The Outbreak of COVID-19 to Augment Growth of the Patient Centric Healthcare App Market

 

The emergence of COVID-19 (the global pandemic) is driving the growth of the patient centric healthcare app market. Telehealth has the potential to address many of the key challenges in providing health services during the outbreak of COVID-19. Moreover, the pandemic has made video telemedicine the safest interactive system between patients and clinicians. For example, in May 2021, Proximus innovated in the field of e-Health with patient-centric teleconsultation app Doktr. The company announced the launch of Doktr, an innovative video teleconsultation service allowing patients with a basic primary care need to get in touch with a qualified doctor in a convenient and secure way.

A patient-centric approach is a way the healthcare systems can establish a partnership among practitioners, patients, and their families to align decisions with patients' wants, needs, and preferences. Patient centric health care app helps provide information and deliver services to patients regarding their health, thereby improving patient's health. It offers access to health information and easy connectivity between patients and doctors. Moreover, these apps help users to stay updated about medication times, number of calories consumed, dehydration level in body, etc. Therefore, there is an increasing demand for patient-centric healthcare around the world, driving the growth of the patient centric healthcare app market.

For instance, in May 2020, MyMedicNow launched a mobile healthcare app to bridge the gap between patients and doctors. The NEW app aims to help patients search for medical conditions and find related local healthcare providers quickly and efficiently. Moreover, the popularity of the patient centric healthcare apps has increased due to the increasing number of smartphone and the Internet users worldwide. The patient centric healthcare app market, in the Asia Pacific, is witnessing robust growth due to the increasing adoption of health apps, especially among women, and the increasing number of smartphone and the Internet users in the region.

For instance, in May 2019, health start-up, Vivant launched Nyra, a mobile application that can be used by women to track their period, fertility, ovulation, mood, lifestyle, physical activity, etc. Furthermore, according to the India Brand Equity Foundation (IBEF), with the growing internet penetration, internet users in India are expected to increase from 429.23 million as of September 2017 to 829 million by 2021. Some patient centric healthcare apps are used in management of chronic diseases such as diabetes and hypertension. Thus, with the increasing prevalence of chronic diseases, the demand for patient centric healthcare is also increasing. This in turn is also expected to propel the patient centric healthcare app market growth.

Increasing Number of Clinical Trials to Augment the Risk-Based Monitoring Market Growth

 

Risk-based monitoring is a monitoring technique, which is important to ensure patient safety, and also to maintain high quality of data. It provides the clinical team with a single platform that transforms multiple study data streams into flexible analytics. Risk-based monitoring employs various platforms and tools to identify potential issues related to trial conduct, compliance, data integration, and security. This helps reduce costs associated with clinical studies. The event/condition is monitored by measuring it against a standard set of parameters.

Market Dynamics:

Increasing number of clinical trials and the emergence of COVID-19 is expected to propel the growth of the risk-based monitoring market. For instance, according to the Ministry of Science and Technology (China), China is conducting clinical trials of 16 COVID-19 vaccines, of which seven have entered phase-III trials and one has conditionally hit the market. Moreover, according to NITI Aayog (India), six COVID-19 vaccines are currently undergoing clinical trials in the country.

Moreover, cost and time efficiency of risk-based monitoring solutions and the increasing government funding to support clinical trials is expected to augment the growth of the risk-based monitoring software market. For instance, in October 2020, the United States Food and Drug Administration (USFDA) awarded six new clinical trial research grants to principal investigators from academia and industry totaling over US$ 16 million over the next four years.

Increasing outsourcing of clinical trials to contract research organizations (CROs) is expected to offer lucrative growth opportunities for players in the risk-based monitoring market. For instance, in March 2021, Innoforce and dMed, a clinical CRO, teamed up to identify, assess, and collaborate on the development of clinical-stage therapeutics. However, the high cost of implementation is expected to restrain growth of the market.

Competitive Analysis:

Major players operating in the risk-based monitoring market are Cintec, JMP clinical, IQVIA, Quanticate Ltd, Covance solution, Bio Pharma Inc., TransCelerate, and Parexel International Corporation.

Major players in the market are adopting various business strategies, such as partnership and collaboration, to strengthen their market presence. For instance, in November 2019, Veeva Systems completed its acquisition of Crossix Solutions to help maximize media and marketing effectiveness.

In September 2018, PAREXEL International Corporation and Datavant, Inc., partnered to deliver advanced data and real-world evidence analytics to improve drug development and commercialization processes.

In May 2018, Bioclinica launched its expanded and enhanced SMART technology suite available with Interactive Response Technology (IRT), Electronic Data Capture (EDC), and Medical Imaging combined.

