Patient Centric Healthcare App Market by Technology (Phone-based Apps, Web-based Apps, and Wearable Patient Centric Apps), Operating System (iOS, Android, Windows, and Others), Category (Wellness Management and Disease & Treatment Management), End User (Hospitals, Clinics, and Home Use), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

Global Patient Centric Healthcare App Market Analysis

The global patient centric healthcare app market is predicted to garner $3, 85,767.5 million in the 2020–2027 timeframe, growing from $35,552.0 million in 2019 at a healthy CAGR of 34.90%.

Market Synopsis

Strategic alliances among market players, along with growing penetration of smartphones, is expected to accelerate the growth of the patient centric healthcare app market.

However, lack of awareness and guidance for using patient centric healthcare apps are some growth-restricting factors for the global patient centric healthcare app market.

According to the regional analysis, the Asia-pacific patient centric healthcare app market is anticipated to grow during the review period due to rising acceptance of advance healthcare technologies in the region.

Patient Centric Healthcare App Overview

Patient centric healthcare apps are smartphone applications that can provide virtual guidance and health information such as timing of medicine dosage, dehydration levels in body, calorie consumption and other parameters of the body. Therefore, patient centric healthcare apps are used to increase the efficacy, quality, and effectiveness of healthcare.

Impact Analysis of COVID-19 on the Global Patient Centric Healthcare App Market

The novel coronavirus pandemic’s devastating effect on several industries highlighted the importance of digital health. Therefore, patient centric healthcare app market is estimated to experience a high growth rate during the COVID-19 pandemic, because these apps are designed in such a way that they help to maintain communication between health professionals and patients about their wellbeing. Also, strict guidelines of Centers for Disease Control and Prevention (CDC) and World Health Organization (WHO) for less physical contact between the patient and healthcare professional will increases the use of patient centric healthcare app. Therefore, the importance of virtual health has skyrocketed, thus driving the growth of the market.

In addition to this, many government and non-government organizations are coming forward to help societies to recover from the pandemic situation with their strategies. On April 2020, government of India launched Aarogya Setu, a mobile based application that is designed in such a way that Indian citizens can connect to each other digitally during the crucial time of COVID-19. Also, this app can trace and self-assess people to identify the proximity of infection across them. The above stated elements show that the pandemic may generate huge investment opportunities in the market in the coming years.  

Increasing Penetration of Smartphones to Surge the Market Growth

The global patient centric healthcare app industry is witnessing massive growth mainly due to increase in the usage of smartphones owing to higher demand for personalized care apps. Moreover, lower cost of patient centricity apps and their convenience is driving the adoption of patient centric healthcare app.

The emergence of mobile healthcare apps is already leading market players to innovate strategies to attract customers. For example, Careology, IT firm in US, in July 2019 announced that they have launched different range of AI enabled wearable apps, for tracking the health of cancer patients. These types of initiatives from market leaders are also predicted to drive the growth of the market.

To know more about global patient centric healthcare app market drivers, get in touch with our analysts here.

Lack of awareness and Guidance to Restrain the Market Growth

Lower adoption of technology and lack of health literacy in choosing the right app may create a negative impact on the growth of the market during the forecast period.  

Growing Trends of Fitness Apps to Create Massive Investment Opportunities

The global patient centric healthcare app market is growing at a very fast pace due to rising awareness pertaining to hygiene and health. According to an article of World Economic Forum, published on September 2020, fitness related apps are trending across the globe and their users have increased by 46%. Moreover, rising popularity of patient centricity, development of apps, healthcare professionals, medicine industry, mobile vendors along with their partnership and collaboration are major growth accelerating factors of the patient centric healthcare app, thereby positively affecting the market growth.

To know more about global patient centric healthcare app market opportunities, get in touch with our analysts here.

Source: Research Dive Analysis

The phone-based apps type sub-segment is predicted to have a dominating market share in the global market. The sub-segment is expected to register a revenue of $1, 74,411.10 million during the forecast period. Penetration of smartphones for delivering healthcare services is rising now-a-days, because phone-based apps are used in diagnosis and monitoring of patients in areas such as stress management, weight management, dealing with chronic conditions and smoking cessation. Moreover, key players operating in the market are adopting strategic collaborations to offer best type of phone-based app services to customers. For instance, CAREMINDr, a health IT Company in August 2020 announced that they have launched a mobile-based remote monitoring system for patients that are dealing with, conditions such as chronic diseases, diabetes and hypertension. The mobile-based remote monitoring system, keep track of their patients’ health virtually; these factors and strategic alliances by key companies may bolster the growth of segment during the forecast period. 

