by Patient centric healthcare apps are software applications designed to improve patient care and engage patients in their own health. These apps are known to provide various benefits such as access to medical records, appointment scheduling, disease management tools, medication guides and reminders to patients. The growing need for self-management of chronic diseases and rising adoption of wearable and remote patient monitoring devices have significantly fuelled the demand for patient centric healthcare apps.
The global patient-centric healthcare app market was valued at US$ 9,760.4 Mn in 2022 and is forecast to reach a value of US$ 136,397.4 Mn by 2030 at a CAGR of 39.1% between 2023 and 2030.
Key Takeaways
Key players: Key players operating in the patient centric healthcare app market include 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.).
Growing demand: The growing prevalence of chronic Patient Centric Healthcare App Market Trends such as diabetes, cardiovascular diseases and respiratory diseases have increased the demand for patient centric healthcare apps as they help in timely monitoring and management of such diseases.
Global expansion: Major players in the market are focusing on emerging economies for potential business expansion opportunities. Various collaboration and partnerships are taking place globally to increase the access of healthcare apps.
Market Key Trends
Integration of AI and IoT in healthcare apps: Many players are integrating advanced technologies such as artificial intelligence (AI) and Internet of Things (IoT) into their healthcare apps to offer enhanced features such as predictive analysis and real-time remote monitoring. This is expected to be a major trend in the patient centric healthcare app market.
Porter’s Analysis
Threat of new entrants: The cost for new entrants is high due to the requirement of high capital and resources to develop new apps and gain user adoption.
Bargaining power of buyers: Buyers have high bargaining power given the availability of various apps in the market from different developers.
Bargaining power of suppliers: The suppliers of app development tools and platforms have moderate bargaining power.
Threat of new substitutes: The threat of new substitutes is moderate as there is constant innovation and novel solutions emerging.
Competitive rivalry: The competitive rivalry is high given the presence of established major players and startups.
Geographical regions with highest market share
North America currently holds the highest share of the patient centric healthcare app market in terms of value, owing to increasing deployment of digital health solutions, rising awareness among population, and growing healthcare expenditure. The United States dominates the market in the region.
Fastest growing region
Asia Pacific is poised to witness the fastest growth during the forecast period. This is attributed to improving healthcare infrastructure, rising disposable incomes, increasing internet and smartphone penetration, growing cases of chronic diseases, and initiatives by various governments in the region to promote digital health. Countries such as India, China, and Japan will majorly contribute to the regional market expansion.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