Video Telemedicine Market is Witnessing Significant Growth as industry leader VSee lab Inc. partners with Vuzix Corporation to introduce an innovative telemedicine product

 

Video telemedicine uses technology primarily computers, video, messaging, and phone by medical professionals to diagnose and treat patients in remote locations. Video telemedicine or telemedicine involves the use of electronic communications and software for management of chronic conditions. 

Increasing prevalence of hospital-acquired infection and increasing incidences of white coat syndrome is expected to drive growth of the global video telemedicine market during the forecast period. According to the Indian Journal Medical Research (IJMR), in 2017, surgical-site infections (SSIs) were the most common HAI with prevalence of 23.94% followed by hospital-acquired pneumonia with 18.31%, catheter-related blood stream infection (16.9%), and urinary tract infections (16.9%) in India. Such high prevalence has led to increase in demand for video telemedicine globally. Video telemedicine offers numerous advantages such as less time in waiting room, no transportation time and cost, and fewer chances of catching a new illness. Thus, these factors are expected to drive growth of the global video telemedicine market during the forecast period. Moreover, growing geriatric population is expected to boost the global video telemedicine market growth over the forecast period. According to the World Health Organization (WHO), by 2050, global population of aged 60 years and above is expected to reach 2 billion, increasing from 900 million in 2015. Video telemedicine is a perfect alternative to geriatric people to get medical treatments and medications without actually visiting the doctor’s office.

However, lack of skilled personnel and adequate infrastructure is expected to restrain growth of the global video telemedicine market during the forecast period. Besides, lack of awareness regarding the technology in emerging economies is expected to hinder the global video telemedicine market growth in the near future. Among regions, North America is expected to witness significant growth in the global video telemedicine market during the forecast period. This is owing to wide implementation of video telemedicine and increasing demand for unnecessary transpiration. Furthermore, Asia Pacific is expected to register a robust growth rate over the forecast period, owing to increasing patient pool and healthcare practitioners in the region.

Key companies operating in the global video telemedicine market are Life-Size Communication Inc., Vidyo Inc., Vermont Tel, Sony Corporation, Huawei Technologies Co Ltd., GlobalMed Inc., Premiere Global Services Inc., and VSee lab Inc.

For instance, in November 2020, Vuzix Corporation partnered with VSee lab Inc., a U.S.-based telehealth company to introduce a telehealth and telemedicine smart glasses solution Vuzix Blade Smart Glasses and Vuzix' M300XL. 

Rapid Growth of the Healthcare Industry to Augment the Practice Management System Market Growth

 

Practice management system helps manage the daily operations of an organization. The system helps organization (or facility) to settle meetings with specialists, record persistent information, keep up record, create last reports, etc. A medical practice management system provides staff members with real-time visibility into each patient's availability, enabling them to quickly identify potential scheduling problems. The system send email or text message (appointment reminders) to patients, reducing the possibility of a full-blown event that could negatively impact patient flow. Practice management system find wide application across various verticals in an industry.

Market Dynamics:

Increasing integration of healthcare system with practice management solutions is expected to propel the growth of the practice management system market. For instance, in January 2021, Brevium, an innovative SaaS company in the healthcare sector announced that it has extended the integration of its software with one of the premier electronic practice management systems in the U.S., Nextech.

Moreover, rising incentives by federal government are also expected to foster the practice management system market growth.

Growing inclination towards patient-centric care approach, increasing number of mobile health applications for better practice management, and cloud-hosted models are expected to offer lucrative growth opportunities for players active in the market. For instance, in January 2021, WRS Health announced that it has expanded its footprint with the availability of Neurology-Cloud. A new EHR (electronic health record) and practice management solution for neurologists.

Merger and acquisition by key players to enhance their market share is also expected to fuel the growth of the practice management system market. For instance, in 2019, Henry Schein acquired Elite Computer Italia, a dental practice management software company to enhance its presence in Italian market.

However, the high cost, dearth of skilled professionals, privacy and security concerns, and time required for integration are some of the factors expected to restrain the growth of the practice management system market.

Competitive Analysis:

Key players operating in the practice management system market are Accumedic Computer Systems, MediTouch, Greenway Medical AdvantEgde Healthcare Solutions, McKesson Corporation, Practice Fusion, NextGen Healthcare Information System LLC, GE Healthcare, Athenahealth, Inc., Henry Schein, and Allscripts Healthcare Solutions, Inc.

