to overly complex interfaces and features, leading to user confusion and restricted adoption," noted Buttar. "Successful ventures in the market require unique partnerships where organizations can integrate their fields of expertise, whether that is in clinical or consumer arena."
The immense enabling promise of these solutions lies in how they can be used by clinical decision makers to understand patterns, diagnose early symptoms and impart faster and more effective care for patients.
Clinical mHealth Growth Opportunities is part of the Visionary Healthcare (http://frost.ly/qa) Growth Partnership Service program. Frost & Sullivan's related studies include: Care Delivery Innovation Tracker: Nearshoring Affordable Medical Tourism to the Western Hemisphere, Healthcare Wearables 5 Strategies to Avoid in Development, Transformations in Global Private Health Insurance Models, How Nurse Practitioner Shortages will Affect Retail Clinics, Cyber Security Threats and Medical Device Connectivity and Growth Opportunity Analysis of Health, Wellness, and Wellbeing Technologies in Commercial Trucking. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan