ALBANY, New York, July 10, 2019 /PRNewswire/ -- Enormous scope for integration of wide range communication technologies with the existing and emerging health care services underpins the vast opportunities in the global mobile health (mHealth) market. Rapid evolution of the mHealth market has been driven by its role as key enabler as well as accelerator of patient-centered and value-based care. Stakeholders, including patient population, have been increasingly harnessing the ubiquity of mobile connectivity — a key pillar of mHealth technology — in the health care industry.
Integration of range of wirelessly connected technologies and mobile apps with the existing systems coupled with their increasing interoperability, will undoubtedly accelerate growth in the mHealth market. The opportunities, according to a report by Transparency Market Research (TMR), are projected to climb to US$118.4 bn by 2025-end.
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Expectations of Investors and Innovators in Emerging Markets High
One of the primary motivations for adoption of mHealth technologies stems from the need for disruption in the existing health care system and regulatory frameworks. Developed regions such as North America and Europe have already been at the forefront in the queue of early adopters of services and solutions in the mHealth market, given the rapid pace of innovation there. That aside, favorable government outlook of mHealth to transform the management—including prevention and monitoring, of key chronic diseases has kept these regions lucrative thus far.
On the other hand, Asia Pacific has shown enormous potential in the list of rapidly emerging market owing to vast unmet need and substantial euphemism notably among patients. The region is thus anticipated to rise at higher CAGR from 2019 to 2025 than all others, notes TMR.
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Growing Array of mHealth Devices, and Adoption by Patients keep Opportunities Rewarding
Continuously expanding array of remote monitoring technologies, including analytics, particularly connected medical devices is one of the key revenue generators in the global mHealth market. Slow but steady adoption of these in self-management of diseases offers solid growth impetus. Rising penetration of ICT, spearheaded by telecom communication companies, has helped stir interests of patient populations in mHealth to manage their well-being.
A case in point is utilization of mobile health devices in monitoring their vital health conditions and sending these data to healthcare professionals. This aside, constant advances in various communication platforms and remote monitoring tools will keep opportunities effervescent for incumbent and new entrants in the mHealth market. Companies that are putting large bets include Omada Health, Inc., Livongo Health, Proteus Digital Health, Apple Inc., and Dexcom, Inc.
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A Few Organizational and Technological Challenges Galore
Despite the transformative potential of mHealth in improving the paradigms in patient care, their adoption aren't without several unique challenges. For one, a strictly regulated health care industry, largely, is one of the main impediments for the growth in the mHealth market. Health care professionals and payers have notably witnessed the constraint increasingly in developed countries. Lack of organizational support, especially among payers, and lack of mHealth intervention guidelines are restraining the evolving landscape of mHealth systems, world over.
Interestingly, but not surprisingly, oftentimes new array of mHealth technologies are interoperable. That aside, rapidly changing consumer technology landscape fails to keep pace with patients' awareness.
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Growing Utilization of mHealth System in Managing Chronic Conditions offers Headwinds
Nonetheless, strong headwinds to the global mHealth market will come from the adoption of mHealth solutions by the health care industry for shifting its goal to personalized patient care. A prominent case in point is the use of mHealth platforms and digital apps in disease intervention of chronic and allergic conditions, notably asthma and diabetes.
Developed nations such as the U.S. have been trialing new mHealth systems for bringing down the cost of managing diabetes. In other parts of the world, the mHealth market will see new potential in mHealth for high-quality patient care, alongside increased convenience and affordability. Further, developing a better framework for this new mobile paradigm in the health care delivery world over will open new frontiers in the mHealth market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "mHealth Market (Product - Connected Medical Devices (Heart Rate Monitors, Activity Monitors, Electrocardiograph, Fetal Monitoring, and Neuromonitoring), mHealth Applications (Fitness and Wellness, Diabetes, Cardiovascular Diseases, Central Nervous System Diseases, Respiratory Diseases, Musculoskeletal Diseases, Smoking Cessation, and Medication Adherence), and mHealth Services; End User - B2B (Patients and Caregivers) and B2C (Providers, Payers, and Employers)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025."
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