Provided by BIS Research
The rapid growth and aging of the population pose a challenge to the healthcare industry, so does the increase in chronic diseases which poses a huge financial burden on every healthcare system in the world.
Cost of treatment is rising
According to a study by the world economic forum, the cumulative cost of treatment of heart diseases, chronic respiratory diseases, cancer, and diabetes is approximately $500 billion a year. With a further increase in the number of chronic conditions, the cost of treatment could reach $47 trillion by the end of 2030.
In the U.S. alone, there are approximately 130 million people with a chronic disease costing more than $2.5 trillion annually. This accounts for approximately 85% of the healthcare cost. With proper prevention and treatment strategies, costs could be reduced by $218 billion per year, and the economic impact of the disease could be reduced by $1.1 trillion annually.
Wireless technology as a solution
To address these current medical and economic challenges, healthcare providers are adopting mobile/wireless technologies to manage patient outcomes and reduce the overall cost of care. Combining mobile technologies with medical devices constituted a new hybrid technology known as “mobile health”.
Its popularity is increasing at an unprecedented rate with rising adoption of smartphones and high-speed network technologies. Currently, there are approximately more than 100,000 mobile health-related apps available on various online distribution platforms. The number is doubling every two years with nearly 200 new apps being released every day. The majority of apps are currently distributed by Apple and Google Play.
According to the latest market report ‘Global Mobile Medical Apps Market - Analysis and Forecast (2017-2025)’ the global mobile medical apps market was estimated at $1.40 billion in 2016 and is anticipated to reach $11.22 billion by 2025.
Mobile apps in the healthcare sector
The majority of apps available revolving around general health and wellness address e.g. fitness or nutrition. About 40% (and growing) of apps in this sector are focussed now on chronic disease management. These apps monitor, analyze and store health-related information and can help managing medical conditions such as hypertension, respiratory or skin diseases, and diabetes.
Although there is a wide range of apps to choose from, there are only a few which generate the most downloads: Only about 40 apps in the app stores reach more than 10 million downloads. These apps have high patient ratings, frequent updates, are connected to medical devices or sensors and are associated with extensive clinical evidence. With the ever-rising number of chronic disease, these apps could save a tremendous amount of medical costs.
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