Analysis of Potential Impact of COVID-19 on Healthcare Mobility Solutions Market

TMR

4 years ago

Healthcare Mobility Solutions Market – Snapshot

Healthcare mobility comprises the utilization of various enterprise platforms, applications, and mobile devices to exchange clinical data efficiently and securely and communicate amongst various end users such as patients, providers, and payers. The utilization of applications and mobile technologies is capable of facilitating this transition across the healthcare industry. It leads to better patient outcomes and fewer readmissions in hospitals. This factor is likely to work in favor of the global healthcare mobility solutions market in the years to come.

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Mobility solutions enable staff and workers in the healthcare sector to gain access to all types of information whilst making effective management of risk and controlling cost. Reaping benefits from the use of security loaded and integrated wireless policy across the enterprise, workers are able to offer improved patient care at a more economic rate and with better response time. At the same time, the system also diminishes the associated risk and expenses, which is likely to bolster growth of the global healthcare mobility solutions market in the near future.

Expansion in the Pool of Geriatric Population to Spell Growth of the Market

Healthcare mobility solutions comprise an essential part of the healthcare innovation. These solutions aim to provide medical facilities in the far off places.

Health care applications are designed to collect data on patients, then analyze the gravity of the condition. It then offers virtual treatment and visits. Making healthcare accessible to the needy ones is the need of the hour.
Various healthcare applications are found in the form of wearables that assist in keeping a record of one’s daily intake of calorie and exercise.
Patients are able to schedule appointments by the single click through mobile applications. As such, unnecessary visits are prevented.
Virtual consultation has become easier, better, and effective with the advent of mobility solutions.

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The benefit of enterprise mobility is reaped early by the healthcare sector, as it has always been early adopters of some of the advanced technologies. Mobile applications, mobile devices are substantially contributing toward the improvement of every facet of the healthcare industry. Some of the major challenges that plague the healthcare industry are augmented rate of errors, increased cost, and decreasing profitability. Healthcare mobility solutions offer solution to these problems.

Focus on Reducing Healthcare Costs Drives Global Market

The constantly growing and evolving medical needs have been the driving force behind the evolution of healthcare mobility solutions. The aim of these solutions is to reduce the healthcare costs and to provide the patients an optimum solution in the least possible time. The simplicity of this objectivity has been successfully achieved by the development of healthcare mobility solutions’ products and services such as mobile devices, enterprise mobility platforms, and mobile applications. The growing demand for medical attention and increasing usage of smartphones and other personal digital assistants have made the deployment of this technology possible. It has bridged the gap between patients and caregivers by facilitating help through technology.

With this strong background, the global healthcare mobility solutions market touched a valuation of US$20.13 bn in 2014. Given the high-impact drivers, this market is expected to see opportunities worth US$148.66 bn by 2023, as the market is expected to progress at a CAGR of 25.50% from 2015 to 2023.

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Preference for Home Healthcare Services Keeps North America at the Forefront

North America held the leading share in the overall healthcare mobility solutions market, accounting for 53.0% of the total market revenue in 2014. The mHealth application is driving the flourishing healthcare mobility solutions market in North America as more and more patients are opting for home healthcare services.

Furthermore, the increasing efforts to save on healthcare costs is also expected to propel the mHealth applications market, which will, in turn, result in the growth of healthcare mobility solutions across North America. Government initiatives along with efforts taken by private establishments across the U.S. and Canada to adopt convenient and cost-effective solutions is also likely to propel this market.

Asia Pacific Shows Promise of Growth as Governments Encourage e-Health Solutions

Meanwhile, Asia Pacific is expected to surge at an unprecedented CAGR of 25.8% between 2015 and 2023. The growing government initiatives to increasing the adoption rate of e-Health solutions and mHealth across countries such as India, Japan, Australia, New Zealand, and China are expected to drive this regional market. The growing awareness about mobile health options, clinical mobility, and convenience of home monitoring are expected to augment the Asia Pacific healthcare mobility solutions market.

m-Health to Remain Leading Application Segment

Amongst the various types of applications offered by healthcare mobility solutions such as enterprise solutions and mHealth applications, the latter is expected to exhibit the fastest growing CAGR of 25.2% between 2015 and 2023. The spiraling usage of smartphones, tablets, and PDAs is expected to propel this application segment in the near future. Supplementing this growth will the rise of the mobile devices segment due to their affordability, accessibility, and convenience. The improving features of mobile applications and the streamlining of information feed and its assessment will work in favor of both these segments to help the overall market prosper in the coming years.

The key players rendering the competitive landscape of the global healthcare mobility solutions market fragmented are Cerner Corporation, McKesson Corporation, SAP SE, Koninklijke Philips N.V., Oracle Corporation, Cisco Systems, Inc., and AT&T, Inc. The majority of the companies in this market are trying to explore the opportunities in the emerging economies of Brazil, Chile, and India to increase their geographical foothold.