Mobile Health Market to Grow to $41.8 in the Next Decade
Real-time patient monitoring (mobile health) is quickly becoming the crux of the healthcare industry. Consequently, extra clinical and medical equipment is being integrated with mobile technologies to remotely track patients.
Thus, mobile health is about delivering health solutions using tablets and mobile phones. The solutions would normally involve the use of multimedia and telecommunication technologies to deliver health services.
Many governments are developing public health policies that are meant to encourage growth in the global mobile health market. A good example is Health IT for economic and clinical Health Act brought by President Barack Obama in 2009.
According to Global Mobile Health Solutions Market, the mHealth (m-Health) is projected to grow at 34.88% over the next 5 years.
And according to Lux Research, mHealth is expected to grow to $41.8 billion in 2023 from $5.1 billion in 2013. Medical mobile health devices will experience huge growth after getting past the regulatory approval obstacles and slower integration into the physician’s work schedule.
According to Lux Research associate, Nick Kurkjy, mHealth devices will sell more than their consumer counterparts by the year 2020, and value-added software services will play a key role in increasing mHealth income streams.
The major selling points of mobile health devices can reduce the readmission rates or recovery times of a patient. This can lead to increased cost savings of health care providers.
Because venture funding has tremendously increased since 2007, this has contributed in the growth of the mobile health sector. Also, the increasing popularity of smartphone is another factor contributing to the growth.
The study also reveals that the growth of vital signs and IVD sectors has driven a considerable growth of the market of mobile health devices.