The Global Patient Centric Healthcare App Market Anticipated to Generate a Revenue of $3, 85,767.50 Million growing at a CAGR of 34.90% from 2020 to 2027Download Sample Reports Overview
The global patient centric healthcare app market is estimated to be valued at $3,85,767.5 million by 2027, surging from $35,552 million in 2019 at a noteworthy CAGR of 34.90%.
Impact Analysis of COVID-19 on the Patient Centric Healthcare App Market
The global market for patient centric healthcare app is estimated to experience a high growth amid the COVID-19 pandemic. This growth is the result of lower availability of healthcare professionals and services across the globe. Therefore, demand of patient centric healthcare apps is also consequently projected to witness a rise.
Furthermore, certain key vendors operating in the patient centric healthcare app market, such as Google and Apple, are adopting certain strategies and innovations for staying upfront in the competitive environment. For instance, in April 2020, in collaboration, Apple and Google announced that they are developing Bluetooth technology for serving government and other health agencies in monitoring the transmission of coronavirus, with user security and privacy. All such factors are predicted to positively impact the global patient centric healthcare app market amid the pandemic.
Due to the COVID-19 pandemic, people are stuck at home with limited sources of entertainment and staying fit. Therefore, most of the people are more digitalized in healthcare now than ever before. These factors are anticipated to create lucrative investment opportunities in the market during the forecast period.
Global Patient Centric Healthcare App Market Analysis
The enormous growth of the global patient centric healthcare app market is mainly attributed to increasing adoption of digital technologies, increasing preferences of healthy lifestyles and smartphone penetrations. Moreover, rising trends of healthcare IT offer access of data to healthcare professionals anywhere across the globe along with easy routine check-ups from mobile devices. These are some of the factors creating awareness among people to adopt patient centric healthcare app and thus fueling the market growth.
There are certain restricting factors that can hamper the growth of global patient centric healthcare app market such as less accuracy of healthcare apps, slow response, and limited reimbursement coverage.
The increasing adoption of wireless communication and shifting of healthcare from clinical-centric to patient-centric healthcare may create huge opportunities for the market in the future. Now-a-days, people are more digitalized, and for accessing any information related to any kind of diseases and treatment, people are preferring virtual communication and therefore this will benefit this market's growth.
Furthermore, the companies involved in the global patient centric healthcare app market are following effective steps and strategies for launching of innovative products to grow in the market. For instance, Netmeds, an India-based mhealth firm that offers online medicine over the counter on March 2019, announced that they acquired KiViHealth, a health-technology start-up. The acquisition will result in utilization of KiViHealth doctors to prescribe medicines online to customers. Such type of advancements in the market may further lead to lucrative market opportunities in the market in the upcoming years.
Global Patient Centric Healthcare App Market, Segmentation
The global patient centric healthcare app market is segmented based on type, distribution channel and region.
The type segment is further classified into phone-based apps, web-based apps and wearable patient centric. Among these, the wearable patient centric sub-segment is anticipated to have the fastest growth and surpass $1, 36,449.5 million by 2027, with an increase from $12,082.9 million in 2019.
The market growth can be attributed to increasing innovations in personalized health technology and now-a-days mindfulness and wellness has becoming an increasing part of the public health. Moreover, company innovations in wearable health technology will drive the global patient centric healthcare app. For instance, in June 2020, Tueo Health, healthcare company by Apple announced that they have launched passive EMD; it is a type of breathing sensor used to monitor physiologic parameters of a person while sleeping and it is designed in such a way that it should be placed inside the mattress. These factors may create a positive impact on the segment throughout the forecast period.
The operating system segment is further divided into iOS, android, windows and others. The iOS is fastest growing sub-segment in the global market and register a revenue of $1,19,698.40 million during the analysis timeframe.
This growth is projected to increasing adoption of iOS operating system for digital healthcare. These type aspects may bolster lucrative revenue for the market throughout the forecast period.
The home use segment is further divided into hospitals, clinics and home use. The home use sub-segment is anticipated to have a dominating as well as fastest growing sub-segment in the global market and register a revenue of $1,82,116.30 million during the analysis timeframe.
This growth is projected to increase due to increasing chronic diseases such as diabetes. Also, people are preferring apps that can save their time in terms of travelling. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The patient centric healthcare app market for the European region is projected to witness rapid growth. This market generated a revenue of $10,736.70 million in 2019 and is further projected to reach up to $1,19,587.90 million by 2027.
The demand for patient centric healthcare app is surging in the Europe region specifically because now-a-days, introduction of new technologies and policies, increasing life expectancy, high population, cost effectiveness are some of the factors that drives the European patient centric healthcare app market. Also, increasing penetration of mobile devices will increase the demand for healthcare apps in European region. All such factors are anticipated to boost the market in the European region.
Key Players in the Global Patient Centric Healthcare App Market
Some of the leading global patient centric healthcare app market players are
- Johnson & Johnson Services, Inc.,
- Novartis AG,
- Bayer AG,
- Cisco Systems, Inc.,
- Google Inc.,
- Philips and
- Klick Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Patient Centric Healthcare App Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Moreover, unpredictable demands in supplier pricing may impact company profitability. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is moderate.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of patient centric healthcare app that are offered in low prices. The buyers can hence choose the apps that best fits their preferences.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative anti-blue ray myopia lenses to the customers. However, companies that are in the patient centric healthcare app are much more globalized.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There are different types of apps available, but they do not offer the type of convenience that patient centric healthcare app offers.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global patient centric healthcare app are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.