mHealth Driving a Patient-centric Healthcare Infrastructure
Most of the IT companies are focusing on the technological advancement to win against the COVID-19 crisis. On the other side, some companies are focusing on the advancements of virtual technologies like mHealth to maintain the coordination between healthcare specialists and non-COVID patients. Looking at the rising adoption and momentum, industry analysts state that 2020 is becoming the year of opportunities for companies providing mHealth technology.
With increasing demands, companies are seen performing inorganic growth strategies such as mergers & acquisitions, and partnership & collaborations for business expansions. For instance, to connect care across acute, post-acute and home care settings, Royal Philips, last week announced that it has joined forces with the American Telemedicine Association (ATA). On the occasion, Roy Jakobs, Chief Business Leader Connected Care, member of the Executive Committee at Royal Philips stated, “Philips has been a leader in telehealth across acute care and post-acute care settings in the hospital and in the home for over three decades, helping health systems deploy and scale telehealth solutions to help improve patient outcomes, enhance patient and staff experience and lower care costs”
“Our alignment with ATA will help promote strong growth and faster adoption of telehealth and policy changes escalated during the COVID crisis as we pivot to innovate ‘virtual first’ strategies to support hospitals, payers, and patients across care settings, including digital health technologies to support healthy living in the home.”, he added.
Continuous advancements in telecommunications technology and increasing use of mobile/tablets in almost all generations are two of the main factors that are responsible for the growth of mHealth market. Based on these scenarios, industry experts predict that need for solutions of mHealth, developed in the COVID-19 crisis will stay in the market even after the crisis.
Recently, CureApp has been awarded as a Technology Pioneer by World Economic Forum. CEO, Kohta Satake stated, “There are a number of diseases that cannot be effectively treated with existing pharmaceutical and medical equipment treatment approaches. But with the evolution of technology, it is becoming clear that lifestyle interventions with mobile apps produce remarkable therapeutic effects for various disease groups that were difficult to approach with traditional interventions.”
Also, companies including LifeWatch, Koninklijke Philips N.V., Medtronic, Boston Scientific Corporation, and Honeywell Life Care Solutions etc. are already active in the mHealth market.
The research report published by The Insight Partners predicts that the mhealth market will reach to US$ 246,820.4 Million by 2025, escalating at a CAGR of 31.3% between 2018 and 2025. The report also states that “The other applications of mhealth including emergency response systems, patient safety systems and health extension services are the emerging trends that help to boost the demand for mhealth services.”
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.