by Patient centric healthcare apps are driven by increasing focus on personalized care and chronic disease management. These app help engage patients through disease monitoring, health record access and virtual consultations. They provide personalized disease management guidance, treatment adherence tracking and remote patient monitoring. Features like appointment booking, electronic health records, medication reminders and lifestyle trackers make healthcare more convenient and accessible for patients.
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 key trends:
One of the key trends in patient centric healthcare app market is growing integration of AI capabilities. AI tools help apps analyze patient health data patterns to provide personalized treatment recommendations. They also use predictive analytics to flag abnormalities and risks in patient vitals. This enhances disease management and monitoring capabilities of healthcare apps. Another trend is rising focus on chronic disease management apps. Apps for diseases like diabetes, cardiac disorders, obesity are being developed with features like remote patient monitoring, treatment adherence tracking, consultation booking and virtual physician access. This is expected to improve health outcomes for chronic patients and reduce hospital visits through preventive care.
Porter’s Analysis
Threat of new entrants: New entrants face high investment costs to develop high quality medical apps that comply with privacy and security standards. Compliance with regulations also acts as a barrier.
Bargaining power of buyers: Individual consumers have low bargaining power due to availability of many options. However, large healthcare providers and insurance companies have significant bargaining power to negotiate on price and features.
Bargaining power of suppliers: Software developers and technology providers have moderate bargaining power due to availability of several potential customers for their skills and solutions.
Threat of new substitutes: There is a threat from new health and wellness focused substitutes that provide similar functionalities through other digital means.
Competitive rivalry: The market is highly competitive with presence of many global as well as regional players. Players compete based on app functionalities, security, adherence to compliance and partnerships.
Key Takeaways
The global patient centric healthcare app market is expected to witness high growth.Regional analysis: Europe follows North America in terms of market share. Significant investments by government as well as private players to modernize healthcare infrastructure is supporting adoption of healthcare apps in Europe. Meanwhile, Asia Pacific is expected to grow at fastest pace during the forecast period with emerging economies improving access to healthcare through mobile technologies.
Key players: 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 launches and partnerships to enhance their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
