The "Patient-centric Health Care App Market - Growth, Trends, and Forecast" report has been added to ResearchAndMarkets.com's offering.
The Patient-centric Health Care App (PCHA) market studied was anticipated to grow with a CAGR of nearly 20.5% during the forecast period.
The major factors attributing to the growth of the market are an increased incidence of chronic disorders such as cancers, diabetes, and rheumatoid arthritis, especially among the geriatric population. Treatment for these diseases require continuous monitoring and evaluation of physiological changes for proper diagnosis and medication.
For instance, according to the United Nations data of World Population Prospects published in 2019, number of people over the age 65 increases from 9% in 2019 to more than 16% of the total world's population by 2050. Thus, a steep rise in the elderly people, rise in government initiatives to maintain electronic health record systems, and increased demand for the technology based treatment to avoid medication errors are likely to fuel the PCHA market over the forecast period.
Key Market Trends
The Phone-based apps Sub-segment is Expected to Hold the Largest Market Share in the Patient-centric Health Care App Market
The phone-based apps are expected to account for the largest share of revenue in the overall PHCA market throughout the forecast period. The significant share in terms of revenue can be attributed to various factors such as a rise in healthcare awareness, enhanced interoperability, remote access to data and relatively reduced time of treatment.
Also, reduced IT burden in hospitals and huge investments in the phone-based apps specific to treatment by key players such as Novartis AG, Pfizer Inc, and others are likely to drive the segment over the forecast period. On the other hand, Hybrid patient-centric apps are anticipated to witness the highest CAGR over the course of the forecast period. This can be due to the increased adoption of these apps with novel innovations and a rising preference for the products propelling the global market revenue.
The patient-centric health care app market is moderately competitive and consists of several major players. Some of the companies are expanding their market position and while others are adopting various strategies such as mergers & acquisitions, introducing new products and upgrading the technologies to maintain their market position.
For instance, in April 2018, Novartis launched its FocalView app, a first-of-its-kind app designed to modernize ophthalmic clinical trials. The app provides an opportunity for patients to participate in ophthalmology clinical trials from home. This enables more sensitive trial endpoints and accurate patient-reported outcomes with enhanced access and flexibility.
Thus, the rising adoption of these products in medical research is expected to positively impact the growth of the market. Few of the major players currently dominating the industry in terms of revenue are Koninklijke Philips N V, Merck & Co Inc, Hill-Rom Holdings Inc, Bayer AG, and Siemens Healthineers AG.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Global Prevalence of Cardiac Diseases and Stroke-related Deaths
4.2.2 Enhanced Access and Flexibility with Novel Technologies
4.3 Market Restraints
4.3.1 The High Cost of Development
4.3.2 Reluctance by Regular Healthcare Providers
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 Mode of Operation
5.1.3 Hybrid Patient-centric Apps
5.2.1 Wellness Management
5.2.2 Disease And Treatment Management
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 F. Hoffmann-La Roche Ltd
6.1.2 iPatientCare Pvt Ltd
6.1.3 Merck & Co Inc
6.1.4 MobileSmith Inc
6.1.5 Koninklijke Philips NV
6.1.6 Pfizer Inc
6.1.7 Siemens Healthineers AG
6.1.8 Novartis AG
6.1.9 Bayer AG
6.1.10 Hill-Rom Holdings Inc
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/jlcr75
View source version on businesswire.com: https://www.businesswire.com/news/home/20201027005813/en/
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