Rising geriatric population prone to chronic diseases, increasing focus on patent-centric healthcare, and growing demand for remote patient monitoring are also helping in this regard. Generating a revenue of $23.0 billion in 2017 as per a P&S Intelligence study, the market is predicted to advance through the forecast period 2018–2023 at a CAGR of 33.5%.
mHealth refers to the collection of medical data and delivery of healthcare services via mobile phones and tablets. On the basis of offering, the mHealth market can be divided into mHealth apps, connected devices, and services. Among these, the connected devices category led the market in 2017 with 57.2% share, due to a growing demand for remote patient monitoring solutions. In places, where people’s houses and healthcare centers are distant, these collect patients’ medical data and send it to medical practitioners via the internet, thus allowing for real-time disease management and improved patient outcomes.
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Thus, we see that chronic diseases will be one of the major growth factors of the mHealth market in the future. As per a Centers for Disease Control and Prevention report, dated July 2017, 30.3 million people in the U.S. already had diabetes, while 84.1 million more were suffering from prediabetes, which can lead to type 2 diabetes, if not treated. Other common chronic diseases include cardiovascular diseases, stroke, chronic obstructive pulmonary disease, and cancer. With mHealth apps, doctors can help patients manage these diseases via remote monitoring and e-consultation.
By recording and sharing medical data, connected devices and mHealth apps also lower the healthcare expenditure by minimizing hospital readmissions, clinic revisits, medical tests, and other physical examinations. A study, conducted by New York University, Harbin Institute of Technology and Carnegie Mellon University between 2015 and 2016, showed that mHealth helped reduce the glycated hemoglobin and blood glucose levels, hospital visits, and medical expenses of type 2 diabetes patients.
Therefore, it is clear that the growing prevalence of chronic diseases and the need to reduce healthcare costs will take the domain forward.