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Is the future of mobile technology in healthcare bright? Why invest in healthcare? How to improve health services using technology? These are common questions that businesses looking to develop a healthcare app have. If you’re among them, read on to understand whether you should invest in healthcare solutions development.
In this article, we’re going to look at the mHealth market and its growth prospects, talk about the advantages of smartphones in healthcare, and sketch out some real-life examples.
Market outlook: Information technology in healthcare
Advances in mobile technology and the widespread use of smartphones and tablets are working to improve healthcare services at a rapid pace. These advances are increasing the success rate of patient outcomes, as well as the overall quality of care provided.
Mobile health, known as mHealth, is a growing IT sector that is working to transform how healthcare providers and centers are interacting with their patients. Statistics prove that mHealth is one of the fastest growing niches. According to the Market research report by MarketsAndMarkets, the global mHealth market is expected to reach $390.7 billion and grow at 15.8% CAGR by 2024. The key drivers for this are the increasing availability and adoption of digital technologies including personal health devices and the development of the healthcare industry.
Some more interesting statistics and predictions forhealthcare information technology marketvalue:
- The medical provider solutions sector is anticipated to grow at the highest CAGR during 2019-2024. (Source:MarketsAndMarkets)
- The Asia Pacific Market is expected to witness the highest growth from 2019-2024. (Source:MarketAndMarkets)
- 64% of consumers say that virtual care offers convenience and improves accessibility to healthcare services. (Source:Deloitte)
- The top mHealth players include Apple, Airstrip, AT&T, Boston Scientific, Athena health, CardioNet, Sanofi, Telcare, Fitbit, and Zephyr. (Source:MarketWatch)
- The US and Canada hold the highest share of mobile technology (Source:MarketWatch). Additionally, as a leader in innovative technology, the United States passedthe Health Information Technology for Economic and Clinical Health (HITECH) Actin 2009 to promote the adoption and meaningful use of health information technology. The HITECH Act also established numerous grants aimed at training personnel in healthcare organisations, teaching them how to make use of advances and provide support for health IT infrastructure.
- The main virtual healthcare market segments include video consultation, audion consultation, and kiosks. (Source:HIT Consultant)
- The main drivers of digital health adoption are need for preventive and predictive care, demand for less invasive, cheaper, and precise therapies and treatments, and patient demand. (Source:Deloitte)
- mHealth ecosystem consists of Internet of Medical Things (IoMT), Cloud computing solutions, artificial intelligence (AI), blockchain systems, natural language processing (NLP), Data as a Platform (DaaP), 5G technology, sensors, enterprise applications, robotics, radical interoperability and open platforms, big data analytics, and learning platforms. (Source:Deloitte)
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