Therapeutics Apps Market

Market Overview

The world of therapeutics apps market is quite diverse and includes several components that have been innovated and popularized for better healthcare services. The digital healthcare space is diversely branched as it leverages the massive potential of the latest technological trends, such as the internet of things (IoT), big data, and AI, for the sake of both patients and healthcare providers. Therapeutics apps are a software program that runs on smartphones and other communication devices connected to smartphones and tablets for use, often powered by accessories. These mobile medical applications are commonly used for data processing, bookings, health education, health information, and wellness management in the healthcare industry. In the industry, new technologies are being made that have enabled the convenience of mobile medical healthcare applications. This helps patients to meet physicians worldwide at any time. One of the most common examples of the same is healthcare applications installed right on consumers' smartphones, often referred to as mhealth (mobile health) apps.

The global therapeutics apps market size is expected to grow at a healthy CAGR 5.1% during the forecast study period 2023-2031

Market Dynamics

Global Therapeutics Apps Market Drivers

Enhanced Interaction between Patients and Medical Authorities across Multiple Touch Points

Today these medical therapeutic apps are immensely growing in popularity and usage. Such popularity is simply that these medical applications can help and enhance the interaction between the patients and the concerned medical practitioners across various checkpoints. For instance, therapeutic apps for patients come into play in handling ordinary cases to medium critical medical situations, where access to a professional medical practitioner is difficult or unavailable at the moment, such as patients who need immediate attention, with disabilities, rural dwellers, and others.

On the other hand, market products designed for doctors are an indispensable tool handling massive personal and patient dataset, optimizing communication with patients, reducing patient volume per day, and releasing their job-related stress. In regions, such as the Indian subcontinent, this plays a vital role as the patient's statistics to available doctors are very high; thus, these therapeutics medical applications come in handy in minimizing errors in healthcare services. Many organizations and end-users' segments related to doctors and physicians have opted for these custom healthcare software applications to automate workflows and simplify patient tracking and data processing.

Lockdown All across Regions in the COVID-19 Affected World Has Boosted the Therapeutic Apps Market

With a global pandemic, an unprecedented economic crisis and uncertainty have descended upon every market sector. Hence as the healthcare industry faces crisis and difficulties in handling the increased patient volume and providing properly on one medical support, there is no surprise that the remote healthcare sector via therapeutics apps market is on the rise. An increasing number of such apps have claimed to be rising to the occasion. For instance, a New York based app called TalkSpace allows the user to connect with a licensed medical practitioner. Apps, such as TalkSpace, claim to connect clients to online medical officials remotely for approximately $40 a week. For example, with COVID-19-related stress on apps such as Wysa, an artificial intelligence therapy platform, there has also been a rise in users. Wysa provides video sessions with human therapists; the simple free plan allows you to text a bot in the form of an animated penguin that provides exercises and advice for mental wellbeing.

The Advent of Smartphones and Rapid Adoption of 4G Networks Has Driven the Market Growth

Smartphones with mobile apps are primarily used in healthcare, such as health education, health management, data management, health information, and relative workflow processes. A variety of therapeutic medical apps have been developed to monitor patients' health metrics and provide the time to time data to physicians. The modern age technology boosted by strong internet usability is driving the therapeutics market growth. The cost of accessing healthcare is another major factor associated. With the easy accessibility to both smartphones and high-speed internet connections, the price of accessing medical or therapeutic care or counseling has reduced significantly, thus broadening the end-users from a range of economic status.

Regional Analysis

The regional analysis has been made considering the trends of the neurosurgery device market, in the regions of North America, Europe, Asia-Pacific, South America, the Middle East, and Africa.

