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The Patient Centric Healthcare App market is witnessing significant growth owing to the growing prevalence of chronic diseases globally. Patient centric healthcare apps provide various health and wellness services to patients, caregivers, healthcare providers, and suppliers. For instance, patient centric apps help patients manage their health records, treatment schedules, insurance details, lab results, and communicate efficiently with their healthcare providers. These apps provide personalized care plans, vital sign tracking tools, medication reminders, and lifestyle management programs to patients. The telehealth functionality of these apps enables remote communication between patients and doctors through video chatting, voice calls, secure messaging. This saves time and travel costs for patients as well as healthcare providers and suppliers.
The global Patient Centric Healthcare App Market is estimated to be valued at US$ 9,760.4 Mn in 2023 and is expected to exhibit a CAGR of 39% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing adoption of telehealth services is expected to drive the growth of the patient centric healthcare app market over the forecast period. Telehealth services allow virtual interaction between patients and healthcare providers through video conferencing, remote patient monitoring, and e-consultation. This provides easy and convenient access to healthcare facilities for patients residing in remote areas. According to the Healthcare Information and Management Systems Society, as of 2020, around 60% of U.S. hospitals offered some kind of telehealth services. Patient centric healthcare apps facilitate efficient delivery of telehealth services by allowing real-time communication, transmission of medical records, and remote monitoring of vital signs of patients from the comfort of their homes.
Another major driver for this market is the increasing prevalence of chronic diseases worldwide. Chronic diseases such as diabetes, cancer, cardiovascular diseases, and respiratory diseases require constant monitoring of vitals and regular doctor consultations. Patient centric healthcare apps help manage and control these chronic conditions by providing medication reminders, scheduling doctor appointments, transmitting key health metrics to healthcare providers through wearables and mobile devices. This eases the burden on healthcare resources and lowers overall medical costs. For example, IBD Partners app developed by Crohn’s and Colitis Foundation aims to improve IBD management through personalized treatment plans and secure communication between patients and doctors.
Segment Analysis
The patient centric healthcare app market is currently dominated by the medication management segment which accounts for nearly 35% share of the overall market. This segment deals with apps that allow patients to track and manage their medication intake schedule and dosages. It provides reminders to patients for regular medication as well as monitors drug interactions and side effects. This segment sees high demand due to growing prevalence of chronic diseases that require lifelong medication support and management.
PEST Analysis
Political: Governments across several countries are supporting initiatives for development and adoption of healthcare apps. This is being done to promote self-care, reduce burden on hospitals and lower overall healthcare costs.
Economic: Growing healthcare costs are encouraging payors and providers to focus on preventive care through remote monitoring apps. This helps in early detection and management of diseases as well as avoids costly emergency hospital visits.
Social: Changing lifestyles and increased health awareness among individuals is driving demand for self-management of health using apps on mobile phones. Especially COVID pandemic has increased focus on remotely managing chronic illnesses through digital health solutions.
Technological: Emerging technologies like artificial intelligence, predictive analytics, machine learning and easy availability of affordable smartphones are supporting development of more powerful and user-friendly patient centric apps. This is positively impacting market growth.
Key Takeaways
The global patient centric healthcare app market is expected to witness high growth in the forecast period till 2030. North America region currently dominates the market due to supportive regulatory environment and presence of key market players. The medication management segment accounts for over one-third share of the overall market due to growing elderly population and increasing incidence of chronic diseases like diabetes requiring long-term drug monitoring.
Key players operating in the patient centric healthcare app market are Bayer AG, Novartis AG, Siemens Healthineers AG, Pfizer Inc., Koninklijke Philips NV, MobileSmith Inc., Merck KgaA, MFine Pvt Ltd., Athenahealth Inc., Oracle (Cerner Corporation), ASSURECARE LLC (IPATIENT CARE), Boston Scientific Corporation, International Business Machines Corporation (IBM), Allscripts Healthcare Solutions Inc., and Baxter International Inc. (HillRom Services, Inc.). These players are focusing on developing more advanced and personalized apps integrated with predictive analytics, AI and real-time diagnostics.
Regional analysis related content comprises:
North America holds the largest market share currently due to growing geriatric population suffering from multiple chronic diseases. This combined with supportive regulatory scenario and presence of major app developers is driving the region’s dominance. Asia Pacific is anticipated to witness the fastest growth during the forecast period owing to rising medical tourism, investments by global players and increasing penetration of affordable smartphones in emerging countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
