PATIENT CENTRIC HEALTHCARE APP MARKET ANALYSIS

Market Challenges And Opportunities

Global Patient-centric Healthcare App Market Drivers:

High prevalence of chronic diseases to propel market growth

One of the key factors expected to augment the growth of the global patient-centric healthcare app market over the forecast period is the rise in prevalence of chronic diseases. For instance, treatment of chronic disease requires constant monitoring and evaluation of physiological changes for proper diagnosis and medication. As per the World Health Organization (WHO), cardiovascular diseases account for most NCD (noncommunicable disease) deaths, or 17.9 million annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million including kidney disease deaths caused by diabetes).

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global patient-centric healthcare app market is the growing geriatric (aging) population around the world. For instance, according to the National Council on Aging, older adults are disproportionately affected by chronic conditions, such as heart disease, diabetes, and arthritis. Around 95% percent have at least one chronic condition, and over 80% of have two or more. Moreover, over 56 million Americans are 65 and older, with projections estimating that the population of older adults will grow to 94.7 million in 2060. Chronic diseases are the leading causes of death among older adults in the U.S.

Global Patient-centric Healthcare App Market Opportunities:

Increase in adoption of patient-centric healthcare apps worldwide is expected to provide significant growth opportunities for players in the global patient-centric healthcare app market. For instance, in May 2022, MyHealthcare launched a patient-centric digital health platform in collaboration with Sakra World Hospital to deliver 360-degree patient care outcomes. A new platform will empower patients to manage their healthcare needs such as booking doctor appointments, preventive health check-ups, book diagnostics tests, manage family health, view test results and other reports, view e-prescriptions, and request for pathology tests or delivery of medicines at home.

The outbreak of COVID-19 (global pandemic) is expected to offer lucrative growth opportunities for players in the patient-centric healthcare app market. For instance, in March 2020, MobileSmith Health announced the launch of two COVID Response Mobile Apps to support hospitals in their response to the COVID-19 Coronavirus pandemic. The platforms can be deployed in 72 hours and provide timely push notifications and alerts to convey breaking news, vital updates, and facility information. COVID Response Mobile Apps allow hospitals to share reliable, accurate information on the Coronavirus pandemic with the community, hospital employees and volunteers

Global Patient-centric Healthcare App Market Restraints:

High cost of development to hamper market growth

One of the key factors expected to hamper the growth of the global patient-centric healthcare app market is the high cost of development and/or investment for healthcare infrastructure. The patient-centric apps are beneficial and important for patient health maintenance. However, the cost needed for the development of such apps is high. The deployment, management, and upgradation of these developed apps are more costly than their production. Thus, the maintenance and the final cost rise up to the cost of such apps. Moreover, these factors restrain the selling and purchasing of the apps, thereby restraining the growth of the market.

Lack interoperability in Healthcare to hinder market growth

Another factor which is hampering the growth of the global patient-centric healthcare app market is the lack of interoperability across healthcare providers. Improving healthcare interoperability is the top priority for health systems worldwide, today. Another reason why healthcare providers are wary of adopting interoperability is the risk it might bring to the confidential health data. A lack of interoperability can result in an incomplete understanding of an individual’s health needs, which can lead to poorer outcomes and higher costs. The current lack of interoperability can compromise patient safety, contribute to clinician burn-out, and waste billions of dollars a year.