Using MATLAB functionality in mobile application

I am looking to create a mobile oscilloscope type application for a school project. The idea is to have an arduino based hardware system read voltage levels (or some type of sensor data) as input, and transmit over bluetooth into the MATLAB environment for signal processing and display. Ideally, my vision is to have this data displayed on a smartphone application. (The implication of the project would be some type of wireless remote heartmonitoring system, for example)

Is it possible to integrate the signal processing functionality of MATLAB into a smartphone application in this context?

I have seen that the MATLAB App Designer can create standalone web applications, and the MATLAB Coder can convert algorithms into C code for smartphone implementation, but I am unsure what level of signal processing complexity can be integrated this way.

Any advice or resources are greatly appreciated.