The global Patient Centric Healthcare App Market is estimated to be valued at US$ 9,760.4 Mn in 2023 and is expected to exhibit a CAGR of 39. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Patient centric healthcare apps offer a range of solutions like medication management, women’s health, chronic care and various other medical verticals. These apps empower patients to remain engaged in their healthcare by accessing important health information, monitoring fitness & vital parameters, managing appointments and communicating with care providers. The growing need for healthcare organizations to personalize patient experience, improve outcomes and optimize patient engagement is fostering the demand for these apps globally.
Market key trends:
Adoption of IoT and AI-powered solutions
The integration of IoT and artificial intelligence solutions in patient centric healthcare apps is helping providers gain deeper patient insights to deliver highly tailored and predictive care. AI algorithms can analyze huge amounts of patient data to detect patterns and predict health trends. IoT enabled medical devices feed real-time health data into these apps, allowing remote monitoring of patients. This is enabling the transition to outcome-based healthcare by facilitating early diagnosis and preventive care. As the technological capabilities of these apps enhance through AI and IoT, their adoption rate is expected to surge significantly during the forecast period.
SWOT Analysis
Strength: The patient centric healthcare app market provides patients with easy access to medical information and improved connectivity with healthcare providers. This improves patient engagement and experience.
Weakness: Concerns around data privacy and security can limit the adoption of these apps. Additionally, the lack of integration with existing healthcare IT infrastructure poses challenges.
Opportunity: The growth in remote patient monitoring and the use of AI/ML for predictive analytics presents significant opportunities. Further, the increasing investments by healthcare providers also support the market expansion.
Threats: Reimbursement issues and the preference for traditional methods can hamper the market growth. Also, the lack of regulatory standards for these apps increases compliance risks.
Key Takeaways
The global patient centric healthcare app market is expected to witness high growth. The market is driven by factors such as the increasing focus on patient engagement, rising adoption of smartphones & wearables, growing investments by healthcare providers.
Regional analysis: North America dominates the market currently due to rapid technological advancements and presence of supportive regulatory environment in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period supported rising medical tourism and increasing focus of governments on telemedicine in countries such as India and China.
Key players operating in the patient centric healthcare app market are Bayer AG, Novartis AG, Siemens Healthineers AG, Pfizer Inc., Koninklijke Philips NV, MobileSmith Inc., Merck KgaA, MFine Pvt Ltd., Athenahealth Inc., Oracle (Cerner Corporation), ASSURECARE LLC (IPATIENT CARE), Boston Scientific Corporation, International Business Machines Corporation (IBM), Allscripts Healthcare Solutions Inc., and Baxter International Inc. (HillRom Services, Inc.). Focus on collaboration and new product launches are the key strategies adopted by major players to gain competitive edge in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
