The healthcare app market is on course for solid growth over the next five years, tipping the market past $4,730 million in 2019, and is expected to reach $64,331 million by 2027, registering a CAGR of 37.2% from 2020 to 2027.
Surge in demand for patient centric ecosystem, rise in smartphone penetration, and increase in collaboration among healthcare providers, app developers, and others drive the growth of the global patient centric healthcare app market. In addition, the growth in demand for personalized care apps fuels the market growth. On the other hand, time consuming and expensive approach, inadequate ratio of supply to demand, and lack of adequate training impede the growth to some extent. Nevertheless, increase in awareness regarding innovative patient centric and rise in the transition toward digitalized healthcare are expected to create lucrative opportunities for the key market players.
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COVID-19 scenario-
- The nationwide lockdowns have resulted in closure of gyms and other fitness related facilities. This has led to increase in the use of patient centric healthcare apps.
- The growing health and fitness concerns among e people have further expanded the requirement of these apps.
The android segment to dominate by 2027-
Based on operating system, the android segment accounted for nearly half of the global patient centric healthcare app market revenue in 2019 and is expected to rule the roost by the end of 2027. In addition, the same segment is estimated to register the fastest CAGR of 38.0% throughout the forecast period. The factors such as increase in android based phone users, especially in countries such as China, Indonesia, and India, and surge in disposable income of people in developing countries drive the growth of the segment.
The home use segment to maintain the dominant share-
Based on end-user, the home use segment contributed to more than two-fifths of the global patient centric healthcare app market share in 2019 and is anticipated to lead the trail by 2027. Furthermore, the segment is also anticipated to portray the fastest CAGR of 38.2% till 2027. This is owing to rise in awareness related to benefits of fitness management apps and surge in prevalence of diseases such as diabetes and hypertension which require regular management at patient’s end.
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North America garnered the major share in 2019 –
Based on geography, North America garnered the highest share in 2019, generating more around one-third of the global patient centric healthcare app market. This is due to rise in mobile phone penetration which aid in more healthcare app downloads and usage, and presence of majority of key players. Simultaneously, Europe would manifest the fastest CAGR of 38.9% during the study period, owing to the fact that various health and wellness assisting mobile apps are getting launched in these countries. Furthermore, rise prevalence of chronic diseases and surge in emergence of new entrants in UK also boost the growth of the market.
Key players in the industry-
- 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.
- Siemens AG.
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