Medically Prescribed Apps Market is Projected to grow at a CAGR of ~18.8% till 2027

The medically prescribed apps market is experiencing huge growth owing to its application in various fields such as diabetes management, multi-parameter tracker, cardiac monitoring, and many more. Increasing prevalence of chronic disease globally is one of the major factors, which leads the growth of the medically prescribed apps market. Whereas government and private players are also involved in research and development activity to introduce advanced technology, which helps the patient to track their fitness and health. According to Cancer Research UK, in 2014, around 356,860 people were diagnosed with cancer. The report suggests that prevalence of cancer has been increasing rapidly from the last few years and expected to grow at an exponential rate in the coming future owing to unhealthy diets, high rate of smoking and alcohol consumption.

Increasing prevalence of chronic disease, rising demand for better technology, are major factors for driving the market growth. Additionally, increasing investment in research and development, and availability of funds drive the growth of the market. Moreover, increasing government support, changing lifestyle, and rapidly developing technology are expected to fuel the market growth during the forecast period.

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Key Players

Some of key the players in the market are Pathfinder International (U.S.), InnovationM (India), Fueled (U.S.), Sourcebits Technologies, WillowTree, Inc (U.S.), Y Media Labs (U.S.), OpenXcell (India), ArcTouch (U.S.), Contus (India), Intellectsoft US (U.S.), and Savvy apps (U.S.).

Regional Analysis

The Americas dominate the global medically prescribed apps market owing to the presence of a huge patient population with chronic diseases, and increasing government support for research & development. Furthermore, market players of this region continue to involve in providing a quality product, which gives an edge to this region.

Europe holds the second largest share of the global medically prescribed apps market due to increasing focus of various government agencies and private players for introducing best technology which tracks the health-related issues and patient guide. Moreover, growing public awareness about medically prescribed apps is likely to boost the European market.

The Asia Pacific is the fastest growing medically prescribed apps market across the globe. Japan holds the major share of the regional market due to the availability of advanced technology and huge health care spending. Moreover, rapidly developing the economy, increasing healthcare expenditure, and the government’s initiatives for research & development are projected to drive the market in China and India over the forecast period.

The Middle East and Africa hold the least share of the global market due to limited availability of medical facilities.

Segmentation

The global medically prescribed apps market is segmented on the basis of types, devices, the operating system, and the application.

On the basis of the type, it is segmented into wellness management apps, diseases and treatment management apps, women’s health & pregnancy apps, diseases specific apps, and others.

On the basis of the devices, it is segmented into the personal digital assistant, smartphone, tablet computer, and others.

On the basis of the operating system, it is segmented into windows, android, ios system, and others.

On the basis of the application, it is segmented into diabetes management, multi-parameter tracker, cardiac monitoring, and others.

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A number of factors are triggering the growth of such incidences, for example, rising aging population, unhealthy diet and low physical activities. According to a research, smoking increases the possibility of diabetes; more than 60% of the global population smokes, this has increased the risk of diabetes and contributed to the growth in diabetic population. According to the International Diabetes Federation in 2016, it was estimated that 420 million adult population had diabetes, which is increasing at the rate of 8.4% and is expected to reach 625 million by 2040.

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This release was published on openPR.