USD 16.58 billion
Patient Engagement Solutions Market Size, Share, Growth Analysis, By Component(Software (Standalone Software, and Services), By Therapeutic Area(Chronic Diseases, Fitness, and Others), By Functionality(Telehealth, E-Prescribing, and Billing & Payments), By End Users(Providers and Payers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2540 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|Tables:
181
|Figures:
79
Patient Engagement Solutions Market Insights
Patient Engagement Solutions Market size was valued at USD 16.58 Billion in 2022 and is poised to grow from USD 19.49 Billion in 2023 to USD 70 Billion by 2031, growing at a CAGR of 17.54 % in the forecast period (2024-2031).
Patient engagement solutions refer to solutions that enable medical organizations to interact with their patients like an online patient portal. The demand for patient engagement solutions is increasing because of the growing awareness of mobile health, and ageing population, and government incentives. In recent times, patient engagement solutions are evolving medical care by guaranteeing better health and patient outcomes. Today, patients can share information with the help of technology that can assist them with personalized care and health monitoring. These innovations are particularly helpful for people who are suffering from chronic illnesses. The number of patients who monitor their health data has dramatically increased, and many are ready to share their information for tracking their health.
Nowadays, with the availability of easy body check-up devices patients are willing to prick their fingers at home for blood tests so that they can check the blood glucose, triglycerides, cholesterol, inflammation, and other conditions. These checks can be performed by connecting to an application that can monitor these variables. The high demand for tracking health data along with other factors like ageing population is increasing the patient engagement solutions market. Furthermore, the increasing use of mobile applications has also contributed to the progression of patient engagement solutions. The increasing prevalence of chronic diseases along with government initiatives to raise awareness about the engagement solutions have aided the patient engagement solutions market’s growth. These factors are also attracting investors and encouraging them to launch more efficient patient engagement solutions, boosting market growth.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
17.54% CAGR
Patient Engagement Solutions Market ($ Bn)
Country Share for North America Region (%)
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Patient Engagement Solutions Market Segmental Analysis
The global patient engagement solutions market is segmented into component, therapeutic area, functionality, and end users. Based on component, the market is divided into software and services. Based on therapeutic area, the market is segmented into chronic diseases, fitness, and others. Based on functionality, the market is segmented into telehealth, e-prescribing, and billing & payment. Based on end users, the market is divided into providers and payers.
Patient Engagement Solutions Market Analysis by Therapeutic Area
Based on therapeutic area, the market is segmented into chronic diseases, fitness, and others. The chronic diseases segment is dominating the patient engagement solutions market. This is primarily due to the increasing prevalence of chronic diseases like diabetes, cardiovascular disease, and obesity. The patients suffering from chronic disorders must be tracked and educated about their conditions. Solution for patient engagement enables patients to interact with their physicians from a distance. These solutions also help to efficiently exchange information, give patient feedback, and other health-related information. These solutions also help the patients though therapeutic methods like self-management, adherence to drugs, tracking symptoms, and remote monitoring. The remote monitoring system can monitor patients' health metrics and share the data with medical providers.
Fitness is the fastest growing segment in the patient engagement solutions market. It includes solutions that promote general health maintenance, preventive care, and wellness practices. These solutions help people to maintain their healthy lifestyle, encompassing aspects like physical activity, mental well-being, and nutrition. Nowadays, there are also many wearables available in the market like smartwatches that can track the fitness of a person. These trackers can also be connected to smartphones so that patients can continually keep track of their fitness from any place.
Patient Engagement Solutions Market Analysis by End Use
Based on end use, providers are dominating the patient engagement solution market. This segment consists of hospitals, clinics, and other medical facilities that utilize patient engagement solutions for enhancing care delivery and patient outcomes. The emphasis on improving patient experience, streamlining clinical workflows, and enhancing health outcomes is increasing the adoption of these solutions among providers. Furthermore, the medical facilities can adopt fully functional patient engagement systems from independent commercial firms, this leads to an increase in the outsourcing of private patient engagement solutions. These factors are increasing the growth of the provider segment.
The payer segment is growing at the fastest rate in the patient engagement solutions market. This is mainly because payers like the insurance organizations and other medical financing facilities are increasing who are ready to help the patients. By interacting directly with the patients, the payers easily minimize medical health expenses while enhancing the satisfaction of the patients. By utilizing patient engagement solutions, they use technologies for claims processing, customer service, wellness programs, and wellness initiatives. In recent times, they are massively shifting towards technology solutions for streamlining their operations and providing value-added services to their customers.
Patient Engagement Solutions Market Component
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Patient Engagement Solutions Market Regional Insights
North America is witnessing the maximum growth in the patient engagement solutions market. This is mainly due to prominent market players in the region. The increasing adoption of mhealth and EHR and rising investment in patient engagement software by companies are also positively influencing the patient engagement solutions market growth. In recent times, government initiatives are also increasing their initiatives as they are trying to encourage people to use patient engagement solutions. Governments are also increasing their investment in the medical sectors to increase advancements and awareness among people. The US is experiencing huge growth in the North Amercian market due to better cost control and care coordination, fueling the expansion of the market.
