New research from the Mountain View, Calif.-based research firm and consulting firm, Frost & Sullivan, says the mobile health (mHealth) market earned revenues of $230 million in 2010, a number which will grow to $392 million by 2015. The report says the mHealth market has seen substantial growth and will continue to expand and transform the health IT market.
"From 2008 to 2010 mHealth consistently outpaced forecast growth and revenue," Frost & Sullivan senior industry analyst Zachary Bujnoch, said in a statement. "mHealth apps will continue on a steep growth curve as increasingly sophisticated mobile technologies and relationship-management tools disrupt the market."
The report says near-term growth will occur as more new users purchase mobile apps and current users continue to purchase and use more mHealth apps. Based on this, it follows that app purchase revenue will grow.
However despite these growth opportunities, the report says there will be some challenges and obstacles to this growth. This includes regulatory issues and consumer engagement.
"Consumer awareness is mixed, with privacy and security concerns ever present in the mHealth market," said Bujnoch. "Also, while still overall a good thing, increases in FDA regulation and oversight may dampen innovation."