North America Will Continue to Dominate the mHealth Solutions Market during the Forecast Period

The largest share of the medical or therapeutics app market is held in the North America Region. The large share of North America in the global therapeutic apps market can be attributed to several factors, such as the high penetration of smartphones, tablets, and other mobile platforms across the region, increasing the usage of connected devices and apps for medical purposes. For instance, according to a Pew Research Center survey conducted, in 2019, suggested that roughly 21% of American adults wear smartwatches or fitness trackers daily. The diverse variety of apps that are being developed and made available to manage chronic diseases; development and adoption of innovative technologies; rising interest from government authorities and initiatives. For instance, healthcare reform under the Patient Protection and Affordable Care Act (PPACA), approved by the United States Supreme Court, requires installing electronic medical records for all medical practitioners and healthcare-based institutes.  Further, the presence of major companies, such as AT&T and Allscripts Healthcare Solutions, who are dealing with the development and commercialization of such apps in these regions, has given a significant boost to the home state.

APAC Regions Is Expected to Rapidly Catch Up in Forecast Period

Asia-Pacific has witnessed a significant increase in the market growth rate owing to the increasing use of mHealth intervention for healthcare needs. The considerable potential has been shown by major countries such as Singapore and South Korea, driven by their built IT infrastructure for healthcare and rising investments in the digital health sector. Increasing geriatric populations also drive the demand for mHealth technologies in countries such as China, India, and Japan and the increasing burden of chronic conditions.

The increase in the number of government digitalization programs in emerging economies such as India and China are expected to drive digital healthcare solutions. Further, in these countries were population is the most, therapeutic apps market has grown more fast-paced as a potential solution to the gap in the number of doctors available for patients. The incidence of several lifestyle disorders, such as diabetes, high blood pressure, and cardiovascular diseases is high in this region, thus driving the market for monitoring services offered by these mHealth apps.

Segmental Analysis

Remote Patient Care Apps Coupled with Connected Wearable Devices Holds a Major Share in the Market

These apps have gained massive popularity in the urban settings These apps monitor the body health status and alarms instantly to changing health metric. These are often powered by latest technologies and offers personalized care through connected mobile applications and wearables.

Apart from the general fitness and health domain, most companies in the market also provide services, such as custom healthcare apps developed for chronic disease sufferers, older people, or any patient with certain conditions requiring constant monitoring. These apps offer intelligent rehabilitation practices or send alerts once it is necessary.  These advantages have significantly boosted the therapeutics apps market and continue to do so as more and more people gather awareness and use them.

The Service Segment of the Therapeutics Market Is Expected to Witness a Major Boost in the Market

The growth of the services segment is expected to be driven by a rise in the number of market players invested in mHealth services for patient care, diagnosis and prevention. Rising demand for workflow quality and efficient administration of healthcare are some of the main factors expected to boost the mHealth services market in the coming years.

Monitoring services mainly involve observation of a patient with a disease or condition and track critical medical parameters for a defined period of time.  Due to multiple factors, such as increased prevalence of chronic diseases such as obesity, diabetes, coronary artery disease, congestive heart failure, and cancer, these services dominate the mHealth sector. The rising prevalence of chronic diseases have further driven the need for these apps such that patients can have home base care and monitoring. For instance, according to the American College of Cardiology, 6.5 million people in the U.S. suffered a heart failure in 2018. Thus, with a surge in the patient volume as access to Medicare becomes difficult, these apps are expected to relive the stress. Therefore, the market is expected to experience a significant boost.

Recent Developments

• In January 2019, Medtronic (U.S.) launched a product, MyCareLink Heart, a medical app that can interact with pacemakers. The app is compatible with the pacemakers and sends the encrypted data to the app’s network. It has made it possible for pacemakers to interact safely with patients using smartphones. This product launch would allow for more successful patient interaction with their doctors, which will broaden the customer base of the brand.
• Oracle (U.S.) launched a mobile app on March 30, 2020 for physicians to enter information on their patients and for patients to record on a regular basis their encounters with drug therapies. The goal is to get a picture that could provide real-world data on which medications and dosages work against the coronavirus (SARS-CoV-2).