Patient Monitoring App Market: Introduction
- Demand for patient monitoring applications, which require a smart and easy to use user-interface (UI), such as smartphones, tablets, PDA, and other devices, and high speed internet connection for quick accessibility, is increasing due to technology developments at both these frontiers. Thus, a rise in the rate of adoption of smartphones and high speed network is expected to drive the patient monitoring app market during the forecast period.
- According to a report published by Statista International, the total number of smartphone users in the U.K. increased from 21.6 million in 2011 to 30.9 million in 2013. Moreover, most mobile health devices launched in Europe are focused on monitoring the geriatric population and patients with chronic diseases.
- According to mobility report by Ericsson Mobile Platforms AB, smartphone subscriptions is expected to triple and simultaneously smartphone traffic is expected to increase 10 times the current traffic globally, between 2013 and 2019. Leading players in the patient monitoring app market have adopted inorganic growth strategies to strengthen market presence and enhance market reach of their products by consolidating their customer base
Key Drivers and Restraints of Global Patient Monitoring App Market
- Increasing investments from private players and investors in the emerging patient monitoring app manufacturers is likely to drive the patient monitoring app market during the forecast period
- In April 2017, NextGen Healthcare, a subsidiary of Quality Systems and a provider of computer-based practice management applications for medical and dental group practices, acquired Entrada, a provider of mobile clinical documentation for ~US$ 34 million all in cash. The seller was represented by JEGI.
- In April 2016, Nokia, a multinational communications and information technology company, acquired Withings, a provider of health and wellness smart devices and applications, for ~US$ 191 million (€170 million).
- In May 2016, Ping An Good Doctor, a developer of an app for medical consultation via text, voice, and video that offers medication alerts, chronic disease management, appointment booking, fitness tracking, help finding pharmacies and hospitals, raised US$ 500 million in a Series A round of financing. Funding was received from international and China-based investors (including international private equity funds), China-based state-owned enterprises that are on the Fortune 500 list, finance corporations, and internet companies.
- Patient monitoring apps lack penetration in the end-users market, which is affected by network availability and regulatory environment, the use of such solutions is limited to developed economies, such as U.S., and EU countries
- Complexities in existing regulations has meant that there has been no standardized technique/method that can measure the effectiveness of these patient monitoring applications. Even the outcomes of patient monitoring solutions are not being tracked and analyzed, which makes it difficult to ascertain their reliability.
Personal Health Record Apps to Lead Global Market
- The global patient monitoring app market can be segmented based on type, end-user, and region
- In terms of type, the global patient monitoring app market can be classified into chronic care management apps, fitness & general health apps, medication management apps, personal health record apps, women’s health apps, and others. In terms of end-user, the global patient monitoring app market can be divided into doctors, nursing staff, and patient caregiver.
Asia Pacific to be Lucrative Market for Patient Monitoring Apps
- The global patient monitoring app market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Adoption of advanced monitoring options is increasing in developing countries, thereby providing opportunities to manufacturers of patient monitoring apps
- Availability of highly advanced patient monitoring apps and high rate of adoption of such apps in developed countries in North America and Europe are expected to drive the global patient monitoring app market during the forecast period
Key Players Operating in Global Patient Monitoring App Market
Leading players in the global patient monitoring app market include:
- Apple, Inc.
- AliveCor, Inc.
- AirStrip Technologies
- Koninklijke Philips N.V.
Global Patient Monitoring App Market: Research Scope
Global Patient Monitoring App Market, by Type
- Chronic Care Management Apps
- Fitness & General Health Apps
- Medication Management Apps
- Personal Health Record Apps
- Women’s Health Apps
Global Patient Monitoring App Market, by End-user
- Nursing Staff
- Patient Caregiver
Global Patient Monitoring App Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.