Now might be a good time to invest in some mHealth stock. For yet another year in a row, the use of remote monitoring and connected medical devices has skyrocketed, with the market in the midst of what researchers term “a growth phase fueled by rising market acceptance in several key verticals.”
As first reported by mHealth Intelligence, researchers from the Swedish firm Berg Insights found that more than 7.1 million patients used the technologies in 2016, representing a 44 percent increase over the previous year.
What’s more: the trend is only projected to continue, as Berg researchers estimate that there will be about 50.2 million patients worldwide utilizing the devices by 2021. Driving this trend in part is the increasing number of younger patients who are taking to mHealth, for everything from managing chronic conditions to monitoring sleep, and seeking to take an active role in their own health care. The increasing number of devices with cellular connectivity, as Berg’s team noted, makes mHealth even easier for smartphone-loving millennials to embrace.
This expanded use, of course, is translating into new revenues (nearly $8 billion in 2016), which will likely also continue to grow. As for the industry sectors that are growing the fastest, Berg’s research team found that sleep therapy devices saw the highest increase in usage. In the coming years, they predict that “glucose monitoring, air flow monitoring, and connected pharmaceuticals,” which allow for medication monitoring, will see the most growth.