Patient-Centric Healthcare Applications Market to Reach $64.33 Billion Globally by 2027 at a CAGR of 37.2%: Allied Market Research
Portland, Oregon., September 15, 2020 /PRNewswire/ — Allied Market Research released a report titled “Patient-Centered Healthcare Application Market by technology (phone-based apps, web-based apps, and patient-centric wearable app), operating system (iOS, Android, Windows, and others) category (wellness management and disease and treatment management ) End User (Hospitals, Clinics, and Home Use): Global Opportunities Analysis and Industry Forecast, 2020-2027. According to the report, the global patient-centric healthcare application market size was estimated at $4.73 billion in 2019 and should reach $640.33 billion by 2027, registering a CAGR of 37.2% from 2020 to 2027.
Drivers, constraints and opportunities
Rising demand for patient-centric ecosystem, increasing smartphone penetration and increasing collaboration between healthcare providers, app developers and others are driving the growth of the global patient-centric healthcare application market. Additionally, growing demand for personalized care applications is fueling the growth of the market. On the other hand, a long and costly approach, an inadequate relationship between supply and demand and the lack of adequate training hinder growth to a certain extent. Nonetheless, rising awareness of patient-centric innovation and accelerating transition to digitized healthcare are expected to create lucrative opportunities for major market players.
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- Nationwide shutdowns have resulted in the closure of gyms and other fitness-related facilities. This has led to an increase in the use of patient-centric healthcare applications.
- Growing health and fitness concerns among people online have further expanded the requirement for these apps.
Android segment will dominate by 2027-
Based on operating system, the Android segment accounted for almost half of the global patient-centric healthcare application market revenue in 2019 and is expected to reign the roost by the end of 2027. Further, one estimates that the same segment registers the fastest CAGR of 38.0% throughout the forecast period. Factors such as the increase in the number of Android phone users, especially in countries such as China, Indonesiaand Indiaand increasing disposable income of people in developing countries are driving the growth of the segment.
The domestic use segment to retain the dominant share
On an end-user basis, the home use segment contributed more than two-fifths of the global patient-centric healthcare application market share in 2019 and is expected to lead the way by 2027. Additionally, the segment is also expected to exhibit the fastest CAGR. by 38.2% through 2027. This is due to increased awareness of the benefits of fitness management apps and the increased prevalence of diseases such as diabetes and hypertension that require management. regular load in the patient.
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North America garnered the largest share in 2019 –
Based on geography, North America earned the highest share in 2019, generating more than around one-third of the global patient-centric healthcare application market. This is due to the increase in mobile phone penetration, which contributes to more downloads and usage of healthcare applications, and the presence of the majority of key players. Simultaneously, Europe would manifest the Fastest CAGR of 38.9% during the study period, due to the launch of various health and wellness support mobile apps in these countries. Additionally, the growing prevalence of chronic diseases and the emergence of new entrants in the UK are also driving the market growth.
Key Industry Players-
- Allscripts Healthcare Solutions, Inc.
- Bayer AG
- International Business Machines Corporation (IBM)
- iPatientCare, Inc.
- Klick Inc.
- Koninklijke Philips NV
- Merck & Co., Inc.
- MobileSmith, Inc.,
- Novartis AG
- Pfizer Inc.
- Siemens SA.
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SOURCE Allied Market Research