Most people would agree that smartphones changed everything. These small gadgets hold, quite literally, a world of information. They bring us immediate access to almost every book, person, and resource imaginable, and this luxury now extends to healthcare.
Indeed, smartphone technology is increasingly upending the way we treat medical patients, with more consumers accepting treatment through mobile health medical devices. Smartwatches and activity trackers are being fused with medical-grade capabilities, triggering the birth of smartphone-based patient monitoring. BCC Research predicts this trend will continue to gain velocity, estimating the market to expand at a compound annual growth rate (CAGR) of 25.9% from 2022 to 2027, reaching heights of $21.5 billion.
With considerable growth on the horizon, let's dive into how smartphones are shaking up the healthcare industry.
Lifestyle factors like smoking, drinking too much, not eating well, not getting enough exercise, and not managing stress are key contributors to chronic diseases. Over half of Americans have more than one chronic condition like heart disease, diabetes, or arthritis, and most of it is due to poor lifestyle choices.
Diabetes is a major problem worldwide, and one of the top ten causes of death globally. Indeed, diabetes, cardiovascular disease, cancer, and respiratory disease account for over 80% of all deaths globally. It's estimated that over 570 million people had diabetes in 2019, and that number is expected to climb to almost 660 million by 2045. In the US, nearly 30 million people are living with diabetes, and another 86 million have prediabetes.
The rise in chronic diseases means that more and more people are seeking medical care, especially in places like Asia-Pacific and the Middle East and Africa, where the rates of chronic illness are soaring. In response to the rising demand for healthcare, innovative solutions are required. Smartphone-based technology has emerged as a cost-effective way to help patients gain autonomy over their chronic conditions.
Smartphone-based technology is also contributing to increased proactive patient engagement with chronic disease management plans. Patients are gifted the ability to manage their own condition, helping them feel in control of their own health. This is driving the market for smartphone-based patient monitoring to a significant extent, with many seeing the value in receiving healthcare from the comfort of their homes.