Healthcare Mobility Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Healthcare Mobility Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The healthcare mobility solutions market is expected to record a CAGR of 25.5% over the forecast period (2022-2027).

COVID-19 had a significant impact on the overall healthcare industry. The article published in 2021 under the title ‘A smart healthcare framework for detection and monitoring of COVID-19 using IoT and cloud computing’, the introduction of a smart healthcare system that incorporates cloud and IoT technology provided more smooth workflow in less time period. The architecture uses smart connection sensors and deep learning (DL) for wise decision-making. Real-time patient status tracking is done by the intelligent system, which also provides affordable, dependable, and high-quality healthcare services. During COVID-19 there was increased utilization of telehealth and cloud-based platforms in healthcare. Hence COVID-19 had a significant impact on the healthcare mobility solutions market.

The digitalization and increasing use of smart devices are directly influencing the healthcare mobility solutions market in a positive way. Other factors, including the increased influence of the social media on healthcare, increased awareness levels among the population about the potential benefits of healthcare management, increased need of point-of-care diagnosis and treatment, increasing focus on personalized medicine, and patient-centered approach, are driving the growth of the healthcare mobility solutions market.

In addition, the Smile on Wheels mobile health unit was introduced in Chennai in August 2021 by Athenahealth and the Smile Foundation. A Smile on Wheels mobile health unit is anticipated to provide primary healthcare services in a Chennai neighborhood with over 17,600 houses and 88,000 people with the funding support from Athenahealth. A national mobile hospital program called "The smile on Wheels" serves economically backward women and children. To offer vital access to healthcare services, the initiative sends medical vans filled with qualified doctors, nurses, medical personnel, and medicine to targeted villages and underprivileged regions.

Furthermore, as per the 2022 update, the National Health Authority (NHA), under its flagship scheme of Ayushman Bharat Digital Mission (ABDM), launched a revamped Ayushman Bharat Health Account (ABHA) mobile application. Over four lakh people have downloaded the ABHA app, which was formerly known as the NDHM Health Records app, from the Google Play Store. People can access their health records whenever and wherever they choose due to the new User Interface (UI) and functions added to the ABHA app.

As per the aforementioned factors, the healthcare mobility solutions market is likely to grow over the forecast period. However, safety and security issues associated with patient health information and a lack of skilled professionals restrain the market growth.

Key Market TrendsPatient Care Management Segment is Expected to Witness a Healthy Growth Over the Forecast Period

Patient care management is anticipated to show a high CAGR over the forecast period due to rising patient concerns and demand for continuous monitoring. Reduction in healthcare costs lowers the burden on healthcare payers and providers, rising geriatric population and burden of chronic diseases, implementation of initiatives to shift the burden of risk from healthcare payers to providers, and government initiatives are found to promote patient-centric care act as the major driving factors for the patient care management segment. For instance, Patient care management involves utilization management, case management, disease management, absence management, nursing, and advocacy services.

Patients are thus found using the healthcare mobility solutions on a large scale in coming years, owing to rising awareness levels and increasing penetration of mHealth apps. Various additional health-related services, such as daily health alerts, doctor appointments, E-Health check-up reports, suggested food diets, and other benefits, are made available through SMS services with the aid of remote patient monitoring platforms. As a result, hospitals can alter EHMS software and offer the finest suggestive EHealth services.

The market segment is expanding because of products receiving the endorsement of other market participants. For instance, Abbott Laboratories received a CE mark for its FreeStyle Libre 3 system, which is the company's next-generation solution for patients with diabetes, in September 2020. With the aid of the new FreeStyle Libre 3 technology, minute-by-minute continuous, real-time glucose readings are automatically sent to smartphones and offer unparalleled 14-day accuracy.

Because of the aforementioned factors, the patient care management segment is likely to face growth over the forecast period.

North America is Found Dominating the Healthcare Mobility Solutions Market

North America accounts for the largest share of the market and this is primarily attributed to a greater number of smartphone users and higher adaptability to online services, which are anticipated to augment the growth of the market over the forecast period. Healthcare in the North American region is experiencing positive trends, with the emergence of mHealth and its applications that help people in active personal health management.

Increased geriatric population, product launches, mergers, and acquisitions boost the market growth. For instance, according to the Statistics Canada 2021 census, there were roughly 7,021,430 persons who were 65 years of age or older, of which 3,224,680 were men and 3,796,750 were women. Furthermore, the strategic actions implemented by industry players are also helping to support the market's expansion in the nation. For instance, one of the top US-based providers of remote cardiac diagnosis and monitoring services, BioTelemetry Inc., was purchased by Philips in February 2021. Hence, increased acquisitions related to healthcare mobility solutions like this boost market growth.

As per the factors mentioned above, North America is expected to witness growth over the forecast period.

Competitive Landscape

Market players in the global healthcare mobility solutions market are found focusing on new product launches, such as basic cardiology and blood glucose monitors. Moreover, smartwatches, health monitors, pedometers, and activity trackers are some of the trendy wearable devices launched by several companies. Additionally, companies are focusing on industry collaborations, mergers and acquisitions, and partnerships in order to enhance their presence in the global healthcare mobility solutions market.

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