24 March 2020: The mHealth market is expected to witness a rapid growth due to rising prevalence of chronic diseases, growing geriatric population, and increasing internet connections. mHealth is medical and public health practices supported by mobile devices. A major benefit of mHealth is its convenience as it enables users to track and manage health data in real time by connecting to wearable devices and other mobile technology. It enables users to connect with healthcare provider without having to be physically present in front of them.
High Demand for Health Tracking Services to Boost the Market
Monitoring services accounted for the largest segment in terms of revenue in 2017 due to adoption of these services in hospitals. For instance, chronic disease management poses a financial burden and its prevention requires continuous monitoring. mHealth offers these tracking services using modern technologies with cost efficient delivery in healthcare. mHealth systems also help in curbing healthcare spending and in implementing medical diagnosis. This fuels demand for monitoring services boosting the growth of the market.
Diabetes is a prevalent chronic disease, which requires timely diagnosis and monitoring for keeping a check on the condition. Market players are inclined to develop innovative solutions to improve diabetes care and management process. Diagnosis services accounted for the second largest share in terms of revenue in 2017. The growth of the segment is due to research initiatives being undertaken for improving diagnostic practices using mHealth. For instance, in 2017, according to Xtelligent Healthcare Media, LLC, two researchers from the University of Illinois had developed advanced camera to improve diagnostic capabilities using smartphone. It also enabled users to conduct medical test on smartphones that were only possible in labs and clinics earlier.
Market Insights
Healthcare mobility solutions help in workflow management in hospitals, improve operational efficiency, and simplify complex business processes. These benefits along with increasing usage of social media in healthcare are anticipated to drive the industry growth over the forecast period. Factors such as lower adoption of the technology due to lack of technological awareness, ageing population, and uncertainty of government norms and regulations are restricting the market growth.
Some of the key players of mHealth market are AllScripts Healthcare Solutions; Telefonica; Apple Inc.; Orange; AirStrip Technologies; Qualcomm Inc.; AT&T;Softserve; Samsung Electronics; Google Inc.; Vodafone Group; and mQure.
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