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.
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- 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.
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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.
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- 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.
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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.
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