6 factors for building a successful mHealth apps business
The number of mobile health (mHealth) apps is on the rise, doubling in only two and half years to reach more than 100,000 iOS and Android apps in the first quarter of 2014.
Revenue generated by mHealth apps reached $2.4 billion last year and is expected to grow to $26 billion by the end of 2017, according to a survey of more than 2,000 mHealth app publishers by research2guidance, Continua Alliance and the Health Information Management Systems Society.
Publishers of mHealth apps include traditional healthcare players, such as hospitals and drug firms, as well as helpers, mobile app specialists, connectors and medical and fitness specialists.
Based on the survey, the study singled out six factors that distinguish successful mHealth app publishers from less successful firms. Successful publishers, those that make over a million dollars in annual revenue, do these six things:
- Employ a service model as their primary revenue generator--services include remote monitoring, consultation and scanned image sharing, which can be charged on a subscription basis or pay-per-use.
- Have a large app portfolio (more than 20 mobile apps), which allows them to leverage cross-selling opportunities and balance risk.
- Have more experience in the market.
- Make greater use of medical and health application programming interfaces, which provide access to general and personal health information databases as well as medical devices and health tracking devices of third-party vendors.
- Make greater use of tools that support app development, performance monitoring and app monetization.
- Use iOS as their number one app platform, which offers better revenue potential than Android for mHealth app publishing.
- check out the research2guidance blog
- read the full report (reg. req.)
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