Patient centric healthcare apps are digital platforms that connect patients with medical practitioners and provide easy access to healthcare services. These apps allow patients to manage their health by enabling them to schedule doctor's appointments, store and access medical records, receive treatment & medication reminders, make online consultations and payments. The use of patient centric healthcare apps streamlines healthcare services and makes them affordable by avoiding unnecessary physical visits and high treatment costs. 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 Opportunity:
Improving healthcare accessibility and affordability
Patient centric healthcare apps have the potential to improve access to quality and affordable healthcare, especially in developing nations with limited infrastructure and high treatment costs. Through functions like online consultations, remote patient monitoring and medical record access, these apps bridge the gap between patients and doctors without the need for physical visits. They also help manage costs by integrating payment functionalities and enabling the delivery of tailored treatment plans based on individual needs. Therefore, the scope for patient centric healthcare apps to enhance accessibility and drive down healthcare expenses presents a major market opportunity over the coming years.
Porter’s Analysis
Threat of new entrants: The entry of new players in this market is moderate owing to high research and development requirements and costs associated with development of patient centric healthcare apps.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various choices in the market and increasing awareness about various types and uses of patient centric healthcare apps.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since there are many app developers in the market supplying apps to cater different needs and conditions.
Threat of new substitutes: The threat of new substitutes is low as healthcare apps are unique and cater specific patient need which cannot be easily substituted.
Competitive rivalry: High due to presence of many global as well as regional players operating in this market space.
SWOT Analysis
Strength: Growing adoption of advanced technologies like IoT, AI and analytics. Increasing awareness towards remote patient monitoring.
Weakness: High costs associated with development, regulatory issues and data privacy concerns. Lack of skilled healthcare professionals in rural areas.
Opportunity: Emerging markets like Asia Pacific and Latin America provide lucrative growth opportunities. Growing geriatric population and rising chronic diseases prevalence increases market potential.
Threats: Cybersecurity threats, interoperability, and lack of reimbursement policies in some regions. Adoption challenges in low income countries.
Key Takeaways
The global patient centric healthcare app market is expected to witness high growth. North America dominates the market currently owing to presence of advanced healthcare infrastructure and early adoption of digital health solutions in the region. However, Asia Pacific region is expected to offer lucrative growth opportunities during the forecast period supported by improving healthcare infrastructure, rising internet penetration and focus of governments on digital healthcare in nations like India and China.
Regional analysis
Asia Pacific region offers high growth potential for patient centric healthcare apps market. Growing geriatric population suffering from chronic diseases and improving healthcare infrastructure especially in India, China, Japan, South Korea are some factors fueling market growth. Supportive government initiatives to promote telehealth and digital health technologies also aids regional market growth. Additionally, rising spending on healthcare sector and improving disposable incomes positively impact market expansion.
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.).
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the patient centric healthcare app market include Allscripts Healthcare Solutions, Inc., Bayer AG, International Business Machines Corporation (IBM), iPatientCare, Inc., lick Inc., Koninklijke Philips N.V., Merck & Co., Inc., MobileSmith, Inc., Novartis AG, Pfizer Inc., Siemens AG.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Patient Centric Healthcare App Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/patient-centric-healthcare-app-market/download-sampleMarket DynamicsIncrease in chronic disease, availability of low cost, convenient healthcare devices, a paradigm shift from clinical-centric to patient-centric healthcare, and the growing popularity of virtual healthcare will be the primary factors leading this market.
The advancement in wireless communications, video conferencing, streaming media, mobile solutions, AI, and IoT technologies and their applications in the healthcare sector will boost the market growth.
The ability to access information and tools related to any disease and choose and decide the medical treatment method that suits one's lifestyle and health conditions will benefit this market's growth.
Patient-centric healthcare will continue to grow soon since it is a qualitative method that offers positive outcomes to both the medical and business communities.
