Patient Engagement Solutions Market Trends and Insights by Component (Hardware, Software, Service), Delivery Mode (Web-based, Cloud-based, On-Premise), Therapeutic Area (Chronic Disease, Fitness Management), Application (Social Management, Health Management, Financial Health Management) and End-User (Hospitals and healthcare providers, Individual users), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, May 31, 2022 (GLOBE NEWSWIRE) — Patient Engagement Solutions Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Patient Engagement Solutions Market Information by Component, Delivery Mode, Therapeutic Area, Application, End-User, and Region – Forecast till 2030”, the patient engagement solutions market can anticipate surpassing USD 45.20 Billion at 15.33% CAGR by 2030.
The use of patient engagement solution software, as well as services, enhances clinical workflow, healthcare safety risk management, clinical outcomes, and patient care. Owing to these benefits, the patient engagement solutions market in Europe and North America has been experiencing significant growth.
Patient engagement solutions provide several features including secure healthcare messaging, scheduling as well as rescheduling appointments, and facilitating patient education with the use of customized content.
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|Market Size||USD 45.20 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Delivery Mode, Therapeutic Area, Application, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rising prevalence of chronic disorders and rising number of healthcare facilities.|
|Increasing demand for patient engagement solutions from developing countries|
Patient Engagement Solutions Market Competitive Dynamics:
The affluent firms in the patient engagement solutions industry include
- Welvu (US)
- Athenahealth, Inc. (US)
- IBM (US)
- Cerner Corporation (US)
- Lincor Solutions (US)
- Get Real Health (US)
- Mckesson Corporation (US)
- Medecision, Inc. (US)
- Allscripts Healthcare Solutions, Inc. (US)
- Aetna Inc. (US)
- Oneview Ltd (Ireland)
- Orion Health Ltd (New Zealand)
Surge in technical developments, extensive use of EHR as well as mhealth solutions, and the high prominence of several chronic diseases favor the worldwide market. Favorable initiatives by industry stakeholders and the rise in consumerism in the healthcare industry further enhance the market share. NextGen Healthcare’s 2021 survey reveals that 85% of ambulatory healthcare respondents say that patient engagement solutions have been key in organizational economic success as well as patient outcomes. The survey further indicates that the COVID-19 outbreak drove the business growth.
Supportive government policies will most likely leave a tremendous impact on the worldwide market over the upcoming years. To illustrate, in 2018, the Patient and Caregiver Connection program was established by the FDA, which aimed to increase the engagement with patient advocates, caregivers, and patients, throughout the surveillance and evaluation of the treatment. Other than this, the rising use of these advanced solutions in emerging nations like India is in line with supportive government initiatives. To cite a reference, in March 2019, the chain of Columbia Asia Hospitals based in Malaysia, Indonesia, Vietnam, and India introduced a patient engagement application suite, teaming up with MphRx. The program focuses on digitally transforming healthcare services, improving patient engagement, and facilitating clinical excellence.
Factors like the mounting prevalence of different chronic conditions and the continuous expansion of the geriatric populace worldwide have also fostered the uptake of patient engagement solutions. The American Diabetes Association 2020 states that annually, there are nearly 2.7 million new diabetes cases in the U.S. In response to the heightened diabetic cases, players are increasingly focusing on developing patient-centric engagement solutions.
Significant investment needed for the implementation of patient engagement solutions and the risks involved pertaining to patient data security can be restraining factors for the market growth in the years to come.
The COVID-19 outbreak’s negative impact has led to a series of severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental health issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. These factors will most likely enhance the growth prospects of the patient engagement solutions market in subsequent years.
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Patient Engagement Solutions Market Segmentation:
Service, hardware, and software are component-wise segments covered in the report. Patient engagement software forms the highest share in the worldwide industry, as it offers unbiased, accurate, curated, and relevant data. Moreover, software’s seamless connections with electronic health records make real-time clinical intelligence accessible, wherever and whenever required, thereby making it ideal for both patients and clinicians.
By Delivery Mode
Web-based, cloud-based, and on-premise have been listed as the major delivery mode-based segments in the report. Cloud-based software is managed via the cloud computing infrastructure of the vendor and accessed through the internet by the users. This model is quite similar to that of the on-premise model. As a result, this has emerged as the top delivery mode-based segment in the patient engagement solutions market.
By Therapeutic Area
Fitness management, women’s health management, chronic disease, and more. Surging burden of chronic disorders and the mounting awareness with regard to patient engagement solutions favor the chronic disease segment.
Social management, financial health management, home health management, health management are the key applications of patient engagement solutions. The health management segment should capture the biggest portion of the patient engagement solutions industry in the years to follow, thanks to the increasing spending on the healthcare IT sector.
Healthcare payers, hospitals and healthcare providers, individual users, and more. Hospitals and healthcare providers can expect to be the top segment in the near future because healthcare providers and hospitals are generally the basic points for treatment, rehabilitation, and diagnosis of patients.
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Patient Engagement Solutions Market Regional Analysis:
The American market is currently in the lead, owing to the rising focus on shifting the risk from the healthcare payers to the healthcare providers and the surging number of insurance holders. Studies confirm that 92.34% of the total population in the US had health insurance coverage in 2017. Between 108 and 2019, the number of individuals with health insurance coverage shot up by 3.4 million, which is close to 298.8 million in the US.
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Europe boasts of highly advanced healthcare services, even considered to be the best in the world. The adoption of patient engagement solutions in the region is significantly high, thanks to the soaring number of medical centers and the extensive use of modern technologies in healthcare.
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