The advancements in technology has greatly changed the way human activities are carried out. Recently, investments in fintech or financial technology have dramatically raised which is determined by the fact that the technology contributes to reduced costs, increased efficiency and access to financial services.
The healthcare sector is tying up with fintech companies by establishing exclusive merchant places which facilitate patients to receive improved services. Such an assistance is partly delivered by Mobile health (mHealth), which includes the usage of mobile phones and other wireless technology in medical care. Mobile health technology helps:
- support healthcare systems,
- achieve the objectives of healthcare,
- improve patients’ overall health,
- promote patients’ general involvement,
- get the advanced quality of patients’ medical education.
The implementation of mHealth through the usage of smart devices and wearables allows healthcare providers as well as patients to more effectively manage or monitor the health conditions. It provides better communication options between patients and healthcare professionals while making diagnoses and health educative support.
Currently, there are three top mHealth markets:
- North American (the USA as the key player),
- Europe (key players are the UK, Germany and France),
- Asia (key players are Japan, India and China).
According to the the Zion Market research , the global mHealth market was estimated at 11.47 billion dollars in 2014 and is expected to reach the amount of 102.43 billion dollars by 2022. Meanwhile, the North American market prevailed with more than 30% of shares as of total revenue.
In terms of rapid increase in the world population and a variety of diseases all over the world, the provision of modern healthcare facilities has become a top priority. Mobile health facilitates businesses to improve the quality of healthcare services, making easy patients to get medical knowledge. It focuses on providing quality health services to a large number of people who have a limited access to medical services.
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The survey of Berg Insight shows that about 7 million patients used digital medical devices as a key component of their healthcare plan in 2016.
Meanwhile, there are certain difficulties with the widespread adoption of that technology. The main challenges include:
- Partnership and collaboration between key players in the market such as governments, non-governmental organizations, healthcare providers, software developers and mobile operators.
- The interoperability of mHealth facilities.
Nevertheless, there is a full potential to overcome those difficulties. According to the Grand view research, the mHealth market is going to reach the point of about 50 billion dollars by 2020.
The growing number of elderly people with chronic diseases is expected to drive market demand. The adoption of new generation of mobile technology will let healthcare providers cost-effectively offer medical services.