Key players in the market are adopting various strategies, such as collaboration and partnership, to enhance their market presence. For instance, in 2019, McKesson Corp. joined forces with Navigating Cancer to offer oncologists enhanced software platform for improved patient management in value-based care.

Increasing Adoption of Smartphones and Growing Geriatric Population to Augment Growth of E-Pharmacy Market

 

ePharmacy, as we know it today, provides pharmacy services to its customers through the use of the Internet. This technology has been around for quite some time but it wasn't until some time ago that it started to gain popularity and slowly started replacing the traditional pharmacy. One of the advantages of using e-pharmacy over the traditional type of pharmacy is that there is no face to face interaction required between the customer and the pharmacists.

Market Dynamics

Increasing adoption of smartphones is expected to propel the growth of the ePharmacy market. For instance, according to the Pew Research Center, 76% of adults in the U.K. owned a smartphone in 2018.

Increasing geriatric population is expected to offer lucrative growth opportunities for players in the ePharmacy market. For instance, according to United Nations Population Fund, geriatric population in Asia Pacific is expected to triple between 2010 and 2050 to reach 1.3 billion people by 2050. Moreover, increasing investment in e-pharmacy is also expected to aid in growth of the market. For instance, in November 2020, Alodokter, an Indonesian telemedicine app, raised an undisclosed amount of funding from MDI Ventures, the corporate VC arm of Telkom Indonesia, in order to launch e-pharmacy.

Emergence of Covid-19 has had a mixed response on the-pharmacy market. The COVID-19 pandemic has shifted preference to ATM pharmacies as majority of countries are under lockdown. The pandemic has also affected the revenue of several market players.

Among regions, Asia Pacific is expected to witness significant growth in the e-pharmacy market, owing to growing e-commerce sector in the region. For instance, according to India Brand Equity Foundation, the e-commerce sector in India is expected to reach US$ 200 billion by 2026 from US$ 38.5 billion as of 2017.  Moreover, entry of new market players is also expected to aid in growth of the market in Asia Pacific. For instance, in November 2020, Amazon Inc. launched a pharmacy service in the South Indian city of Bengaluru.

Competitive Analysis

Major players operating in the global ePharmacy market include, CVS Caremark, Banner Health, DocMorris NV, Ro, Zur Rose Group AG, Right ePharmacy, PlanetRx.com.Inc., Lloyds Pharmacy Ltd., Dr. Fox Pharmacy, eDrugstore.MD, MediSave, SastaSundar, Walgreen Co, and Rowlands Pharmacy.

Major players operating in the global e-pharmacy market are focused on adopting expansion strategies to enhance their market share. For instance, in December 2020, India-based e-pharmacy, SastaSundar, announced its plans to expand into the northern and western regions of India while strengthening its presence in the existing markets in the eastern and north-eastern regions.

Medical transcription services has tremendously changed the way of delivering patient reports while reducing clinical documentation time

 

Medical transcription services are health reports that are typed out from dictated medical reports by medical professionals, such as doctors, dentists, and physicians. These reports contain vital information regarding a patient's health and are crucial to their care. This service offers data accuracy and data-driven insights for making an easy decision regarding patient treatment and care. Medical transcription services can be classified into Discharge Summary (DS), History and Physical Report (H&P), Operative Note or Report (OP), Consultation Report (CONSULTS), and Pathology Report (PATH) & Radiology Report.

Continuous advancement in medical transcription services is expected to drive the market growth. For instance, in October 2020, ETranscription, a Canadian transcription company, launched its new website and platform to expand its high-quality transcription services. The company has offered a free trial and reduced rates to help hospital streamline their workflow. Moreover, updates support a seamless online transcription process while delivering secure, accurate, and cost-effective services. This service effectively reduces clinical documentation time and enables doctors to plan patient’s treatments. Increasing adoption of technologies such as digital health, telemedicine, and EHR is further anticipated to foster the growth of medical transcription services market in the near future.

From the geographical point of view, North America is expected to gain significant growth over the forecast timeframe and this is attributed to the high adoption rate of medical transcription services in the region. Moreover, increasing distributing agreements among key manufacturer in the region is again anticipated to propel the market growth. For instance, in June 2017, iMedX, a health information and medical documentation solutions company, announced that it has signed a contract with Vizient, Inc. the member-driven health care performance improvement company in the country for transcription services solutions.

 Key Developments:

1.      In December 2019, Amazon Web Services (AWS) has launched a new machine learning service called Amazon Transcribe Medical, which will automatically convert physician consultations and dictated notes from speech to text.

