USD 16.58 billion
Report ID:
SQMIG35A2540 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|Tables:
181
|Figures:
79
Global 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 market’s growth. These factors are also attracting investors and encouraging them to launch more efficient patient engagement solutions, boosting market growth.
Global Market Size
USD 16.58 billion
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
17.54% CAGR
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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.
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.
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.
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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 growth of the market. 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 market 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.
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Drivers
Technological Advancements
Government Initiative and Incentives Programs
Restraints
Strict Rules on Patient Engagement Solutions
Protection of Patient Information
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The patient engagement solutions market 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.
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)
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.
High Demand for Personalized Care and Patient Engagement
Growing Adoption of Mobile Technology
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 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
Global 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 70.00 billion by 2031, growing at a CAGR of 17.54% in the forecast period (2024-2031)
Numerous businesses are actively working to increase their market share and diversify their product offerings on the worldwide market. In order to maintain their lead in the market, these competitors invest in research and development while emulating what is happening in technology in producing the latest goods for customers. To achieve a competitive advantage and at the same time solidify their market position, they are looking at various inorganic strategies that can enhance their growth. '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) ', 'Kareo (US) ', 'CureMD Healthcare (US) ', 'eClinicalWorks (US) ', 'Lincor Solutions (US) ', 'AdvancedMD (US) ', 'WellStack(US) ', 'IQVIA (US) ', 'Vivify Health (US)'
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.
Evolving Patient Engagement Strategies in the Life Sciences Sector: In order to improve patient adherence to therapy and health outcomes, businesses in the life sciences sector are concentrating on making their organisations, people, processes, and platforms more engaging for patients. Although this aim is unwavering, patient engagement tactics are constantly changing due to the addition of issues like patient data and security, patient marketing, worldwide operations, and organisational implications.
North America dominated the market in 2023 with a major share due to prominent major players, uptake of medical and electronic health records, and large-scale investments by prominent corporations. Also, increased government funding in the sector of healthcare, along with advancements occurring in modern technology, is further expected to bolster the revenue of the market in the region.
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Report ID: SQMIG35A2540
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