Healthcare App Market to Grow $113,728.0 Million | Impact of COVID-19 Analysis
Pune, Maharashtra, India, September 22 2020 (Wiredrelease) Allied Analytics –:2019 was a record year for the global healthcare app market , with revenues rising by 40.9% to $10,235.0 million . The market is on course for solid growth over the next five years, tipping the market past $113,728.0 million in 2023.
The phone based app segment accounted for about half of the global Healthcare App Market share in 2016. Patient centric is an approach by which a healthcare system can establish a partnership among practitioners, patients, and their families to align decisions about patient’s health, needs, and preferences toward medicine and treatment. The patient centric healthcare apps are smartphone, web-based, and wearable applications that aid users by updating them about medication times, dehydration level in the body, calories consumed and heart beats per minute among other body parameters.
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At present, mobile penetration is more than 100% in developed markets and is expected to increase in developing markets such as Asia-Pacific, Latin America, and Africa. In addition, increase in exposure to smartphones along with 3G and 4G networks further increase the use of mobile platforms in most of the sectors, especially in the healthcare systems.
Some of the other factors responsible for substantial market growth include low cost and convenience of medical devices, technological innovations, integration of wireless technologies, and affordability of smartphones, government initiatives, and increase in lifestyle diseases. Factors such as lower adoption due to lower accuracy, nascent technology in underdeveloped economies, limited reimbursement coverage, lack of technological awareness among the aging population and uncertainty in government regulations restrict the market growth to a certain extent.
The wearable patient centric app segment is growing at the fastest pace during the forecast period. This is attributed to the increase in wearable devices penetration and users in various geographical regions for wellness management. Moreover, large number of patient centric medical apps are developed for wearable devices each year contributing to the high market growth.
In the operating system segment, iOS generated the highest revenue in 2016 accounting for about half of the total share of the market, and are anticipated to continue this trend throughout the forecast period. This is due the increase in the iPhone and iPad users especially in countries such as the U.S., the UK, Canada, and others developed economies. Moreover, android operating system segment is expected to witness the highest CAGR of 44.2% during the forecast period, owing to the increase in the android devices users and cost effectiveness compared to iOS and windows devices and will majorly drive the growth in developing and underdeveloped economies.+
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Key Findings of The Patient Centric Healthcare App Market:
• The windows operating system segment accounted for one-sixth of the total market and is expected to grow with a CAGR of 42.0% during the forecast period.
• The disease and treatment management segment is the fastest growing category in the global market, registering a CAGR of 42.4% during the forecast period.
• The U.S. dominated the global patient centric healthcare app market and is projected to grow at a CAGR of 34.8% from 2017 to 2023.
• India was the fastest growing country in the Asia-Pacific patient centric healthcare market, registering a CAGR of 48.7 during the forecast period.
• The home use segment contributed to the highest market share in 2016, registering a CAGR of 39.9% from 2017 to 2023.
Asia-Pacific is expected to witness the highest growth rate for patient centric healthcare app market throughout the forecast period. Increase in adoption of smartphones, growth in awareness of newer technologies, and increase in consumer preferences toward healthy lifestyles are prime factors that supplement the adoption of patient centric medical apps. Moreover, the continued growth in coverage of mobile cellular networks and increase in count of lifestyle diseases such as diabetes, obesity, including others would further drive the growth of the Asia-Pacific patient centric medical app market. However, lower accuracy, weak reimbursement coverage, and low adoption of devices among aging population are factors that hinder the market growth.
The key players in this market have adopted collaborations as one of their key developmental strategies, among others such as acquisitions and product launches. The major companies profiled in this report include Allscripts Healthcare Solutions, Inc., Bayer AG, International Business Machines Corporation (IBM), iPatientCare, Inc., Klick Inc., Koninklijke Philips N.V., Merck & Co., Inc., MobileSmith, Inc., Novartis AG, Pfizer Inc. and Siemens AG.
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