mobile healthcare market - the path forward
TRANSCRIPT
Mobile Healthcare Market- The Path Forward
Today we live in a world where we are interconnected closely, thanks to the technological
advancements that lead to the introduction of wireless devices and mobile phones. According to the
We Are Social’s new Digital, Social and Mobile in 2015 report, there are almost 3.6billion unique mobile
users in the world. And when it comes to the rising costs and ease of access to healthcare, Mobile health
(mhealth) becomes the perfect solution to tackle these problems.
With the rising rate of mobile penetration, which is expected to be almost 50% of the world’s population
by the end of the year 2016 (We Are Social’s new Digital, Social and Mobile in 2015 report), the market
offers a lucrative opportunity for the mhealth to expand. According to the PwC and GSMA study the
mobile health market is expected to reach nearly $23 Billion by 2017, almost six folds! Out of which
around 65% will be represented by monitoring services and applications.
Market Opportunities
As per the PwC & GSMA study, the growing ageing population of developed countries and the increase
in chronic diseases in emerging markets will be the main market drivers. Even though chronic diseases
dominate the healthcare industry, hospitals are often focusing on acute care. The management of
chronic diseases will again depend from country to country based on age, prevalence, income and
lifestyle factors. The growing economic problems have made the current systems realize the high costs
associated with healthcare in the world. And with awareness is the growing expectation that mHealth
will make healthcare more accessible, patient friendly and more focused on prevention. The other key
finding of the PwC & GSMA study was that treatment will be the third largest revenue driver capturing
around 10% of the mHealth market. Notably, 15% of the market will comprise of diagnostic services as
per the study.
Beneficiaries
Mobile service providers will be most benefited by the market as they are continuously trying to
integrate their services with other systems. But then again the integration of mobile in the healthcare
lifecycle will take time to establish. This will depend on the interest that will be taken by the
stakeholders. There is often a conflict of interest when it comes to sticking with traditional way or opting
newer methods in healthcare industry.This change must be bought on slowly.
Other beneficiaries include device vendors, application developers and healthcare providers. The cost
and integration of the mhealth services will vary again depending on the geography. Even though there
is a huge opportunity that can be tapped into the conflict of interests may lag in achieving these
benefits.
Emergence of New Models
Many a times new technology is expected to transform the current market quickly but it’s often
overlooked that a rosy healthcare system takes time to set in and adapt with the new technology.
Counterparts argue saying money could solve the problem if providers are reimbursed generously but
they often fail to overlook the other factors that affect this transition in adoption like culture, timing and
processing. To fill this gap new business models that are simple, effective and easy to use by both
providers and end users must be created. For example, now with advent of new online appointment
tools, booking and scheduling doctor appointments have become simple. As the number of providers
that adapt this new digital technology grows, more tools can be introduced to them as they see the cost-
effectiveness of the system. Overtime the system can fill in the gap entirely.
With such growing business models mhealth will slowly define how healthcare is delivered. It will not
only get integrated as a part of the lifecycle of healthcare systems but also reduce costs, increase
accessibility and provide quality healthcare for all.
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