by The Patient Centric Healthcare App Market is estimated to be valued at US$ 13,537.6 Mn or US$ 13.5 Billion 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 designed to empower patients and improve outcomes. These apps allow patients to track health data, monitor chronic conditions, find doctors and healthcare facilities, manage appointments, store medical records and reference health information. They aim to make healthcare more accessible and affordable for patients. Key categories include women’s health apps, diabetes apps, personalized disease management apps, medication management apps and mental health apps.
Market Dynamics:
There are two key drivers of the patient centric healthcare app market. Firstly, rising prevalence of chronic diseases coupled with growing geriatric population globally is driving demand for self-management tools. According to WHO, chronic diseases accounted for over 70% of all deaths worldwide in 2020. Patient centric apps allow remote monitoring of conditions like diabetes, cardiovascular diseases and help manage them better. Secondly, increasing penetration of smartphones and adoption of telehealth post-COVID is boosting market growth. As per GSMA, there were over 7 billion unique mobile subscribers globally in 2022. Healthcare apps deliver care conveniently on mobile devices and aid teleconsultations with medical professionals. This has boosted their adoption during the pandemic.
Segment Analysis
The patient centric healthcare app market is dominated by the standalone apps segment which accounts for over 50% share of the total market. This is because standalone healthcare apps offer a wide variety of features related to specific diseases, conditions and wellness goals which have become popular among users. These apps provide personalized healthcare services like tracking health metrics, monitoring chronic conditions, finding doctors and healthcare providers etc. which meet the diverse needs of patients.
PEST Analysis
Political: Regulations around data privacy and security are driving development of apps that are HIPAA compliant and ensure patient data protection. Economic: Rising healthcare costs are a key factor boosting demand for affordable patient centric solutions that can offer cost-effective remote monitoring and management of chronic conditions. Social: Increasing online health information seeking behavior and digital connectivity is prompting higher usage of mobile health apps for more consumer engagement in personal wellness. Technological: Proliferation of inexpensive sensors and devices along with 5G networks are powering the creation of more advanced apps with features like telemedicine consults and AI-enabled personalized care recommendations.
Key Takeaways
The global Patient Centric Healthcare App Market Growth is expected to witness high growth of 39% over the forecast period of 2023 to 2030, growing from a market size of US$ 13,537.6 Mn in 2023 to reach over US$ 103,567.9 Mn by 2030 due to increasing focus on patient-centric care models. North America captured the largest share of over 35% in 2022 owing to high healthcare costs driving demand for cost-effective digital healthcare solutions in countries like the US and Canada. 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.). Bayer AG is a leader in chronic disease management apps while Athenahealth Inc. specializes in physician side healthcare IT services and value-based reimbursement.
Regional analysis
Asia Pacific is expected to witness the fastest growth during the forecast period, advancing at a CAGR of over 45% owing to rising medical tourism, growing internet penetration and increasing disposable incomes in emerging countries like India and China driving higher adoption of affordable digital health solutions in the region.
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
Ravina Pandya, 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, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
