The ubiquitousness of smartphones and smart devices have ensured the development of mobile applications. Prescribed health apps are software applications designed to provide health services over mobile devices. They assist patients by managing their medical condition in real-time and gaining advice from medical professionals via the mobile phone. The global prescribed health apps market report by Market Research Future encompasses numerous drivers and restraints which can enlighten readers and facilitate in making right investment decisions.
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Market Outlook
The global prescribed health apps market is predicted to exhibit a stupendous 47.1% CAGR from 2017 to 2023 (forecast period). It is driven by the preference of mobile healthcare solutions amid the high penetration rate of smartphones and smart devices. According to the National Center for Biotechnology Information (NCBI), 68% of patients in the U.S. use a mobile health (mHealth) application for gaining advice on health problems and booking appointments.
Rise in healthcare facilities and medical professionals jumping on board the digital application bandwagon can bode well for the market. Presence of advanced telecommunication networks and a plethora of platforms for professionals to offer their expertise to patients can bolster the global prescribed health apps market demand in the coming years. The use of mobile applications by healthcare consumers is a positive indicator of the potential of the market. Seed funding and rising interest by venture capital firms can boost the market demand. In 2019, Xealth, a U.S. company gained funding from Philips, Novartis, ResMed, and McKesson Ventures.
Lack of patient awareness and hazy policies concerning patient information can pose a challenge to the market growth.
Segmentation Analysis
The prescribed health apps market is segmented by type, device, application, and end-user.
By type, it is segmented into Windows, Android, iPhone, and others.
By device, it is segmented into multi-parameter tracker, cardiac monitoring device, diabetes management device, and others.
By application, it is segmented into lifestyle management, disease management, fitness, nutrition, and diet, medication adherence, and others.
By end-user, it is segmented into home care, specialty centers, hospitals, sand others.
Regional Analysis
Asia Pacific (APAC), the Americas, the Middle East & Africa (MEA), and Europe are regions covered in the global prescribed health apps market report.
The Americas is expected to garner significant revenue by 2023 due to the utilization of chronic disease management by physicians on health-based applications. According to a recent survey, nearly 35% parents and 17% teens use a health application. Increasing demand for health apps and the high penetration rate of smartphones in healthcare settings are other drivers of the regional market.
Europe is the second largest region for the global prescribed health apps market after the Americas. Availability of skilled medical personnel, better healthcare infrastructure, and establishment of advanced healthcare centers are factors working favorably for the market. Awareness of chronic disease management and development of medical applications can drive the regional market growth. Rising investment in health applications specially in the U.K. and Germany can augment the global market size by a considerable mark.
The APAC region can depict a robust growth rate during the forecast period due to prevalence of chronic diseases. Presence of developed economies of India and China combined with the large youth populace accustomed to mobile applications can drive the market growth. Patients in the region are inclined towards doctors which let them conduct sessions over the phone and online.
Competitive Outlook
AirStrip Technologies, Sanofi, LifeWatch AG, Cerner Corporation, iHealth Lab, BioTelemetry Inc., Apple, Inc., and others are some of the major players in the prescribed health apps market. Traditional players are developing healthcare applications to digitize their offerings and gain a larger consumer base.
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