Global Patient Centric Healthcare App Market to Experience Accelerating Growth by 2027, Due to Increasing Demand for Personalized Care Applications and the Rising Smartphone Penetration Across the Globe

Patient-centric healthcare applications are programs that provide health-related services to patients. Furthermore, these apps cater specifically to patients and provide services to them. Chronic diseases such as diabetes and hypertension are managed with the use of patient-centric healthcare apps. For example, in the case of diabetes management, patient-centric healthcare applications provide patients with services such as blood glucose monitoring, nutrition database maintenance, carbohydrate monitoring, physical activity tracking, and weight monitoring.

Impact of COVID-19 on the Market:

The severe impact of the new coronavirus pandemic on various businesses emphasized the necessity of digital health. As a result, the global patient centric healthcare app market is expected to grow rapidly during the COVID-19 pandemic, because these apps are meant to facilitate communication between health providers and patients regarding their well-being.

The use of patient-centric healthcare apps is estimated to expand as the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO) have issued stringent guidelines for reduced physical interaction between patients and healthcare professionals. Due to this, there has been an increase in the importance of virtual health, which is expected to eventually propel the market growth.

Furthermore, several government and non-government groups are stepping forward with ideas to assist society in recovering from the pandemic scenario. The Indian government, in April 2020, released Aarogya Setu, a mobile-based application, with the goal of allowing Indian citizens to connect digitally during the critical period of COVID-19. This tool can also track and self-assess people to see how close they are to infection. The aforementioned factors are estimated to create significant investment opportunities in the market in the future years.

Key Developments in the Industry

The key companies operating in the global patient centric healthcare app market are adopting business tactics & several growth strategies such as partnerships, mergers & acquisitions, launches, and collaborations, to maintain a strong position in the overall market, which is subsequently assisting the market to grow across the world.

For instance, in July 2017, BBMK technologies, a healthcare technology startup that aims to give a comprehensive, effective, and long-term approach to improving the healthcare business, announced the launch of ClotMD. It enables patients and healthcare providers to manage the therapeutic use of warfarin, a Vitamin K antagonist, using a computer or mobile device.

For instance, in September 2019, iPatientCare, a leader in cloud-based ambulatory EHR, integrated practice management, patient engagement solutions, and revenue cycle management services, announced the launch of its ‘iPatientCare Remote Patient Monitoring' system, which is accessible by mobile and the internet. Further in January 2020, iPatientCare, announced the launch of a new product suite for the Indian healthcare sector which includes a personal health record of the patients, a hospital information management system, and a clinical management system.

Forecast Analysis of Patient Centric Healthcare App Market

As per a newly published report by Research Dive, the global patient centric healthcare app market is predicted to garner $3,85,767.5 million by 2027. Strategic alliances among the key market players in the industry in addition to the increasing penetration of smartphones, is predicted to fuel the growth of the patient centric healthcare app market. Geographically, the Asia Pacific market for patient centric healthcare app is estimated to dominate the global industry, owing to the growing adoption of advance healthcare technologies in the region.

The global patient centric healthcare app market is expected to witness a healthy growth owing to the increased demand for personalized care applications and the rising smartphone penetration. Furthermore, the decreased cost of patient centricity apps, as well as their convenience, are boosting the adoption of these applications.

The introduction of mobile healthcare applications is encouraging key market players to innovate their strategies in order to attract customers. For example, in July 2019, Careology, an IT corporation based in the United States, announced the launch of a variety of AI-enabled wearable apps for cancer patients. These aforementioned factors are estimated to boost the growth of the patient centric healthcare app market in the analysis period.

On the contrary, factors such as the lack of health literacy in selecting the right application and less adoption of technology are projected to hamper the growth of this market in projected timeframe.

Key Market Players

The key players operating in the global industry include Pfizer, IBM, Johnson & Johnson Services, Inc., Novartis AG, Cisco Systems, Inc., Bayer AG, iPatientCare, Philips and Klick Inc., and Google Inc.