Prescribed Health Apps Market Overview
The prescribed health apps market size is increasing due to its enormous support for patients having a history of medical conditions. As the name suggests, the prescribed health applications make use of health-based software programs that have been designed to provide expert and quick healthcare services over electronic devices such as mobile phones. These applications act as constant support and assist the patients who have a history of treatments, surgeries, and other medical conditions.
The applications not only manage the medical conditions of the patients but also analyze their situation and condition on a real-time basis. These applications offer major support as they help professionals with the required and reliable feedback about the condition of the patients, as well. These health applications assist the patients and provide them with medical support as soon as possible. Owing to the large level of demand and the kind of assistance provided, the prescribed health apps market is expecting a 47.1% CAGR growth by the end of the ongoing forecast period in 2023. The global period for the prescribed health apps market has begun in 2017.
COVID 19 Analysis of Prescribed Health Apps Market
Since the cases were reported of the novel coronavirus across various regions in the globe, the industries, marketing units, and business enterprises are facing major issues to keep up with the supply chain mechanism and also fulfill the prescribed health apps market demands. The pandemic has brought new and uninvited struggles that these production and manufacturing units are taking time to accept and overcome. The lockdown is another imposed restriction. However, the demand for healthcare services and their support and assistance is being demanded on large scale. Owing to the positive number of cases, patients are either opting for hospital isolation or are going under home quarantine. The ones who are under home quarantine, require assistance now and then. For doctor’s consultation on requirements, these health applications are playing an important role. These applications also update about the medical condition that helps in taking prior steps like surgeries and medication so that there is no further deterioration of the medical condition.
Owing to the situation of the pandemic and improvising on the healthcare services and infrastructure, the governments of under-developed, developing, and developed nations are opting for investing in these applications which helps in their development and widescale use. Also, the key market players are largely opting for the development of the research and development department that helps in enhancing the use and features of these applications.
Figure: Prescribed Health Apps Market, by Region, 2017 (%)
Source: World Health Organization, Centers for Disease Control and Prevention, expert interview, market research future analysis, annual report, white paper, and company presentation
Prescribed Health Apps Market Dynamics
The health applications determining the medical condition of the patients is acting as one of the developed healthcare facilities that are benefiting a larger audience. Also, the prescribed health apps market is witnessing a steep rise in the penetration of mobile devices especially in the healthcare sector and amongst the patients who are demanding such services. These are major driving forces for the prescribed health apps market.
However, the target audience is the patients who demand these services lack awareness and crucial information to make the best use of such devices and applications. Also, the ones who are using have concerns related to security and data leaks which are refraining them from using these services. These are major growth restraints on the path to growing globally during the forecast period ending in 2023.
The key market players aim at global domination through their key strategies for growth and expansion. The prescribed health apps market is witnessing an increase in the availability of advanced networks along with excellent use of the connectivity platforms for benefitting the patients at a huge scale. Also, the limited access to treatment is being curbed by the availability of medical support through electronic means. Also, the treatment and consultation cost is not high by making use of these applications. So, the prescribed health apps market has a promising future by the end of the global forecast period ending in 2023.
- To consider the suggestions and recommendations of the key market experts and industry leaders that will help in predicting the expected CAGR growth rate of the prescribed health apps market and the market valuation during the forecast period that ends in 2023
- To have an idea about the prescribed health apps market dynamics and the impact of the pandemic on the prescribed health apps market. Further, the report discusses the segmentation and their performance that has the potential to make a difference to the final valuation when the forecast period ends in 2023
- Further, the report also aims at analyzing the competitive degree that prevails globally, and hence, the report considers the recent developments by the prominent market players that will help the prescribed health apps market grow as per the expectation
Prescribed Health Apps Market Segment Overview
The functioning of the prescribed health apps market segments helps in providing an in-depth knowledge of the revenue models. These models are likely to have an impact on the global market’s valuation and hold a promising future for the upcoming years too. The prescribed health apps market segments are as follows:
The health applications can be accessed through mobile devices. These applications can be used on mobile phone operating systems like Apple that is iPhone, Windows, and, Android mobile phones also
The device segment of the prescribed health apps market includes the diabetes management device
Based on the application segment, the prescribed health apps market users can opt between disease management, nutrition, alongside diet for treating their illness and medical condition
The market end-users are responsible for expanding the market operations and helping the market grow as per the expected CAGR rate. These are hospitals, home care, and specialty centers.
The prescribed health apps market is rendering its functions in regions like North America, the APAC region, European nations, alongside the rest of the world (RoW).
For the prescribed health apps market, the North American market is likely to enjoy domination over the market operations, the main reason behind this is that they are largely investing in the spread of healthcare-related technology like eHealth and digital health. The APAC region is expected to enjoy the fastest growth as there is an increase in the patients suffering from chronic diseases in this region. India, as a part of the APAC region, has a potential growth because of youth, increasing health awareness, and increasing the quantum of the patient population.
The key players of the prescribed health apps market and their functions are likely to help with a better understanding of the revenue models and final market valuation by the end of the forecast period. Also, the performance of these players is analyzed to understand the prevailing competitive degree in the market on both the regional and global scale. The prominent players are as follows:
- BioTelemetry Inc.
- Cerner Corporation
- AirStrip Technologies
- LifeWatch AG
- iHealth Lab
- Apple, Inc.
- The North American market, and the US population to be specific, are demanding for the health applications on priority as a part of their smartphones. 68% of the population is already having these applications on their phones which will help the market play a major role in helping the market gain momentum over the years for the period ending in 2023.
- In July 2019, the German government passed laws that are allowing, helping, and encouraging professionals to make reliable use of these applications and presenting the patients with the required medication and treatment options for the patients. The costs are proposed to be reimbursed under the health insurance system of the country. This is likely to have a greater impact on the healthcare system and infrastructure of the regional and global markets.
- The Middle East and African nations are largely investing for creating awareness and thus, allocating a budget that will put the population in a better place by accessibility to reliable healthcare services and solutions.
- The APAC region is home to a young population that has the required awareness and information regarding these health applications. They are opting for the wide use of these applications and are also spreading reliable content for the benefit of the same. Also, the rise of the patient population in these regions is helping the prescribed health apps market to grow by the end of the forecast period in 2023.
- The European Commission has launched a public consultation where the users can let the officials know about the barriers and the issues that they face during the use of these applications. This is likely to put the patients in a better place while using such applications.
The prescribed health apps market value is determined with the help of the market dynamics discussed in this report. The report talks about the impact of the pandemic and how the key market players are covering up the losses and undergoing recent developments that help in evaluating their market share. Also, the report helps to understand the competitive degree prevailing by discussing the functioning of the market segments at various locations across the globe. Also, the report discusses the prescribed health apps market scope and the expected CAGR growth rate of the market by the end of 2023.