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Patient Centric Healthcare App Market is Estimated To Witness High Growth Owing To increased smartphone penetration

Patient Centric Healthcare App Market is Estimated To Witness High Growth Owing To increased smartphone penetration

The Patient Centric Healthcare App Market is estimated to be valued at US$ 13,537.6 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.

Market Overview:

Patient centric healthcare apps provide access to health records, appointment scheduling, medication reminders, virtual health consultations and other personal health tools. These apps empower patients to better manage their health and well-being. They are also helpful for clinicians to digitally engage with patients outside of traditional visits and improve care experiences.

Market key trends:

Increased smartphone penetration especially in developing regions has been a key driver of growth for patient centric healthcare apps market. According to data, over 60% of the global population now owns a smartphone and with growing internet accessibility, more people are able to access healthcare services digitally through their mobile devices. Furthermore, telehealth has emerged as an important healthcare delivery method amidst the Covid pandemic which has accelerated demand and adoption of various patient-provider communication apps globally. Investments in digital health by both public and private sectors are further expected to increase development and accessibility of personalized tools and services focused on patient centric care model.

Porter’s Analysis

Threat of new entrants: The high start-up costs associated with developing patient centric healthcare apps creates barriers for new entrants in this market. Bargaining power of buyers: Individual customers have moderate bargaining power due to the availability of various healthcare app options in the market. Bargaining power of suppliers: Companies have a strong position in sourcing raw materials and components from suppliers. Threat of new substitutes: New innovative technologies in digital health present a threat of substitutes. Competitive rivalry: Fierce competition exists in the patient centric healthcare app market.

SWOT Analysis

Strengths: Established brands and vast product portfolios give major players an advantage. Weaknesses: Integrating apps with legacy healthcare IT systems is challenging. Opportunities: Growth in digital health adoption boosted by Covid-19 pandemic and shift to remote care. Threats: stringent regulations, data privacy and security concerns pose threats.

Key Takeaways

The global Patient Centric Healthcare App Market Growth is expected to witness high growth, exhibiting CAGR of 39% over the forecast period, due to increasing demand for self-management of chronic diseases through mhealth apps. Regionally, North America dominates the market currently due to high technology adoption and healthcare expenditure. Asia Pacific is poised to grow at the fastest rate owing to rising healthcare investment and growing medical tourism industry in countries like 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.).

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