Asia Pacific is the fastest growing in the patient engagement solutions market. This is mainly due to government initiatives and businesses promoting patient engagement solutions, boosting the growth of the market. Moreover, the market is also increasing due to the rising commercialization of patient engagement solutions developed by prominent businesses on the international market. Furthermore, due to the increasing demand for new systems and medical infrastructure replacement and advancement, the patient engagement solutions industry will see immense profitable opportunities. The increasing usage of internet and smartphone users, large patient population, and enhancing medical infrastructure and care quality is also propelling market growth of the region. The presence of many local players is also providing lucrative opportunities for the market.
Patient Engagement Solutions Market By Region
- Largest
- Fastest
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Patient Engagement Solutions Market Dynamics
Patient Engagement Solutions Market Drivers
Technological Advancements
- The latest advancements in technologies in medical care like the development of mobile apps are helping patients to connect with their physicians easily and smoothly. Moreover, innovations like wearable devices and telemedicine are used for tracking and monitoring patients and their health. These solutions are increasing the use of patient engagement solutions, boosting market growth.
Government Initiative and Incentives Programs
- Government regulations and incentives are designed for enhancing the quality of healthcare. For example, the Meaningful Use Act and the MACRA in the US are boosting the medical professionals to implement innovative solutions to improve engagement of patients in healthcare. Governments are applying rules so that patients can become more aware about patient engagement solutions and take care of their health.
Patient Engagement Solutions Market Restraints
Strict Rules on Patient Engagement Solutions
- Strict rules on patient engagement solutions are hindering the patient engagement solutions market growth. The Health Insurance Portability and Accountability Act (HIPAA) has implemented requirements for protecting data from unauthorized access. To follow these rules, medical providers must sign a contract with the patient engagement software companies before working with them.
Protection of Patient Information
- Medical data is private and confidential information. With the help of health information exchange systems, it is easy for any participating medical professionals to retrieve the information. Therefore, it is vital to protect and monitor the exchange and use of these data. Patients are getting more concerned that their personal data can be misused, which has delayed the adoption of health information exchange systems. This is reducing the growth of the market and declining the quality of service.
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Patient Engagement Solutions Market Competitive Landscape
The patient engagement solutions industry is a rapidly growing field that is appealing to various market players. There are many companies that specialize in EHR and patient engagement solutions, who are eager to improve the connection between patients and medical professionals. These companies can also streamline care coordination and reduce medical expenses. The companies in the market are constantly introducing new systems that can manage patient information, foster better communication among providers, and help population health management.
Patient Engagement Solutions Market Top Player’s Company Profile
- IBM (US)
- McKesson Corporation (US)
- Allscripts (US)
- ResMed (US)
- Epic Systems Corporation (US)
- Orion Health (New Zealand)
- GetWellNetwork (US)
- Athenahealth (US)
- Oneview Healthcare (Ireland)
- MEDITECH (US)
- Cognizant (US)
- Symphony Care (US)
- Harris Healthcare (US)
Patient Engagement Solutions Market Recent Developments
- Engage Technologies Group Inc. Collaborated with APX Platform in April 2023. The objective was to develop an industry-disrupting Practice Performance System. It will emphasize patient engagement and practice improvement.
- Close Loop Medicine Ltd. entered into a global co-development partnership with Pharmanovia in May 2023. The collaboration will focus on the development and launch of drugs before introducing it to the market and adding other medicines.
- Athenahealth Inc. Made the announcement that LCH Health and Community Services has implemented athenaOne in May 2023. This is athenahealth’s integrated, cloud-based electronic health record (EHR), medical billing, and patient engagement solution.
Patient Engagement Solutions Key Market Trends
- High Demand for Personalized Care and Patient Engagement: The utilization of patient interaction technologies in individualized care is increasing. This patient engagement solutions market trend shows that the care patient receives is personalized for meeting their unique needs. AI and ML can be utilized for evaluating patient data. Patients can also manage their own health with the help of personalized patient engagement tools and interact with their physicians to know about their health.
- Growing Adoption of Mobile Technology: One of the vital patient engagement solution market trend is the adoption of mobile technology for patient engagement. Medical professionals are embracing new solutions for improving workflows and boosting patient engagement. Health-tracking apps on smartphones assist in monitoring the behavioral and vital signs of the patients. These solutions can track heart rate, calories burnt, and sleeping period.
Patient Engagement Solutions Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global patient engagement solutions market is experiencing robust growth due to the introduction of various wearables through which customers can track their health. With the help of these devices, they can also interact with their physicians and know more about their illnesses. Furthermore, many major players are also constantly striving for increased market share with various marketing strategies like launching new products, this is due to the intense competition in the market. Companies are also forming partnerships, making investments, and engaging in mergers to increase their presence in the market. These factors are contributing to the growth of the patient engagement solutions market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 16.58 Billion |
| Market size value in 2031 | USD 70 Billion |
| Growth Rate | 17.54% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Patient Engagement Solutions Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Patient Engagement Solutions Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Patient Engagement Solutions Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Patient Engagement Solutions Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Patient Engagement Solutions Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Patient Engagement Solutions Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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