An article in HealthCareIT Newsfocuses on recent data on the mobile health app market as revealed by the latest research.
In the mHealth App Developer Economics 2016 report from research2guidance, figures show that the mHealth market is inundated with apps with supply far outstripping demand.
In 2016, the number of mHealth apps in app stores was recorded at 259,000 while the growth rate of the demand fell to 7 percent. This follows 35 percent growth in 2015.
The report goes on to say that making money from consumer transactions is not the main drive in app developer initiatives; 60 percent earn less than $1,000 per month from their app portfolios and the top price a consumer would be willing to pay for an mHealth app is $10 says research2guidance.
Where app developers could earn revenue is their value-added services. The report notes that a projected 15 percent annual growth rate could generate a $31 billion business tranche in 2020.
In turn cutting hospital readmissions and encouraging adherence to treatment would be the main drivers for growth in the mHealth apps market. Remote monitoring came out on top as the market segment with the greatest growth potential over the next five years.
Other key findings were as follows:
- Generating revenue, collecting data for analytics and cutting healthcare costs follow patient health management as aims for health apps development;
- Integration of a healthcare provider communication channel ranks high for developers but is most difficult to out in place;
- Personalised messages, dashboards and educational content are currently used for patient behaviour change tactics;
- Most mHealth apps are ultimately abandoned;
- Only 10 to 20 percent of app downloads are used more than once a month.
The article argues that what is needed for a healthy mHealth app market in the U.S. is increased investment in primary care and value for prevention.
Source: Healthcare IT News
Image Credit: Forbes