Mhealth market to grow at 33.5% CAGR, says P&S
June 5, 2018
The global mhealth market is projected to reach $132.2bn by 2023, growing at a CAGR of 33.5% from 2018 to 2023, according to P&S Market Research.
The market is growing due to the increasing demand for patient-centric healthcare models, the need for more remote patient monitoring services, growing demand for mhealth technologies and increasing prevalence of chronic and lifestyle associated diseases.
Additionally, increasing penetration of mobile platforms, tablets and smartphones, increasing healthcare cost, increasing use of connected medical devices’ mhealth applications and increasing penetration of 3G and 4G networks to provide uninterrupted healthcare services are also driving growth.
The growing geriatric population and increasing healthcare cost has increased the demand for patient-centric healthcare models across the globe. In a patient-centric healthcare model, the patients and their families are actively involved in deciding the treatment options and medication usage among the available options. It promotes care relationships across various providers and various locations, especially at a patient’s home.
The patient-centric healthcare model enhances health outcomes at lower cost. Various companies are collaborating with healthcare providers and payers to implement patient-centric healthcare models effectively. The increasing demand for patient-centric healthcare is driving the growth of the global mhealth market at a considerable rate, says the report.
Increasing adoption of cloud technology in healthcare is a major trend observed by the report in the mhealth market. Modern cloud computing helps companies grasp new business opportunities and innovate faster. The healthcare industry is extensively implementing cloud-based technology for exchanging medical, financial and associated complex data by healthcare organisations to improve the healthcare ecosystem.
Cloud computing provides significant benefits to clinics, hospitals and others for quick access to computing and large storage facilities. Moreover, the cloud-based technology is becoming an essential strategic decision for pharma IT players as a differentiator.
With the increasing popularity of cloud-based services and wireless connectivity in the healthcare sector, there has been an increase in the usage of handheld devices globally, among healthcare professionals and patients. This raises concerns for the security of private patient information, which has become one of the key challenges faced by health IT companies.
An unauthorised access to such systems through unlawful measures can provide access for controlling or destroying critical information stored in the systems. In addition, the threat posed by computer viruses is also growing, which can prompt deterioration in the proficiency of digital health technologies, including telehealth and EHR. This risk of low information security is expected to limit the growth of the mhealth market.
Some of the key companies operating in the market include Cisco Systems, LifeWatch, Omron, Cerner, Athenahealth, AT&T, AliveCor, Airstrip Technologies, iHealth Labs, AgaMatrix, BioTelemetry, Medtronic, Koninklijke Philips, Johnson & Johnson and Withings SAS.