Attractive Growth Opportunities in the Patient Centric Healthcare App Market
Increasing consumer health awareness and rising prevalence of various diseases is peaking consumer interest towards ways to monitor and maintain good health. Increasing prevalence of obesity and diabetes, and high cholesterol levels due to changes in lifestyle and proliferation of smartphones and wearable devices are influencing the populace to opt for various health monitoring apps to monitor and maintain optimal health. Patient centric healthcare apps help users to stay updated about medication times, number of calories consumed, dehydration level in body, etc. As per a recent statistic shared by Apple Inc., on an average, an iPhone user unlocks his phone 80 times a day, while statistics released by Pew Research stated that around 46% of people surveyed in the U.S. claimed that they simply could not live without their phones. This creates a large target population for developers of health apps Increasing trend towards usage of healthcare IT systems to offer access to patients data to practitioners sitting anywhere in world and routine checkup of lab reports, easy access to radiology and pathology reports from mobile devices is expected to boost growth of patient centric healthcare app market. Increasing occurrence of complications due to non-adherence to doctor’s recommendations and not undergoing routine checkup due to busy work life, necessitates a companion app that helps users actively monitor their health.
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The healthcare industry in general is experience an increasing trend towards patient-centric approach in clinical trials focusing on personalized medicine and patient empowerment. This entails enhanced focus on patient care as part of healthcare services and enables the patient to access the various services and take control of their own health. This is expected to further create lucrative opportunities to patient centric healthcare applications providers for diagnostic purpose. Increasing government initiatives to digitalize healthcare system in their respective countries as part of overhauling and strengthening the healthcare infrastructure is acting as a value-driver to patient centric healthcare app. Dubai Health Authority (DHA) launched patient centric app Sehhaty as part of its smart city program. Developed regions such as North America and Europe are expected to contribute major share to the market due to higher acceptance of advanced technologies, complemented by robust healthcare infrastructure and high discretionary income in these regions.
Major Patient centric Healthcare apps in the market: Patient Centric Connected Care (PC3)( Infinite Computer Solutions Inc.), IntelliVue Guardian System (Philips), Philips mobile medical app (Philips), miMeds (iPatientCare), miCalc (iPatientCare), miWater (iPatientCare), Apple’s CareKit (Apple) etc.
Increasing focus on multi-platform apps for wider penetration
Companies are focusing on introducing novel apps that can sync with various health monitoring devices and offer compatibility with most major mobile platforms in order to increase product penetration. In July 2014, iPatientCare, Inc., one of the pioneer in mhealth and cloud based ambulatory HER launched its new patient centric app for iphone and ipad. It allows patients and clinicians to remain updated about patient’s health. In September 2016, IBA and Philip launched its new patient centric solution for IBA’s proton therapy system for treatment of cancer. In 2015, Health Fabric, launched its product health fabric store where clinicians and commissioners create, share and recommend care plans to their patients.
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Subscription-based services and in-app purchases: A preferred revenue generation model for players
Major players involved in the global patient centric healthcare app market include Philips, iPatientCare, MobileSmith, Klick Health, and Health Fabric. Major players provide their apps for free. However, to avail of major services such as interactions with doctors, a one-time fee or a subscription model is adopted. For instance, DynaMed Mobile, Isabel, and Epocratesare some of the many apps in the market that are free to download, though there is a subscription fee applicable to avail of additional services. Advancements in technology are expected to pave way for patient centric healthcare apps that would monitor patient data in real-time and transmit the information to healthcare professionals for analysis.
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