mHealth- What scope is there in the remote monitoring market for chronic diseases?

POSTED BY Global Administrator
mHealth- What scope is there in the remote monitoring market for chronic diseases?

Juniper Research's report in the mHealth sector launched earlier this year forecasts that revenues from remote patient monitoring using mobile networks will rise to almost $1.9 billion globally by 2014, with heart based monitoring in North America accounting for the bulk of early mobile monitoring roll-outs. The monitoring projects considered in the study were by undertaken by companies such as CardioNet, eCardio and the monitoring events in such projects (existing and forecast) are characterised by fairly large fees.

While these monitoring projects represent the cutting edge of mobile monitoring technology, a second monitoring market, for chronic diseases such as Asthma, COPD and diabetes, could eventually represent a much larger market in terms of numbers of monitored individuals and even revenues.

In the area of chronic disease management, the companies involved are still at the start-up stage. Most are still venture-backed to the tune of under $10 million. That said, five years from now, remote monitoring of chronic diseases could offer health insurance companies genuine cost savings, not only by notifying physicians on changes to patients readings such as glucose levels, but also by notifying the patients themselves of how they could (and should) change their behaviour.

Also, the first companies to convince the “payor” market that there are genuine cost savings to be made through remote monitoring of chronic diseases could see rapid uptake in chronic disease monitoring, particularly if their estimations as to the cost savings associated with their business plans prove to be accurate.

It may be too early to forecast the market for chronic disease monitoring, but it may grow rapidly once its benefits are proven. Even it it does take some time to gain traction, its worth watching out for companies like MedApps, Healthrageous and Imetrikus. One day they could be playing an important role in all our futures.