Patient-Centric Health Care App Market Size Growth Opportuni...| MENAFN.COM

Sunday, 29 January 2023 03:01 GMT

Patient-Centric Health Care App Market Size Growth Opportunities Created By Covid19 Outbreak 2023-2033


(MENAFN- America News Hour)

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.

Get a Sample Copy of this Report with Graphs and Charts:

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.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall PHCA market throughout the forecast period. The dominance is due to the presence of a huge target population base with chronic diseases such as coronary heart diseases, atrial fibrillation, stroke, hypertension, diabetes, etc., in the region. An expected increase in the geriatric population during the forecast period due to the presence of baby boomers in the United States accounts for the highest market revenue in North America. For instance, according to The American Heart Association, in 2018, nearly 92.1 million individuals in the U.S. suffered from cardiovascular diseases resulted in higher demand for better treatment technologies driving the market. Furthermore, a steep rise in healthcare expenditure, a rise in health awareness and a shift from clinical-centric treatment to patient-centric care boosts the market in the region. Increased adoption of technology by key healthcare providers in the region is expected to contribute to the significant share of the global market throughout the forecast period.

Enquire before purchasing this report:

Competitive Landscape
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.

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
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
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION

Access Full Report, here: patient-centric health care app market

About SDKI:

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

MENAFN25012023004545010068ID1105475965


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.