North America Patient Centric Healthcare App Market to Witness Huge Growth Due to Acquisitions Like Those of Capsule Technologies Inc. by Philips

Patient centric healthcare apps are software applications designed to provide customized healthcare services to a patient. These applications provide regular inputs regarding the nutritional status of the patient, keeps track of the fitness regime of the patient, and in some cases also keeps a record of the medications the patient is subjected to. Thus, in a way, patient centric healthcare apps take control of the complete management of the disease remediation of a patient. In order to accomplish this, these apps employ latest technologies such data science, cloud services, and artificial intelligence.

Forecast Analysis

Rise in demand for personalized care across the North America region is predicted to be the primary growth driver of the North America patient centric healthcare app market. Along with this, rise in use of technology, increasing digitalization across the region, and growing innovation in the healthcare sector of this region is anticipated to boost the market in the coming years. Moreover, surge in the prevalence of chronic diseases and rise in awareness regarding the need to subscribe to patient centric healthcare services in order to get better health outcomes are two main factors which are expected to provide massive growth opportunities to the market in the coming years. However, risks associated with data security are predicted to create hindrances in the full-fledged growth of the North America patient centric healthcare app market.

By country, the North America patient centric healthcare app market is segmented across the three major countries of this region, viz., US, Canada, and Mexico. As per a report by Research Dive, the North America patient centric healthcare app market is expected to reach a revenue of $57,493 million by 2025 and grow at 34.8% CAGR in the 2019–2025 timeframe. Some prominent market players include Allscripts Healthcare Solutions, Inc., Merck & Co., Inc., Siemens AG, Bayer AG, MobileSmith, Inc., Klick Inc., Koninklijke Philips N.V., Novartis AG, iPatientCare, Pfizer Inc., and many others.

Significant Market Developments

The key players of the market are adopting numerous growth strategies & business tactics such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the North America patient centric healthcare app market to flourish. For instance:

In January 2021, Philips, a Dutch multinational technology giant, announced the acquisition of Capsule Technologies Inc., a US-based provider of clinical surveillance and medical device integration. This acquisition will help Philips, who is already a leader in healthcare technology, to consolidate its position in the market even more in the coming period.

In March 2021, PatientPoint, a Cincinnati-based patient engagement platform provider, announced the acquisition of Outcome Health, a Chicago-based healthcare technology company. This acquisition by PatientPoint is aimed at combining the resources of two healthcare technology companies in order to cater to the demands of patients of the North America region in a much better way.

In March 2021, Grand Rounds, a leading healthcare quality and navigation company, and Doctor on Demand, a leading virtual healthcare provider in the US, announced a merger wherein both the companies will come together to develop a first-of-its-kind patient centric integrated healthcare company. Many market analysts have touted this merger as a great move as it will help both the merging partners to address the demands of the North America patient centric healthcare app market in a holistic way.