mHealth Market Revenue to Cross $30 billion mark by 2023 | Arizton

A recent report on global remote healthcare market by Arizton states that the mHealth segment is the largest revenue generator in the global remote healthcare market.

The advancement in technology and increased awareness about self-disease management is making mHealth the fastest growing application of remote healthcare market. The integration of digital technology with healthcare systems marks the future of medicine. This application focuses on demography, local infrastructure, reimbursement and regulatory policies, and disease occurrence for easy access to a larger consumer base. The launch of innovative and advanced cellular devices such as tablets and smartphones will accelerate the use of these applications in the global market.

The mHealth market is likely to generate revenues of over $30 billion by 2023, growing at a CAGR of more than 17% during 2018-2023.

Read: Remote Healthcare ( mHealth, Tele-ICUs & Virtual Health) Market – Global Outlook and Forecast 2018-2023
https://www.arizton.com/market-reports/remote-healthcare-market

Trends and Innovations Boosting the Adoption of mHealth Applications

The increasing awareness about disease management and growing number of connected mobile devices is propelling the development of the mHealth market. It is estimated that more than 80% of the world population is connected to the healthcare system using these applications. The most popular devices integrated with the applications include blood pressure monitoring devices, blood glucose monitors, heart rate monitoring devices, and sleep monitoring devices. The extensive use of mobile and wireless technologies is propelling the adoption of this application and transforming the healthcare industry. The common applications of this service include healthcare call centers, emergency toll-free telephone services, emergency and disaster management, mobile patient records, and health surveys. About 50% of these services offered constitute mobile telemedicine services and Germany, the UK, and the US are largest end-users of this service in the global market.

Role of Mobile Applications in Healthcare

Integration of life science with technology is the future of healthcare. The healthcare industry is harnessed with the development of telemedicine applications and digital technology innovation

Healthcare organization focus on the revolution of digital technology for the data management

The entry of data collection, data storage, and management for improvement in the quality of healthcare. The data management is associated with the strict code of conduct in compliance with HIPPA, PHI, and HEDIS

Mobile applications are expected to deliver quality service, improve patient interaction and workflow, with the reduction in cost

The high adaptation of mobile technology and increased focus on convenience during illness is expected to increase the demand for mHealth applications
Impeding mHealth Market

Read: Growth Drivers in the Remote Healthcare Market
https://www.arizton.com/news/press-release/remote-healthcare-market-size

Factors Governing the mHealth Market

Disease Dynamics: The mHealth applications help in monitoring blood pressure, glucose level, cholesterol level and sleep activity. The applications are used for disease management, fitness, health monitoring, and wellness. The introduction of wearable gadgets such as wristbands, watches, jewelry and other embedded devices help in recording and sharing data. Products by vendors such as iHealth, Nokia, or LifeSource have combined personal devices with advanced technology for personalized care management.

Demographics: The mHealth market is one of the growing markets in the healthcare sector, due to the increased market penetration of smartphones and wearable gadgets. Smartphone ownership has increased rapidly over the past few years. The user-friendly applications have increased the adoption in the older population.

Infrastructure: The ability of infrastructure is one of the major factor supporting mHealth applications. The use of cellular, broadband and wireless network enables the growth of these applications in the market. Service providers have introduced 4G LTE connectivity for faster internet speed, supporting applications such as video and high-definition image.

Reimbursement and Regulatory: The early model of the mHealth application was less popular due to the limited reimbursement offered for the services. The introduction of new delivery models and reforms in reimbursement has helped in increasing adoption of these applications in the global market. Value-based reimbursement reforms can help in reducing cost and improve healthcare outcomes. There are regulations and legislative by various countries to monitor the security of data.

Read: Market Segments in the Remote Healthcare Market
https://www.arizton.com/news/press-release/remote-healthcare-market-north-america

The leading players in the mHealth market are Medtronic, Philips, and Airstrip Technologies.

About Arizton Advisory & Intelligence

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This release was published on openPR.