by The global Patient Centric Healthcare App Market is estimated to be valued at US$ 13,537.6 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 Overview:
Patient centric healthcare apps are software applications designed to improve patient engagement, health outcomes, and satisfaction. These apps facilitate effective communication between patients and healthcare providers, allows remote patient monitoring, enables medication management, and provides access to personal health records. They empower patients by making them actively involved in managing their health and well-being. Increased usage of smartphones and tablets coupled with the initiative from governments and healthcare organizations globally to promote digital health solutions is fueling the demand for patient centric healthcare apps.
Market key trends:
One of the key trends in the patient centric healthcare app market is growing focus on chronic disease management. Managing chronic diseases such as diabetes, hypertension, asthma, and cardiovascular diseases requires consistent monitoring and therapy adjustment. Patient centric healthcare apps help in remote monitoring of vital parameters, medication reminders, nutrition and exercise tracking, and timely communication with healthcare providers. This improves treatment outcomes and quality of life of patients with chronic conditions. They also reduce hospital visits and healthcare costs associated with chronic disease management. Growing incidence of chronic illnesses worldwide is augmenting the need for effective chronic disease management solutions such as patient centric healthcare apps.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the patient centric healthcare app market requires huge investment to develop new apps and technologies. However, increasing demand and technological advancements in healthcare sector may attract new players over the forecast period.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as healthcare apps offers personalized healthcare services to patients at affordable costs. This gives patients power to choose apps as per their healthcare needs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the global patient centric healthcare apps market is fragmented with presence of both established as well as emerging players. Suppliers have to compete with each other based on product differentiation and pricing.
Threat of new substitutes: Threat of substitution is low as patient centric healthcare apps are unique in their offerings and there are limited alternatives available which can effectively replace healthcare apps.
Competitive rivalry: High due to presence of many global as well as regional players offering similar patient centric healthcare apps and solutions.
Key Takeaways
The global Patient Centric Healthcare App Market Growth is expected to witness high growth, exhibiting CAGR of 39.% over the forecast period, due to increasing focus on patient engagement and demand for self-health management technologies.
Regional analysis: North America is expected to dominate the global patient centric healthcare app market during the forecast period. This is attributed to increasing adoption of advanced digital technologies and presence of key market players in the region. Asia Pacific is projected to exhibit the highest CAGR during the forecast period due to rising healthcare expenditure and growing awareness regarding patient centric healthcare apps.
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 new product launches and mergers & acquisitions to strengthen their market positon. For instance, in January 2021, Siemens Healthineers completed acquisition of Varian Medical Systems at a purchase price of USD 16.4 billion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
