mHealth market to record proceeds with demand for remote data collection
One of the recent studies in the global mHealth market comprises research conducted by the IEEE Open Journal of Engineering in Medicine and Biology, and the Mass General Brigham (MGB) Center for COVID Innovation. The study underscores that mHealth mobile apps providing contact tracing are crucial in the detection of people who might have come in contact with a person infected with COVID-19.
Highlighting another study, in August 2020, an international task force, comprising two computer scientists from the University of Massachusetts Amherst, inferred that mobile health technologies are a feasible alternative for monitoring COVID-19 patients at home and predicting which ones will require medical intervention.
Various mHealth technologies comprising digital contact tracing, wearable sensors, and electronic patient-reported data could be utilised for monitoring and predicting COVID-19 exposure in people who are assumed to be free of infection.
Similar developments are expected to propel the demand for mHealth apps and other technologies through the estimated span. On this note, the mHealth market size is anticipated to surpass $805bn by 2030, cites the latest research by Global Market Insights, Inc.
This growth is on account of rising product usage in pharmacies, where drug information resources and tools are deployed for keeping these establishments updated according to the present disease state appliances. Owing to these reasons, pharmacies have registered a revenue of $6.5bn in 2020 and are expected to record a substantial CAGR of 29.8% through the estimated period.
In addition, mHealth apps also provide pharmacists with access to patient specific adherence data and the ability to regulate optimal pharmacy stock for meeting the requirements of patients. Numerous public and private organisations are also taking up partnerships and similar initiatives, boosting market share.
Apart from these factors, the mHealth industry is further driven by an increase in the requirement for remote data collection. The segment is slated to grow at a CAGR of 29.7% through the forecasted span. This is due to the multiple benefits of mHealth technologies that offer remote data collection. These include enhancement of patient care, reduction of process time, assurance of precise data as well as safety, and provision of better authority over the compiled data.
Remote data collection systems are often useful in providing an effective collection of clinical information, even in remote areas having limited physical access. Citing an instance, the Cell-PREVEN system was designed for providing access to real time as well as clinical information to the members of Peru’s healthcare ecosystem.
Speaking of opportunities for regional expansion, Brazil accounted for a valuation of more than USD 1.4 in the Latin America mHealth market in 2020. The mHealth industry in the country is expected to advance at a remarkable growth rate of over 30% through the estimated span. This growth is due to the increasing expenditure on health, surging disposable income, and developments in medical infrastructure in the region.
Moreover, the rising demand for shifting the relative inclination of healthcare settings from acute care towards chronic care is expected to boost mHealth market growth through the analysis period. The increasing need of support and offering for the elderly population as well as the escalating penetration of smart phones will bolster business landscape in the region.
In a nutshell, numerous government initiatives for the creation of awareness regarding mHealth solutions and applications will positively influence mHealth industry growth through the assessment period.