The mobile health sensor market will grow to $5.6 billion by 2017

The market for mobile health sensors will grow at an eye-popping 69 percent compounded annual growth rate over the next five years to $5.6 billion by 2017. In 2012, the market was worth $407 million. That’s according to mobile research…

The market for mobile health sensors will grow at an eye-popping 69 percent compounded annual growth rate over the next five years to $5.6 billion by 2017.

In 2012, the market was worth $407 million. That’s according to mobile research firm Research2Guidance, which recently issued a new five-year report on the global mhealth market. The report also predicts that 61 million sensors will be shipped to app users in 2017.
More and more mhealth apps are using health sensors to track everything from blood pressure, heart rate, glucose level, medication compliance and many other health metrics. These sensors connect to the corresponding app via Bluetooth, WiFi or USB.
There are currently 200 external sensors on the market and they are priced anywhere from $20 to $200, the report estimates. App users can buy them either as a one-off or as part of a subscription model.
Meanwhile as the market explodes, the model for developing sensors will change too. The current model is proprietary with sensors working with only the corresponding app made by a vendor. However, the future calls for a more open architecture such that the sensors can work with more than just a single app.
Small tech players currently dominate the space but larger players are becoming involved. Samsung made a big leap into the sensor and mhealth space when it announced the launch of its latest smartphone – Galaxy S4.
The market explosion of sensors of course is of course further evidence of the consumerization of healthcare and the consequent demand for technology to work seamlessly. That has big implications for not only players in the mhealth space but also healthcare players like medical device companies who have not paid a whole lot of attention to interoperability or consumer preference historically.
Mhealth and wireless devices will be a topic of discussion at a conference hosted by the publishers of MD+DI – MD&M East, June17-20, Philadelphia.