Start-up funding for mHealth is expected to double in the United States over the next three years, according to new research from Accenture. What's more telling, though, are the types of start-ups being funded.
While the market seems dominated by consumer-facing tools like smartwatches and other types of personal monitors, those with the money are more interested in devices and platforms that benefit the provider first.
The Chicago-based analyst firm says an estimated $2.8 billion was spent on digital health start-ups in 2013, with an annual growth rate of 31 percent since 2008. The company said it expects such funding to grow to $4.3 billion in 2015 and $6.5 billion by the end of 2017.
Of particular note are the four market segments identified by Accenture as driving this growth: infrastructure capabilities, engagement solutions, treatment tools and diagnosis technology. All four skew toward the provider, as opposed to the consumer, indicating the market's desire to merge clinical and patient-centered interests.
“A digital disruption is playing out in healthcare that will change social interactions, alter consumer expectations and, ultimately, improve health outcomes,” Dipak Patel, managing director of Accenture’s patient access initiatives, said in a press release. “This momentum will be sustained if digital healthcare start-ups apply capabilities that create a seamless patient experience and result in both medical cost savings and improved outcomes.”
“Healthcare leaders will need to embrace digital capabilities, not only to stay relevant to consumers, but to influence behavioral change, improve access to care channels and reduce per patient costs,” Patel continued. “Organizations need to weave digital capabilities into the core of their business models so technology becomes embedded in everything they do.”
It's not a new concept. Patel's colleague at Accenture, Tom Heatherington, recently told mHealth News that the Apple Watch and HealthKit platform might signal a shift from consumer-first mHealth to consumer-and-provider solutions. That's because companies like Apple are pushing their way into the healthcare market with platforms that move toward the provider's needs.
That said, it's still up to the provider community to adopt these new tools. And it's up to the businesses – both established and up-and-coming – to find that critical connection between what consumers want and what doctors need.
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