The wearable patient centric type is anticipated to have the fastest market growth and it is predicted that the market shall generate a revenue of $1,36,449.5 million by 2027, growing from $12,082.9 million in 2019. The growth of the wearable patient centric segment for the global patient centric healthcare app market is mainly attributed to rising interest of people towards health, fitness, and well-being. Also, digital devices such as sensors, smart watches, radar technologies, will help in measuring the risk of blood pressure, temperature, heart rate and other types of life threating situations. Such key factors may have significant impact on market growth during the projected period.

Source: Research Dive Analysis

The iOS sub-segment of the global patient centric healthcare app market is projected to have the fastest growth and it is also projected to surpass $1,19,698.40 million by 2027, with an increase from $10,640.90 million in 2019. This growth in the market can be attributed to rising iOS operating system users, availability of healthcare apps, their interactive features and ubiquitous nature. Moreover, trendy lifestyles for high-income countries increases the usability of iOS operating systems. All such elements may increase the demand for digital healthcare apps and further surge the market growth.  

The android sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $1,80,893.00 million during the analysis timeframe. In recent years, number of android users has been increasing and therefore use of android for telehealth and telemedicine has also seen a surge. Also, availability of different types of apps for healthy lifestyles such yoga, workouts, fitness tracking and nutrition tracking may create huge opportunities for the sub-segment throughout the forecast period.

Source: Research Dive Analysis

The home-use sub-segment of the global patient centric healthcare app market is predicted to have rapid growth and it is expected to surpass $1,82,116.30 million by 2027, with an increase from $16,278.70 million in 2019 owing to increasing prevalence of home-based remote patient monitoring applications. Also, use of mobile health apps has increased in recent times, due to their availability and affordability in any emergency situations.  Moreover, strong presence of leading patient centric healthcare providers and manufacturers is fueling the market growth across the globe. For instance, LifeScan, a world leader in blood glucose monitoring, on May 2020, announced that they are in collaboration with Noom, a weight-loss app; the main aim of the partnership is to collaborate LifeScan’s digital health devices to Noom’s technology. All such factors are expected to flourish the global market in upcoming years.

Source: Research Dive Analysis

The Market for Patient Centric Healthcare App in Europe to be the Most Dominant

The patient centric healthcare app market in Europe accounted $10,736.70 million in 2019 and is projected to register a revenue of $1,19,587.90 million by 2027. The extensive growth of the Europe patient centric healthcare app market is mainly driven by higher disposable incomes of people in this region with existence of top leading brands augmenting the industry growth in the region. Moreover, the strong presence of leading patient centric healthcare app providers and manufacturers that offer trending fitness and healthcare apps is fueling the market growth across the globe. These factors will ultimately drive the demand in the patient centric healthcare app market across the region.    

The Market for Patient Centric Healthcare App in Asia-Pacific to be the Fastest Growing

The share of Asia-Pacific patient centric healthcare app market is anticipated to grow at a CAGR of 36.10% by registering a revenue of $1,11,101.00 million by 2027. The growth shall be a result of increasing adoption of telemedicine as well as significant rush towards digitalization and quick adoption of latest technologies. Also, innovation in products, joint ventures and private-public strategic alliances will spur the patient centric healthcare app market size in the foreseeable future. For instance, Janssen Pharmaceutical announced on September 2020, that they have launched a resource and educational hub known as “My Health Can’t Wait”, and the main aim of the hub is to inspire people for prioritizing their health and get the information they need to pursue care with confidence. All such factors will eventually foster the Asia-Pacific patient centric healthcare app market in the upcoming years.

Competitive Scenario in the Global Patient Centric Healthcare App Market

Product launches and mergers & acquisitions are common strategies followed by major market players. 

Source: Research Dive Analysis

Some of the leading patient centric healthcare app market players are Pfizer, Johnson & Johnson Services, Inc., IBM, Novartis AG, Bayer AG, Cisco Systems, Inc., iPatientCare, Google Inc., Philips and Klick Inc.

Porter’s Five Forces Analysis for the Global Patient Centric Healthcare App Market:

• Bargaining Power of Suppliers: The service suppliers of patient centric healthcare app market are high in number and are larger and more globalized. So, there will be less threat from the suppliers.
  Thus, the bargaining power of suppliers is low. 
• Bargaining Power of Buyers: Buyers demand for innovative and cost-effective patient centric healthcare app that can provide best services to the customers. Thus, many suppliers are offering best yet cost –effective patient centric healthcare apps. This gives the buyers the option to freely choose apps that best fits their preference.
  Thus, the bargaining power of the buyers is high.
• Threat of New Entrants: Companies entering the patient centric healthcare app market are adopting various innovations such as developing patient centric healthcare apps that are free to use.
  Thus, the threat of the new entrants is moderate.
• Threat of Substitutes: There are different types of patient centric healthcare apps available for different diseases.
  Thus, the threat of substitutes is low.
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Pfizer and Philips. These companies are launching their value-added services in the international market and strengthening the footprint worldwide.
  Therefore, competitive rivalry in the market is high.