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 for healthcare information technology market value:
- 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-to 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 passed the Health Information Technology for Economic and Clinical Health (HITECH) Act in 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 the 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)
What are information technology solutions for healthcare capable of?
It’s important to look at the benefits of mobile health apps to see if there are good reasons to invest in healthcare app development.
mHealth helps address human health problems with support from mobile devices. Through the expansion of healthcare information technology, physicians and other care providers are able to:
- reduce medical errors and improve patient safety;
- make effective use of data available through electronic health records;
- enable patients with chronic diseases to better manage their health in order to prevent complications;
- track patients’ health status remotely and provide treatment based on current medical conditions by means of real time data collection;
- integrate an application with medical devices that are responsible for tracking and reporting critical patient information;
- get alarms in case abnormal vital signs are detected, which can be viewed by the provider in real time through the platform, EHR, tablet, etc;
- track patient health behaviors through apps over long periods of time;
- view, track, and update patient records, pharmacy records, test results, X-rays, and even vital signs in a virtual chart that can also be checked against other databases;
- provide new patient engagement tools;
- seek information on-the-go;
- communicate with nurses and other staff from smartphones, tablets, and other mobile devices.
Information technology in hospital management
How to improve health care services in medical facilities? is a common question among health providers. Our answer is this ― invest in hospital management software development.
Here’s a successful example of how mHealth solutions can be used. The Philadelphia-based Hahnemann Hospital conducted a pilot study introducing a healthcare mobile app that sent email and text messages to over 350 congestive heart failure patients. During this study, patients received email and text message reminders to get them to schedule follow-up appointments after being discharged from the hospital.
As a result, the hospital was able to reduce its 30-day readmissions by 10% - a 40% improvement over their baseline. Readmissions also decreased to 16% for patients who received messages, and the readmissions rate for those who confirmed an appointment was 8.8%, compared to 15.4% for those who didn’t confirm. At the end of the 10-month pilot, it was clearly demonstrated that, not only could mobile apps help patients to keep their appointments to get the proper follow-up care, but it also could contribute to reduced hospital costs.
As mHealth continues developing to help address healthcare needs in meaningful ways, mobile health startups dedicated to its growth have begun to emerge. These mobile healthcare companies aim to transform healthcare services by increasing efficiency and accessibility for both providers and patients.(Source)
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Mobile technology and healthcare give rise to mHealth startups
A great way to look at how to improve healthcare is by reviewing real-life examples of information technology in medicine. There are many health-focused startups and projects currently operating in the global market. Some examples of these are:
Constant Therapy, an app that offers device-based personalized neurological therapy for the treatment of neurological disorders such as strokes and dementia. Created by Boston University researchers, the app has delivered more than 27 million exercises to patients. Care providers can have patients do exercises during visits or patients can complete them at home on their own.
Hyderabad-based eKincare, founded in 2014 by Kiran Kalakuntla and Sunil Motaparti, helps users encrypt their health records and keep them stored in the cloud, allowing them to access their dashboard from anywhere using a PC or mobile device. eKincare gathers medical results from various healthcare providers, updates profiles, and provides a single repository for users to store all their medical records.
Qventus, a software platform that helps hospitals detect inefficiencies in how they manage resources. The platform uses machine learning to understand and make predictions about a hospital's operations. This gives doctors and hospital management staff valuable, real-time data about when to expect increased demand in a specific department, where bottlenecks are forming in patient flows, and when to schedule surgeries for optimal cost savings.
CareDox, a platform that allows parents and school nurses to collaborate and share necessary information about a child's health. This allows parents to keep a record of their child's health information, which can then easily and securely be shared with new nurses, administrators, coaches, and teachers whenever the child begins a new school year. These are just a few of the many companies participating in this growing ecosystem. The early signs show that this sector will only continue to expand as more and more people make mobile an important part of their daily lives.
Raising funds to promote mHealth
Incorporating healthcare mobile apps trends as part of modern healthcare is a critical step in revitalising the ecosystem. mHealth provides many benefits that will help the industry achieve higher quality, and more efficient healthcare services. As the demand for mHealth solutions grows among physicians and patients, so does the need for funding. MobiHealthNews has tracked notable investments made in creating healthcare mobile apps for patients during the first quarter of 2017. These include:
Geneva Health Solutions, which raised $1.9 million. Based in Pasadena, California, the company makes a remote monitoring platform for cardiology practitioners.
Pops! Diabetes Care, which raised a little over $1.2 million to bring its product to market. This Minnesota-based company is working on a digital device and diabetes management platform.
iExhale, which raised $1.86 million. This Los Angeles-based online mental health company makes an iOS app that allows people to instant message with licensed therapists, share how they are feeling anonymously, and offer support to others on the iExhale social network.
Tilak Healthcare, which raised $2.7 million. This French startup develops video games intended to diagnose chronic diseases.
These healthcare information technology companies, along with many other funded digital interventions, are working to improve patient outcomes and make healthcare more patient-centered and accessible.
Why healthcare providers need to invest in mHealth solutions
The intersection of medicine and information technology is inevitable as more healthcare providers and patients go mobile. Steady growth is expected in the global mHealth solutions market and many will want to invest in mhealth solutions or build an effective medical mobile app.
mHealth works to redesign healthcare, providing healthcare practitioners and organisations with the opportunity to deliver high quality care based on evidence and real-time data. Undoubtedly, mHealth is a niche for further funding that is estimated to develop and grow at a rapid pace as more hospitals and care providers become willing to perform their duties safely and effectively with the help of health information technology.
You might also like: 7 Effective Monetization Strategies for Medical Mobile Apps
Hopefully, you’ve found the answer to the Why should I invest in healthcare? question. Now, see our case study on a mobile app for doctor-patient consultations and check out this medical dashboard from our designer on Dribbble.
Wondering how to build a healthcare mobile app for your practice or looking for a healthcare information technology company? Contact us and our dedicated team will provide you with a comprehensive consultation to address all of your questions and concerns!
