The rising number of smartphone users and the need to access healthcare information at any given time and place have resulted in the launch of numerous healthcare apps. Health care apps are software codes that act as a tool for improving healthcare by providing valuable insights regarding health information of healthcare consumers (patients and healthcare professionals). Healthcare apps are gaining popularity due to easy access, low maintenance cost, freedom from clinical paper records, and the ability to communicate vital treatment details.
Healthcare sector has been reluctant in adopting IT solutions especially when sensitive patient information is involved. Strict privacy policies and regulations always were a challenge in the development and adoption of healthcare apps. However, post encouragement from FDA i.e Food and Drugs Administration, development and usage of mobile healthcare devices including healthcare apps are witnessing tremendous growth. It is anticipated that this growth will happen at a rapid pace due to ongoing digital disruption in the healthcare sector. The rapid adoption of personalised medication solutions and self-monitoring trend is another major factor fuelling the growth of health care apps market.
The healthcare app market is extremely competitive as the IT industry witnesses new entrants that are capable of investing in the market. Also, the rapid go-to-market strategy of new entrants aims to release sustainable apps as quick as every two-three weeks or so. However, the FDA will continue to regulate both moderate and high-risk healthcare apps which will ensure safety and effectiveness of healthcare apps prior to release.
North America and Europe remain the major market holders with high growth potential due to prevalent technological adoption, investment capacity and huge population. The APAC region, especially India and China is estimated to grow at robust CAGR during the forecast period of 2020-2027 due to availability of high-speed internet, rising patient population and government aids for the digitization of healthcare sector.