Need to find a health care provider for you and your family? There’s an app for that!
Qualcomm, the mobile phone chipmaker, and AT&T, the largest US phone company, are uniting to provide a wide array of applications providing health-related services to consumers on the go and at home. With the massive influx of smart phones and applications, the two media moguls have struck gold in providing an important piece of the highly anticipated emerging market.
If you crack open your high school Economics book, it’s clear to see that the widely undisputed phenomenon of supply and demand is the reasoning behind the emergence of these so-called “m-health” market apps.
US sales of related wireless gadgets, applications, and services for consumers are projected to double to $600 million this year and could possibly double again to a whopping $1.3 billion, in 2011. Because of the “m-health” market’s promising potential, other tech industry giants such as Intel, IBM, Sprint Nextel, and Best Buy are following suit in the development of health apps.
Stemming from the aging American population in addition to governments’ and businesses’ abilities to control health care costs, people have now turned to at-home care and of course, their cell phones. In fact, health care’s share of the GDP alone climbed to 16.2 percent in 2007, a nearly ten percent increase from its previous number in 1970. The costs will continue to rise as the number of people sixty-five and older skyrockets to nearly 71 million, from 40 million just last year! Let’s put it simply, no one can afford their family doctor anymore!
In light of our wavering economy and rising health care costs, Americans are now focusing their attention to the one thing that they know best: the smart phone! Have YOU helped save the world today?
For more information, visit: businessweek.com
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