Medically prescribed apps Market Analysis
Medically prescribed apps are software applications which is designed to help individuals manage their medical routine, calculate medical data, help acquire information regarding the availability of doctors, determination of critical health parameters, provide e-prescriptions, notifies about new treatment options and much more. They have been on the rise lately and finds its application in diabetes management, multi-parameter tracker, cardiac monitoring and others. These apps offer a variety of applications ranging from treatment-related recommendations to self-managing diseases, and they can be downloaded from the Google’s Play Store or Apple’s App Store. A diverse range of benefits and ease of use has proven to be a driving factor for the market growth. Medically prescribed apps are experiencing enormous demand and gaining acceptance among consumers. The global medically prescribed apps market is projected to expand at a CAGR of 18.8% over the forecast period 2017-2027, reveals a study by Market Research Future (MRFR). This thriving growth can be attributed to the ubiquity of smartphones and proliferation of mobile apps. Medically prescribed apps are helpful in monitoring diseases such as diabetes and obesity as they require continuous supervision; rise in patient pool of diabetes and other such lifestyle disease has contributed significantly to the growth of the medically prescribed Apps market.
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Rising prevalence of cancer and other chronic diseases, rise in geriatric population, unhealthy lifestyle, and lack of physical activity has spurred the growth of these apps. Additionally, increase in R&D activities, and broad adoption of medically prescribed apps, growing awareness for fitness are adding fuel to the growth of the market. Medically prescribed apps, however, have not been very successful in proving their efficacy and their reliability thus far has been questionable. The aged pool of patients and less tech-savvy patients who are not well acquainted with smartphones may face trouble using these apps which is a significant constraint to the market growth. Lack of awareness among patients, inadequate healthcare infrastructure in specific areas and unavailability of smartphones are factors impeding the market. Medically prescribed apps have also been reported to have produced inaccurate data and misidentify diseases. These apps expose patients to potential health risks in case of failure to perform. Initiatives undertaken by FDA and other regulatory bodies to withdraw these apps from the app distribution platforms further limit the market growth.
Segmentation
The global medically prescribed apps market has been segmented based on types, devices, operating system and application. By types, the market has been segmented into wellness management apps, diseases and treatment management apps, women’s health & pregnancy apps, diseases specific apps, and others. By Devices, the market has been segmented into personal digital assistant, smartphone, tablet computer, and others. By operating system, the market has been segmented into windows, android, iOS system, and others. By application, the market has been segmented into diabetes management, multi-parameter tracker, cardiac monitoring, and others.
Regional Analysis
The key markets of the global medically prescribed apps market include the Americas, Europe, Asia-Pacific and the Middle East and Africa. The Americas lead the medically prescribed apps market owing to growing prevalence of chronic diseases, unhealthy lifestyles, high expenditure on healthcare, increasing government aid and concentration of major key players in the region. North America is a major contributor of the region due to presence of countries like US and Canada which have robust technology and healthcare sector. The Americas is followed by Europe. Strong economic conditions and government support for R&D activities favor the growth of the market in the region. Asia-Pacific is slated to emerge as the fastest growing market for medically prescribed apps due to rapidly growing healthcare sector in developing countries such as China and India, wide adoption of medical apps and prevalence of chronic diseases in the region. On the other hand, poor economic conditions, low literacy rate, low internet penetration and lack of awareness in the Middle East & Africa region restricts the growth of the market.
Competitive Landscape
The global medically prescribed apps market is highly competitive. There is cut-throat competition in the market and the market participants are incorporating various strategies such as innovation, product launches and mergers to gain a substantial edge over the market. The participants compete on price, features, usability. The key players operating in the global medically prescribed apps market include Pathfinder International (U.S.), Fueled (U.S.), Y Media Labs (U.S.), ArcTouch (U.S.), Intellectsoft US (U.S.), InnovationM (India), Sourcebits Technologies, WillowTree, Inc (U.S.), OpenXcell (India), Contus (India), Savvy apps (U.S.)
Industry Trends/Updates
In June 2018, a company developing mobile medical applications for the management of chronic diseases, Tilak, announced the achievement of CE marking for Odysight, its first mobile medical game in Ophthalmology. Odysight can be availed only through medical prescription on the App Store and Google Play.
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