In a recent published report, Kenneth Research has updated the Market report for Healthcare Apps Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Healthcare Apps Market Products.
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According to the statistics by the WHO, grew from 6.20% in 2001 to 6.69% in 2018. Additionally, the current healthcare expenditure per capita (current US$) grew 3x from USD 222.49 in 2001 to USD 721.88 in 2018.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The consumer landscape in the healthcare industry in India has evolved in recent years. The healthcare industry is experiencing a paradigm shift from volume-based care (fee-for-service healthcare, being independent of the service quality) to value-based care (healthcare providers are charged based on patients’ health outcomes). Stakeholders in the Indian healthcare ecosystem are focusing on leveraging healthcare apps to make up for the inadequacies in healthcare infrastructure.
Increasing focus on patient-centric care, emergence of advanced technologies, and changing business models have been crucial in driving the healthcare apps market in India. In terms of revenue, the healthcare apps market in India was valued at INR 28.94 Bn in 2019 and is estimated to reach INR 200.12 Bn by 2025, expanding at a CAGR of ~36.11% during the
2020-2025 period. Wellness management and appointment scheduling apps have gained widespread popularity. The demand for chronic disease management apps is expected to grow rapidly in the next few years.
Market influencers:
Digital transformation in the country, coupled with substantial support from the government has fueled the growth of the healthcare apps market in India. The digital footprint of the country has been strengthened by a swift growth in the number of mobile subscribers and Internet users in the country. As per the Telecom Regulatory Authority of India (TRAI), the total number of broadband subscribers reached 663.78 Mn in May 2020, up from 562.52 Mn in May 2019. Approximately 60% of the population is estimated to use the Internet in India by 2022.
The market has been experiencing significant challenges due to the lack of awareness, security issues, and unsatisfactory app performance. Moreover, for majority of the consumers, fitness and wellness management are the primary areas of concern. They remain ignorant about the different types of healthcare apps available that address various other health issues. Furthermore, stakeholders are uncertain about the performance and efficiency of apps, owing to unavailability of clinical performance data. The limited availability of app content in regional languages also acts against the adoption of healthcare apps.
Impact of COVID-19:
The onset of COVID-19 has triggered a structural change in the Indian healthcare system by encouraging the use of healthcare technologies among the people. Numerous healthcare apps have been introduced by the central and state governments to combat COVID-19. These apps are being used for digital contact tracing of confirmed and potential patients, complying with quarantine guidelines, spreading of awareness, and providing updates on COVID-19 statistics and advisories.
Since the outbreak of the virus, numerous healthcare apps have been launched by the central and state government authorities, which have been developed and designed by small IT companies. However, the country lacks in terms of a centralized app, owing to the presence of different administrative bodies dealing and responding to the pandemic both at the central and state levels. The major concerns regarding the existence of several apps are duplication of efforts, low penetration, and lack of data privacy.
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Competitive insights
The highly competitive healthcare apps market in India is fragmented with the presence of various small and medium-sized players. Several non-healthcare companies, including IT and software development companies, technology companies, and app development agencies have penetrated the market. However, the market is yet in the nascent stages, and thus, players are experimenting with different business models to accomplish monetization. Among the various models, licensing, third party app development, in-app advertising, and pay-per-download have achieved significant success.
Companies covered
ï‚·Curefit Healthcare Pvt. Ltd.
ï‚·DocEngage Informatics Pvt. Ltd.
ï‚·DocsApp
ï‚·HealthifyMe Wellness Pvt. Ltd.
ï‚·Infomoko Technology Pvt. Ltd.
ï‚·Kare4u Healthcare Solutions Pvt. Ltd.
ï‚·Lybrate India Private Limited
ï‚·NovoCura Tech Health Services Pvt. Ltd. (mfine)
ï‚·Portea Medical
ï‚·Practo Technologies Pvt. Ltd.
The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Healthcare Apps Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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