mHealth to Exceed $42 Billion by 2020
According to DigitasÛª mBook Report, 90% of patients say they would use an app ÛÏprescribedÛ by their doctor (even though only 66% would fill a medical prescription), and a report by Grand View Research, Inc. says the global market for Mobile Health Care (mHealth) applications is projected to exceed $42 billion by 2020.
“mHealth apps are ushering in a new era of ÛÏDIY health care,Û Ganguly wrote in Marketing:Health.åÊPatients, Not Users: Humanizing The Mobile Health Movement. “Patients love them because they are free or low-cost alternatives to an expensive system. Health care professionals, in turn, eagerly anticipate the rise of mHealth apps as a means of delivering more patient-centered, value-based health care.”
Even with advocates on both ends and impressive projections, the mHealth marketplace has been slow to realize its potential. The mHealth Developer Economics Report says that of the 100,000+ mHealth apps currently on the market, 68% made less than $10,000 in 2014 and 82% have fewer than 50,000 downloads. Among those who downloaded an app, 76% churn within one month of installation, according to recent data Ganguly collected.
“So how do mHealth app developers find and retain the highly engaged, highly profitable mobile customers that stand between them and that $42B opportunity?” Ganguly asked. “App developers need to understand that what makes a good mHealth app is not so different from what makes a good doctor.”
“They connect with them the same way a good doctor connects with a patient: by 1) creating an environment of trust and 2) delivering effective, personalized treatment.”
“Personalization is the price of entry. The best way to do this is to interact with patients in-app. This could be through triggered prompts, 1:1 in-app conversations, surveys, etc.” Ganguly analyzed a million mHealth app sessions, and found that apps that invest the resources to engage and humanize their customers see retention rates twice as high as those that do not, reducing customer churn from 60% after one week to 30%.
According to AudienceSCAN, 5% of adults intend to pay for Website/Mobile App Development for their companies this year. You can bet many of them will fall into the health category, so be ready to target this audience with the tips above and these stats: 22.5% of these decision makers bring home $100,000-$149,999 annually. This audience is so metropolitan ÛÒ 47% live in city, urban or metropolitan areas. Chances are, they’ll find you, because 42% go past the first page of search results. In the past month, 52% saw a commercial on TV (over-the-air, online, mobile or tablet) and took action.
AudienceSCAN data is available as part of a subscription to AdMall for Agencies. Media companies can access AudienceSCAN data through the Audience Intelligence Reports inåÊAdMall.