Patient Engagement Solutions Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services, Hardware); By Delivery Type (Web-based/Cloud-based, On-premises); By End-Use (Payers, Providers, Individual Users); By Application; By Regions; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 119
- Format: PDF
- Report ID: PM1868
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global patient engagement solutions market size was valued at USD 23.05 billion in 2023. The market is anticipated to grow from USD 26.11 billion in 2024 to USD 71.25 billion by 2032, exhibiting the CAGR of 13.4% during the forecast period.
Increasing utilization of electronic health records, rising burden of chronic diseases, a surge in usage of smartphones, and adoption of telehealth services, particularly by the old age population are the key factors responsible for market growth. This is illustrated by the survey conducted by National Health Service, in the UK, it is being observed that more than 91.5% of the patients felt assured while using technology-based medical care.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces patient engagement solutions market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
Know more about this report: request for sample pages
Increasing usage of smartphones had expedited the adoption of digital health services for both consumers and service providers. Moreover, a surge in healthcare apps and the emergence of wearable devices enabled better patient care through proper health management solutions. This has augmented the more dependence of patients on mHealth apps. Hence, the situation of COVID-19 is bound to play a substantial role in healthcare digital transformation.
Moreover, favorable government initiatives in the coming years are likely to foster market growth. In line with this, FDA previously established the “Patient and Caregiver Connection” to promote solutions and services to adopt innovative patient engagements. The program was designed to foster effective engagement with caregivers, patients, and service providers for proper evaluation and surveillance of concerning treatment or surgeries.
Such connection programs are widely accepted in emerging markets. For instance, in March 2019, Columbia Asia Hospital collaborated with MphRx to introduce a patient engagement application to digitally transform medical care and services to invigorate patient engagement.
Patient Engagement Solutions Market Report Scope
The market is primarily segmented on the basis of product, by function, by application, and geographic region.
|
By Component |
By Delivery Type |
By End-Use |
By Application |
By Region |
|
|
|
|
|
Know more about this report: request for sample pages
Insight by Component
The software patient engagement solutions market segment accounted for the largest market revenue share, in 2020. Softwares are easy to install, use, and drug information can also be available on time and helps in the efficient real-time digital transfer of physician’s prescription. This software is primarily used in home healthcare and remotely monitoring of health in the market. One of the popular suites is the NextGen Office, a cloud-based HER, developed by Kareo. This is web-based billing and medical practice solutions.
The service patient engagement solutions segment is projected to witness the highest market growth over the study period. Service is one of the crucial parts of the effective operation of engagement solutions. It helps in leveraging analytics solutions on-premise or cloud, which enables prediction and interventions in the live training method. This also helps in providing personalized education to the patients which increases its adoption rate.
Insight by Delivery Type
In 2020, the web-based patient engagement solutions segment accounted for the largest market revenue share. The adoption of web-based portals is increasing at an alarming rate, owing to its remote access, real-time data tracking, user-friendliness, data back-up, and several others integrated features. In line with this, the companies in the market for patient engagement solutions are investing heavily in cloud-based patient engagement solutions and services.
For instance, in May 2020, software giant, Microsoft introduced “Microsoft Cloud” catering to healthcare. The platform provides real-time engagement solutions, apart from data analytics and telehealth services. However, the on-premise patient engagement solutions segment is projected to register a lucrative market growth over the study period. It provides patient medical data security, easy accessibility, and easy retrieval. The inclination of on-premise services mostly due to its complete access to information.
Geographic Overview
In 2020, the North America patient engagement solutions market accounted for over 35.0% of the global industry. The region’s market dominance is attributed to the rapid adoption of mHealth solutions, significant investments in digital health, and favorable government policies supporting implementation.
Moreover, increasing patient awareness coupled with a rise in intent towards decreasing the cost of healthcare delivery to provide real-time diagnosis and treatment of the disease or any severe condition. Hence, with better implementation of innovative technologies, the region is likely to witness significant market growth for patient engagement solutions.
Asia Pacific patient engagement solutions industry is projected to witness a lucrative market growth over the study period. Advances in medical infrastructure, rising budget allocations to government and municipal hospitals, coupled with a rise in patient’s disposable income are the key factors contributing to the region’s growth. Moreover, economic development and strong government intent, particularly in India and China also supporting the region’s patient engagement solutions market growth.
Competitive Insight
The prominent players operating in the market for patient engagement solutions are Allscripts Healthcare Solutions, Cerner Corporation, McKesson Corporation, Phytel Inc., Medecision Inc., YourCareUniverse Inc., GetWellNetwork Inc., Orion Health Ltd., Lincor Solutions Ltd., and Athenahealth, Inc.
In today’s hyper-connected world, running a business around the clock is no longer an option. And at Polaris Market Research, we get that. Our sales & analyst team is available 24x5 to assist you. Get all your queries and questions answered about the patient engagement solutions market report with a phone call or email, as and when needed.
Recent Development
-
December 2022: EnlivenHealth announced the introduction of its Patient Engagement Network (PEN). This new solution, which integrates EnlivenHealth's national pharmacy network with advanced data insights and digital engagement technologies, aims to improve patient health outcomes and boost brand loyalty.
-
May 2023: LCH Health and Community Services partnered with athenahealth to improve patient and provider experiences and support its growth strategy. With the new partnership, LCH Health and Community Services will implement athenaOne, athenahealth’s cloud-based electronic health record (EHR), medical billing, and patient engagement solution, to offer a more unified experience.
© 2024 Polaris Market Research and Consulting. All rights reserved