2.      In May 2019, MD office Manager is pleased to announce its integration with Point Click Care, the leading cloud-based software vendor for the long-term and post-acute care (LTPAC) and senior living sectors.

3.      In June 2018, Mediscribes, Inc., a Speech Recognition Technology, Medical Transcription, and Health Information Management Solutions, has been chosen by the GSA as a vendor of choice for medical transcription services and technology for all GSA Member hospitals.

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Cloud Deployment in the Healthcare Industry to Augment Growth of the Healthcare Cloud Computing Market

 

Cloud computing is a method to store and access data and programs over the internet. The term is generally used to describe data centers available to many users over the Internet. There are three main service models of cloud computing are Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). Cloud computing helps the healthcare industry in many ways such as it helps share and store data, holds and provides more information at a lower cost, provides great reach during the times of disaster, and allows professionals to store and access data remotely, which helps to speed up the medical research.

Moreover, in healthcare, cloud computing makes medical record-sharing easy and secure, automates backend operations, and even facilitates the creation and maintenance of telehealth applications. Increasing cloud deployment in the healthcare industry and increasing adoption of IoT (Internet of Things) in healthcare, wearable devices, and big data analytics is expected to drive the growth of the healthcare cloud computing market. For instance, in December 2019, KCR adopted a cloud platform, Veeva Vault, for its clinical research programs. Internet adoption has increased over the years, doubled since 2010. Furthermore, better scalability, flexibility, and storage of data offered by cloud computing and the increasing penetration of the internet is expected to propel the market growth.

For instance, according to the internet live stats, more than 4.77 billion people (around 60% of the global population) were active internet users as of December 2020. However, the lack of adoption of the internet and lack of awareness in emerging regions is expected to impede market growth. For instance, China has a huge online community, yet its internet penetration is 65.6% (of the population). Moreover, the emergence of the telecloud, the use of blockchain in the health cloud, and the formation of accountable care organizations are expected to create significant growth opportunities for the healthcare cloud computing market. In terms of geography, the healthcare cloud computing market is divided into six regions, such as North America, Europe, Asia Pacific, South America, the Middle East, and Africa.

Asia Pacific is expected to witness robust growth in the market, owing to the increasing government initiatives for healthcare digitization, growing patient pool, and growing disease burden in the region. Moreover, telehealth and virtual care delivery options have subsequently increased as a result of the global pandemic (COVID-19 outbreak). Furthermore, key players active in the market are adopting various strategies (such as merger and acquisition, partnership, etc.) to enhance their market share, as well as expand their product portfolio. For instance, in February 2020, Sectra signed a ten-year contract with Region Halland to deliver its radiology imaging solution (RIS) as a cloud service.

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Increasing Prevalence of Cancer and Other Chronic Disorders to Augment Growth of Patient Registry Software Market

 

The patient registry software market is expected to witness a significant growth over the next five years. The reason for this is the ever-expanding focus on healthcare delivery, particularly in the non-clinical fields of patient care, education, prevention and public health. Patient safety is being continuously refined with the advent of new devices and applications in the clinical laboratories. Certain drivers are also behind the patient registry growth. These include adoption of EHR, creation of patient registries to track patient records, and greater use of electronic medical records (EMR) for post-marketing management.

Market Dynamics

Increasing prevalence of cancer and other chronic disorders is expected to propel growth of the global patient registry software market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.

Emergence of pandemic diseases is expected to offer lucrative growth opportunities for players in the patient registry software market. For instance, globally, as of 5:05pm CET, 17 December 2020, there have been 72,851,747 confirmed cases of COVID-19, including 1,643,339 deaths, reported to the World Health Organization.

Moreover, increasing number of clinical trials is also expected to aid in growth of the market. For instance, according to the U.S. FDA’s 2019 Drugs Trials Snapshot, 2019 witnessed 48 novel drug approvals, either under New Drug Applications or as new therapeutic biologics under Biologics License Applications, with a total of 46,391 patients participating in clinical trials to support the safety and efficacy of these products.   

Moreover, lack of healthcare IT professionals, especially in emerging economies is also expected to hinder growth of the market.

Competitive Analysis

Major players operating in the patient registry software market include, Global Vision Technologies, Inc., IQVIA, Dacima Software Inc., PatientCrossroads, Mckesson Corporation, Liaison Technologies, and Imagetrend, Inc. and Evado eClinical Solutions.

Major players operating in the patient registry software market are focused on adopting collaboration strategies to enhance their market share. For instance, in December 2020, IQVIA collaborated with Servier, an independent global pharmaceutical company, to reinvent their R&D clinical development processes and support their long-term R&D success.

 

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