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The patient centric healthcare app market is comprised of mobile medical applications that focus on patient care, health, and well-being. These apps empower patients by providing them with easy access to important health information and allowing them to take a more participatory role in their own healthcare. They offer tools for tracking symptoms and vital signs, managing medications, finding doctors and scheduling appointments, storing medical records, and enabling secure communication between patients and care providers. Such apps promote preventative care, early detection of health issues, treatment adherence, and overall improved health outcomes.
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 major trends driving growth in the patient centric healthcare app market is the increased demand for remote patient monitoring solutions. Chronic diseases pose a significant economic and medical burden globally. These apps enable patients with long-term illnesses to be monitored from home, reducing the need for frequent hospital visits. They keep doctors updated on patients’ health status in real-time through connected medical devices. This trend is being further aided by the rise of telehealth and telemedicine during the Covid-19 pandemic as social distancing became important. Remote monitoring apps are expected to play a vital role in managing the crisis and continuing care delivery while avoiding overburdening healthcare systems.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs of developing and marketing new apps, securing partnerships with healthcare providers, collecting data, and obtaining regulatory approval. This poses barriers.
Bargaining power of buyers: Individual consumers have low bargaining power due to limited app choices. However, large healthcare providers and insurers can negotiate with app developers on pricing and data sharing terms.
Bargaining power of suppliers: App developers rely on healthcare data, IT infrastructure and physician networks from existing players for insights and scaling up. This provides suppliers significant influence.
Threat of new substitutes: While new technologies like AI, VR and AR show promise, they have not proved substitutes to patient apps yet due to lack of accessibility and scale.
Competitive rivalry: The market sees intense competition among existing global and regional players to expand services and offerings around virtual care, medication management, and remote patient monitoring to increase consumer stickiness.
Key Takeaways
The global patient centric healthcare app market is expected to witness high growth. North America region accounts for largest share primarily due to favorable government initiatives, focus on patient engagement, rapid smartphone penetrations, and presence of key market players in the region.
Regional analysis: Asia Pacific region is expected to be fastest growing market during the forecast period driven by rising healthcare expenditure, increasing smartphone users, improving telecommunication infrastructure in countries like India and China.
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.).
*Note:
1. Source: Coherent Market Insights, Public sources, 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.
