NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- The global mHealth market is projected to grow at a brisk pace for the next few years. The market is projected to reach $132.2 billion by 2023, growing at a CAGR of 33.5% during 2018-2023. The market is growing due to the increasing demand for patient-centric healthcare models, growing need for 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 utilization of connected medical devices mHealth applications and increasing penetration of 3G and 4G networks to provide uninterrupted healthcare services are also driving the growth of the global mHealth market.
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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 patient’s home. The patient-centric healthcare model enhances health outcomes at minimum cost. Various companies are collaborating with healthcare providers and payers to effectively implement patient-centric healthcare models. The increasing demand for patient-centric healthcare is driving the growth of the global mHealth market at a considerable rate.
Increasing adoption of cloud technology in healthcare is a major trend observed in the mHealth market. Modern cloud computing helps companies to 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 organizations, in order to improve healthcare ecosystem. Cloud computing provides significant benefits to clinics, hospitals, and others for quick access to computing and large storage facility. 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 HIT companies. An unauthorized 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.
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Some of the key companies operating in the global mHealth market include Cisco Systems Inc., LifeWatch AG, OMRON Corporation, Cerner Corporation, Athenahealth Inc., AT&T Inc., AliveCor Inc., Airstrip Technologies Inc., iHealth Labs Inc., AgaMatrix Inc., BioTelemetry Inc., Medtronic PLC, Koninklijke Philips N.V., Johnson & Johnson and Withings SAS.
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