Healthcare organizations have only seen the tip of the iceberg with connected health, but as more studies emerge demonstrating its role in improving health outcomes the growth of connected health solutions, such as wearables and apps, will be “substantial and swift,” according to a report from ACT | The App Association.
The report, titled “The State of the App Economy,” takes a look at the $120 billion app economy in which 3.97 million apps are now available. The report highlights the top opportunities in the connected health market, namely, chronic condition management, personal fitness and wellness and remote patient monitoring, which alone is projected to be a $46 billion market by next year. The connected health, or mHealth market, which also includes wearables and apps, is poised to reach $117 billion by 2020, the report states.
The ACT | The App Association report also cites research data that 86 percent of clinicians cite mobile apps as being central to patient health by 2020.
“Connected technology is poised to dramatically reshape the healthcare landscape. New regulations to manage costs are spurring innovation. Healthcare providers must now shift from fee-for-service to value-based payments, and the resulting incentives favor outcomes more than procedures. This transition significantly elevates the value of connected health data that comes from remote patient monitoring, chronic condition management, wearable sensors, and apps,” the report authors wrote.
The report also specifically cites Atlanta-based Rimidi’s Diabetes+Me app as an example of how connected health solutions are impacting the healthcare industry. According to the report, the company’s clinical studies demonstrate that it can produce better patient outcomes at reduced cost.
“Goldman Sachs projects that connected health solutions like Rimidi’s will reduce healthcare costs by $305 billion,” the report authors wrote.