Patient Engagement Solutions Market Overview
The global patient engagement solutions market size is expected to exceed a value of USD 42,600 million by 2025. It can expand at a CAGR of 18.90% over the forecast period. Patient engagement solutions are a range of methods used by healthcare authorities to communicate with patients in a transparent manner. The advent of digital technology and its ability to reach a wide audience has widened the opportunity for patient satisfaction. The global patient engagement solutions market report by Market Research Future (MRFR) takes a deeper look at the changing landscape of the healthcare sector and implementation of new policies for enhancing patient care for the period of 2019 to 2025 (forecast period). The sudden outbreak of the COVID-19 pandemic and its impact on the industry has been noted and expounded in great detail.
Investments in the healthcare sector, focus on patient care, and expansion plans of hospital chains are major drivers of the market. Rising prevalence of chronic diseases has induced the need for solutions which can lower the burden on healthcare chains and patients. In 2016, chronic diseases such as cancer, diabetes, and obesity had affected close to 117 million Americans. Government initiatives advocating the use of digital data and its centralization can favor the market growth. But initial high investments can deter new players from entering the market and deter its growth.
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Patient Engagement Solutions Market Segmentation
The global patient engagement solutions market is segmented by component, delivery mode, therapeutic are, application, and end-user.
By component, patient engagement solutions market is segmented into hardware, software, and services. Patient engagement software is the largest segment due to its ability to provide accurate, unbiased, and relevant data. Furthermore, its link to electronic health records of patients can fetch relevant data for physicians and clinicians for faster diagnosis. The hardware segment is expected to hold the least market share in the patient engagement solution market. It is used for building and support patient engagement platforms.
By delivery mode, patient engagement solutions market is segmented into on-premise, web-based, and cloud-based. The cloud-based segment is the largest in the market owing to easy installation of cloud-based software and easy access by users through the Internet. This model works similar to the on-premise model. On the other hand, the on-premise model of delivery is installed within the premises of the organization and can be maintained at ease. But its maintenance costs can lead to hesitation among end-users
By therapeutic area, patient engagement solutions market is segmented into fitness management, women’s health management, chronic disease, and others.
The chronic disease segment is expected to maintain its lead over the forecast period. Rising prevalence of chronic diseases and increasing awareness about patient engagement solutions can curry favor for the growth of this segment. The fitness management segment is the fastest-growing and anticipated to register the highest CAGR during the forecast period.
By application, patient engagement solutions market is segmented into financial health management, home health management, health management, and social management.
By end-user, patient engagement solutions market is segmented into individual users, healthcare payers, hospitals and healthcare providers, and others. ‘Others’ comprise emergency centers, government organizations, small- and mid-scale healthcare centers, and others.
Patient Engagement Solutions Market Regional Analysis
The Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are regions considered for the prospects of the global patient engagement solutions market.
The Americas is the largest regional patient engagement solutions market. An implementation of incentives to shift the burden of risk from healthcare payers to providers and rising insurance holders is likely to drive the growth of the patient engagement solutions market during the assessment period. According to MRFR analysis, the percentage of people with health insurance coverage in 2017 was 91.2%. Rise in the number of people opting for health insurance can fuel the regional patient engagement solutions market.
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APAC is the fastest-growing regional market for patient engagement solutions owing to the largest population and a fast-developing healthcare sector. Investments in modernizing healthcare infrastructure, cases of chronic diseases, and medical tourism can influence the market. Moreover, East Asia has a growing geriatric population which is directly associated with an increasing number of healthcare procedures, and it is anticipated to drive the growth of the patient engagement solutions market.
Patient Engagement Solutions Market Competitive Outlook
IBM, Allscripts Healthcare Solutions, Inc., Oneview Ltd, Orion Health Ltd, Cerner Corporation, Welvu, McKesson Corporation, Get Real Health, Lincor Solutions, Medecision, Inc., Athenahealth, Inc., and Aetna Inc. are key players of the global patient engagement solutions market.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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