Elderly Care Apps Market Expected to Grow at a CAGR of 10%
The elderly care app market is set to witness significant growth during 2021-2031. The market is subjected to growth owing to accelerated growth in smartphone-based medical care apps used across the globe. Moreover, the increasing trend of mHealth solutions is also expected to propel market growth. The ease of availability of these care apps is propelling the adoption of elderly care apps across senior citizens and the aged population.
What is Driving Demand for Elderly Care App?
The rapid increase in smartphone penetration rate across the globe is expected to propel the growth of elderly care apps. Smartphone devices have become a part of everyone’s lives. As the number of mobile devices are increasing day by day, businesses are also developing innovative mobile apps to attract their target customers.
According to research, the number of smartphone users are increasing year after year.In 2020, the expected number of global smartphone users reached a total 3.5 billion, which is about 10% increase from 2019. With over 3.5 billion smartphone users across the world, it’s no surprise that the mobile app industry is thriving. App usage and smartphone penetration are still growing at a steady rate, without any signs of slowing down in the foreseeable future.
The digital healthcare sector is also developing and innovating new healthcare apps to help care givers easily identify medications, check for any potential drug interactions, and track prescriptions. According to Liquid - State, in 2018 there were over 318,000 mobile healthcare apps available for patients, and approximately 200 new healthcare apps being built each day.
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Integration of wearable technology with healthcare apps is driving the adoption of Elderly Care Apps
Wearable technologies can be innovative solutions for healthcare problems. The wearable devices are embedded with the latest technology sensors, and are connected with the apps that is installed in the smart devices, majorly on mobile phones.
These sensors can extract and analyzes the medical information from the patient and share them with the healthcare providers in real-time. Healthcare apps also make it possible to view patient history, reorder prescriptions, receive a reminder to take a medication, and more. As per the Greatcall, about 93% of physicians believe that the healthcare mobile apps have the highest ratio in improving the patient’s health.
The continuous innovations and developments in technology and the adoption rate for health apps and wearable’s has increased the scope of remote health-monitoring, allowing for better communication between elderly patients and doctors.
However, not many elderly people were currently using wearable devices because generally there is a lack of awareness among the older generations. But with the continuous increase in awareness and the need of wearable technology among elderly peoples, would create huge opportunities for wearable and elderly car apps in developing companies.
North America to Contribute Largest Share for Elderly Care Apps Adoption
US consumers are getting more comfortable using mobile devices to manage their health. According to research, the smartphone market in the United States is one of the world’s largest, with more than 300 million smartphone users.
U.S. accounts for the dominant share in the North America elderly care apps market, as the country has rising elderly population, high penetration rate of smartphones, and the push to develop apps and digital healthcare platforms to reduce healthcare costs. According to US Census Bureau, Americans aged 65+ years, will more than double over the next 40 years, reaching 80 million by 2040. Digital healthcare is witnessing significant developments in the United States and Canada with the introduction of mHealth applications that help North America elder population become involved in personal health management.
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Europe Demand Outlook for Elderly Care Apps
Europe is home to some of the best and most established health care systems in the world. The evolving digital healthcare systems in Europe is recognized as the primary growth driver for the region. In October 2020, the Digital Healthcare Act (DVG) officially granted doctors in Germany permission to prescribe apps to their patients for the first time.
The region shows strong growth spots for mHealth services, owing to rising penetration of smartphone devices and wearable technology. The mHealth services has been widely used by health & fitness conscious consumer base to constantly monitor and track their health.
According to Apadmi, App revenue in Europe is expected to show an annual growth rate more than 11%, with a projected market value of over US$ 1.2 Bn by 2024. As per the World Health Organization, Europe saved US$ 126 billion worth healthcare costs through the adoption of mHealth services. This is majorly driven by the rising demand for affordable, accessible and advanced healthcare services.
Who are the Major vendors of Elderly Care Apps?
Some of the leading vendors and companies of elderly care apps include
- Care Zone Inc.
- MyMeds Inc
- MindMate Inc.
- Elder Care
Key elderly care app vendors are focusing on apps innovation and strategic partnerships with the regional vendors to collaborate for offering advanced patient experience solutions to effectively manage their business operations. Furthermore, many companies are focusing on acquiring small and mid-sized organizations present in this market.
An Adaptive Approach to Modern-day Research Needs
Elderly Care Apps Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Fitness Apps
- Medical Care Apps
By End User
- Elder/Sr. Citizens
- Hospitals and Clinics
- Old Aged Homes/Facilities
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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