Market Trends of North America Mobile Health (mHealth) Industry
Remote Patient Monitoring Devices are Estimated to Hold a Significant Share Over the Forecast Period
- Mobile-Health for monitoring and collecting real-time patient data plays a critical role in managing various vital parameters of the patients for better health outcomes. Remote patient monitoring (RPM) is a technology that enables patient monitoring outside conventional clinics or hospital settings in a home or remote area.
- This remote patient monitoring is recognized as a valuable tool for enhancing quality care in disease management. Factors such as a rise in demand for point-of-care diagnosis, an increase in mHealth technologies providing remote patient monitoring, and a surge in healthcare investments in digital health are expected to drive market growth over the forecast period.
- According to the article published in July 2022 in Mary Ann Liebert's journal, RPM was found to be most commonly tested among patients with cardiovascular diseases. The most common outcomes measured were usability and feasibility.
- Moreover, as per the data from the CARES Report 2021, out of the total test population in the study, 97.6% of adults and 2.4% of children were reported with out-of-hospital cardiac arrest in 2021 in the United States, and the median age of OHCA was considered to be 64 years. Hence, to cope with the rising prevalence of cardiac complications globally, the implementation of remote patient monitoring devices in the studied region is expected to significantly increase the market over the forecast period.
- Furthermore, new services and product launches enabling healthcare providers and caretakers towards remote patient monitoring are expected to drive segment growth. For instance, in September 2022 CareCloud, Inc., a company focused on healthcare technology solutions for medical practices and health systems nationwide, launched its RPM solution.
- RPM is the latest addition to the CareCloud Wellness product line, a comprehensive suite of digital health solutions that includes Chronic Care Management (CCM). RPM allows healthcare providers to monitor aspects of their patient's health outside the clinical setting to improve patient care proactively. Thus, due to the increase in remote monitoring device product launches and the rise in technological advancements in RPM devices, the studied segment is expected to grow over the forecast period.
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United States is Expected to Hold a Significant Share in the Market Over the Forecast Period
- The United States is expected to hold a significant market share in the North American mobile health (mHealth) market over the forecast period owing to the factors such as high healthcare expenditures, the presence of key players focused on mHealth services, and the high burden of chronic disease in the country.
- Also, the increasing funding by the government to support research and development in telehealth, healthcare services, and healthcare data science is expected to create opportunities in the mobile health market. For instance, per the 'Estimates of Funding for Various Research, Condition, and Disease Categories' published in May 2022, the United States government spent USD 1,075 million in 2021 for research and development for healthcare data science and was estimated to spend USD 1,109 million in 2022.
- The same source also mentioned that for research and development related to telemedicine, the government incurred USD 379 million in 2021 and was estimated to spend USD 394 million in 2022. Such high spending on research and development by the government is expected to open a lot of opportunities for growth in the country.
- In addition, the growing prevalence of mental health diseases and other neurological diseases is likely to increase the demand for mobile health, thereby contributing to market growth. For instance, as per the 2022 State of Mental Health in America report, 19.86% of adults experienced a mental illness, which was equivalent to nearly 50 million Americans. Mental health applications are widely available across the region, positively affecting the market growth over the forecast period.
- Moreover, in March 2022, Respira Labs, a respiratory healthcare tech business based in the United States, released Sylvee, an AI-powered wearable lung monitor that employs acoustic resonance to assess lung function and identify variations in lung air volume. It can aid in the early detection and treatment of chronic obstructive pulmonary disease (COPD), asthma, and COVID-19. Thus, due to the increase in government funding for digital healthcare and the increase in mHealth product launches, the United States is expected to hold a major share of the studied market over the forecast period.
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