Consumer Technologies Booming but Providers Still Lack Confidence
NEW YORK, Oct. 28 2015 /PRNewswire/ --Mobile Health or mHealth includes all products and services that leverage mobile communication technologies to deliver healthcare services. Current research scope includes mobile apps and services but not devices. Our study found that while patients and consumers in Australia are ready to adopt mHealth, clinicians are apprehensive about the quality and reliability of such solutions. Such an environment confounds vendors, leading them to experiment with various mixes of target customers, value propositions, and business and payment models. The study presents insights that will help resolve some of the issues faced by vendors in driving market development.
- Mobile health (mHealth) can play a vital role in the Australian healthcare system by enhancing and improving communication between providers and patients. Better
managing and monitoring of patients paired with the empowering of consumers to take charge of their health are major benefits.
- In 2014, the Australian mHealth market generated revenue worth $ billion from the sales of mHealth applications (apps) and related services. The market is expected to grow at a compound annual growth rate (CAGR) of % from 2014 to 2019, with the final year market revenue estimated at $ billion.
- Australian government initiatives and an increased rate of smartphone penetration among healthcare professionals are driving mHealth growth in Australia. However, the biggest challenges for the mHealth market are insufficient regulatory oversight to control mHealth apps and services, and lack of a proven reimbursement model.
- Frost & Sullivan identified mental health, mPharmacy, and activity monitoring as the core markets with the greatest potential impact and growth opportunities in Australia for 2019. Within these markets, speciality care, long-term care, outpatient clinics, and ambulatory care centres will be the major healthcare settings that offer more lucrative opportunities to attract technology vendors and investors.
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