Top 5 Drivers of the Global Health Apps Market
Portland, OR, Aug. 25, 2020 (GLOBE NEWSWIRE) — 2019 was a banner year for the world health apps market, with revenues up 40.9% to $10,235.0 million. The market is on track for solid growth over the next five years, tipping the market past $113,728.0 million in 2023.
The phone-based application segment accounted for approximately half of the global market share in 2016. Patient-centered approach is an approach through which a healthcare system can establish a partnership between practitioners, patients and their families to align decisions about health, patient needs and preferences. to medicine and treatment. Patient-centered healthcare apps are smartphone, web-based, and wearable apps that help users by updating them on treatment times, level of dehydration in the body, calories consumed, and heartbeats per minute, among other bodily parameters.
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Currently, mobile phone penetration is over 100% in developed markets and is expected to increase in developing markets such as Asia-Pacific, Latin America and Africa. Furthermore, the increase in exposure to smartphones as well as 3G and 4G networks is further increasing the use of mobile platforms in most sectors, especially in healthcare systems.
Some of the other factors responsible for the substantial growth of the market include low cost and convenience of medical devices, technological innovations, integration of wireless technologies and affordability of smartphones, government initiatives and rise in related diseases to lifestyle. Factors such as lower adoption due to lower accuracy, nascent technology in underdeveloped economies, limited reimbursement coverage, lack of technological awareness among the aging population, and uncertainty of government regulations limit market growth to some extent.
The patient-centric wearable application segment is witnessing the fastest growth during the forecast period. This is attributed to the increasing penetration of wearable devices and users in various geographical regions for wellness management. Moreover, a large number of patient-centric medical applications are developed for wearable devices every year, contributing to the high growth of the market.
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In the operating system segment, iOS generated the highest revenue in 2016, accounting for about half of the total market share, and is expected to continue this trend throughout the forecast period. This is due to the increase in the number of iPhone and iPad users, especially in countries like the United States, United Kingdom, Canada, and other developed economies. Moreover, the Android operating system segment is expected to witness the highest CAGR of 44.2% during the forecast period, owing to the increase in the number of Android device users and profitability. compared to iOS and Windows devices, and will mainly drive the growth of developing and underdeveloped economies. .
Key Findings of the Patient-Centric Healthcare Application Market:
- The Windows operating system segment accounted for one-sixth of the total market and is expected to grow with a CAGR of 42.0% during the forecast period.
- The disease management and treatment segment is the fastest growing category in the global market, registering a CAGR of 42.4% during the forecast period.
- The United States has dominated the global patient-centric healthcare application market and is expected to grow at a CAGR of 34.8% from 2017 to 2023.
- India has been the fastest growing country in patient-centric healthcare market in Asia-Pacific, registering a CAGR of 48.7 during the forecast period.
- The home-use segment contributed the highest market share in 2016, registering a CAGR of 39.9% from 2017 to 2023.
Asia-Pacific is expected to witness the highest growth rate of patient-centric healthcare application market throughout the forecast period. Rising adoption of smartphones, increased awareness of new technologies, and rise in consumer preferences towards healthy lifestyles are the major factors that complement the adoption of patient-centric medical applications. Additionally, continued growth in mobile cellular network coverage and rise in the number of lifestyle-related diseases such as diabetes, obesity, among others, would further drive the growth of the cell-centric medical application market. patient in Asia-Pacific. However, lower accuracy, low reimbursement coverage, and low device adoption among the aging population are factors that are hampering the growth of the market.
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The main players in this market have adopted collaborations as one of their main development strategies, among others such as acquisitions and product launches. Key companies profiled in this report are 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. and Siemens AG.
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