How is Growing Penetration of Smartphones Driving mHealth Market?
The penetration of internet and smartphones has increased significantly over the past few years across the globe, particularly because of technological advancements that have made these technologies accessible to a larger number of people. As the 3G and 4G spectrum are becoming more affordable, more mobile users are switching over to smartphones. In addition to this, various industries, including the healthcare industry, are also leveraging internet and developing applications, through which consumers can be provided with enhanced services. Moreover, the demand for remote monitoring in the healthcare industry is increasing as well.
Attributed to these factors, the demand and adoption of mHealth is growing as well. mHealth refers to the utilization of devices such as tablets, mobile phones, and personal digital assistants for provision of health support. The technology is primarily utilized for delivering healthcare and information regarding healthcare. Owing to these advantages, the global mHealth market size is expected to generate a revenue of $132.2 billion by 2023, increasing from $23.0 billion in 2017, progressing at a 33.5% CAGR during the forecast period (2018–2023). Different mHealth offerings are mHealth apps, connected devices, and services, among which, the demand for connected devices was higher in the past.
This is because of the several advantages of these devices including real time disease management, provision of remote monitoring, improved patient outcomes, and low cost of care. Sleep apnea monitors, blood pressure monitors, pulse oximeters, blood glucose monitors, multiparameter monitors, and electrocardiogram monitors. Out of all these, the demand for blood glucose monitors is predicted to grow substantially in the years to come, which is due to the growing prevalence of diabetes and changing food habits and lifestyle. Different mHealth services are remote monitoring, preventive services, fitness and wellness services, diagnosis and consulting, healthcare system strengthening services, and treatment services.
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In addition to this, enhancing consumer accessibility to connected medical devices and growing need for remote monitoring devices is also driving the demand for mHealth in the region. Besides this, the adoption of mHealth solutions is also projected to rise in Asia-Pacific (APAC), making the region fastest-growing mHealth market in the coming years. This is because of the increasing healthcare spending, rising aging population, improving healthcare infrastructure, and increasing penetration of internet and smartphones in the region.
In conclusion, the demand for mHealth is growing due to the rising need for remote patient monitoring and increasing penetration of smartphones and internet.
