Global Patient Engagement Solutions Market size is expected to cross USD 42,600 Million by 2025 at a CAGR of 18.90%.
The increasing investments in healthcare information technology (IT)sector, rising prevalence of chronic disorders, and growing adoption of patient engagement solutions in the healthcare sector are set to drive the demand for patient engagement solutions during the forecast period.
Patient engagement solutions are used to handle health care data and to provide access for patient interaction to the medical team. Patient involvement, however, does not just involve technology such as portal as well as automated messaging. Besides, the method plays an essential role in ensuring patient satisfaction. Various Hardware, software, and services are used to acquire patient health information.
Strategic mergers & acquisitions are also projected to boost market growth with companies looking to strengthen their market positions, expand their product portfolios, and improves their brand images.
For instance, in December 2016, Mckesson Corporation announced the acquisition of Rexall Health, a Canada-based pharmacy chain company. The acquisition of Rexall Health has boosted the business of McKesson in Canada. It is now able to serve a wide range of pharmaceutical care and healthcare services.
Government initiatives and regulations for the implementation of patient-centric care services and technologies is expected to influence the growth of the patient engagement solution market during the forecast period.
- Increased application of patient engagement solution in the healthcare industry as Patient Engagement Solutions are easy to use and help in maintaining patient data in an organized manner.
- The growth of the market is driven by the rising prevalence of chronic disorders and the rising number of healthcare facilities. Additionally, according to the MRFR Analysis, in June 2016, chronic diseases such as heart disease, stroke, cancer, depression, type 2 diabetes, obesity, and arthritis affected an estimated 117 million people in the Americas. In addition to this, about 164 million Americans are expected to be affected by chronic diseases by 2025.
- Moreover, technological advancements, increasing number of ambulatory services, and favorable government initiatives are projected to have a synergistic effect on market growth.
- Increasing investment by major players in the healthcare IT sector, along with the rising demand for patient engagement solutions from developing countries is expected to drive the growth of the market during the forecast period.
- High investment required in Infrastructure for Implementation of patient engagement solution along with the risks related to the patient data security is likely to hamper the growth of the patient engagement solution market during the forecast period.
- Hardware: Hardware required for setting up patient engagement platforms comes under this segment. This segment is expected to hold the least markets share in the patient engagement solution market.
- Software: Patient engagement software is the largest segment which provides accurate, unbiased, relevant, and curated data. Furthermore, seamless connections of the software to electronic health records provide access to real-time clinical intelligence whenever and wherever needed, thus making it poised for both clinicians and patients.
- Service: Is the second-largest segment owing to the need for extensive training, maintenance, and up-gradation services for the complex software introduction, integration, and interoperability of patient engagement solutions.
By Delivery Mode
- Web-based: Web-based delivery mode is entirely online and provides network access to healthcare patient engagement solutions to the customers.
- Cloud-based: Cloud-based software is installed and managed through a vendor’s cloud computing infrastructure and accessed by users through the Internet. This model works similar to the on-premise model. This is the largest segment by delivery mode in the global patient engagement solution market.
- On-Premise: The on-premise model of delivery functions in a way that the installation and operation of the software are in the organization’s infrastructure itself.
By Therapeutic Area
- Chronic Disease: Rising prevalence of chronic diseases and increasing awareness about patient engagement solutions are providing favorable conditions for the growth of this segment. This segment is likely to hold a maximum market share.
- Fitness Management: It is the fastest-growing segment and anticipated to register the highest CAGR during the forecast period.
- Women’s Health Management: Women’s health management is concerned with diagnostic and treatment and specially designed for it.
- Social Management: These are used for maintaining the patient data and for ensuring the uninterrupted data sharing between the healthcare provider and patient.
- Health Management: This segment is likely to hold the largest market share owing to the rising investments in the healthcare IT sector.
- Home Health Management: Home health patient engagement solutions are likely to register the highest CAGR during the forecast period owing to the rising adoption of patient engagement solutions.
- Financial Health Management: It deals with the financial part of the healthcare services and aids healthcare payer and providers to maintain patient data.
- Hospitals and healthcare providers: Hospitals and healthcare providers are expected to be the largest segment because hospitals and healthcare providers are usually the primary points for diagnosis, treatment, and rehabilitation of individuals.
- Healthcare payers: A small segment, healthcare payers are insurance companies and other organizations which are engaged in reimbursement of medical procedures.
- Individual users: Individual users are limited in this market and likely to hold the least market share in the patient engagement solutions industry.
- Others: Others segment includes small- and mid-scale healthcare centers, government organizations, and emergency centers.
- Americas: The Americas is the largest regional 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 market during the assessment period. According to the MRFR analysis, the percentage of people with health insurance coverage for 2017 was 91.2%. Between 2016 and 2017, the number of people with health insurance coverage increased by 2.3 million, which is up to 294.6 million in the US alone.
- Europe: Europe has some of the best healthcare services in the world. The need for patient engagement solutions is high in this region due to the increasing number of healthcare centers in the region and rising adoption of new technologies in the healthcare industry.
- Asia-Pacific: The fastest-growing regional market for patient engagement solutions, Asia-Pacific has the world’s largest population and a fast-developing healthcare sector. Additionally, 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 market.
- Middle East & Africa: Despite the developing healthcare infrastructure, patient engagement solutions are used at each level of healthcare such as small, mid and top-level healthcare centers in various medical procedures, which is responsible for the rising demand for patient engagement solution in the region.
- Allscripts Healthcare Solutions, Inc. (US)
- Athenahealth, Inc. (US)
- Cerner Corporation (US)
- IBM (US)
- Aetna Inc. (US)
- Lincor Solutions (US)
- Mckesson Corporation (US)
- Medecision, Inc. (US)
- Orion Health Ltd (New Zealand)
- Welvu (US)
- Oneview Ltd (Ireland)
- Get Real Health (US)
2025: USD 42,600 Million 2027: Significant Value
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Component, Delivery Mode, Therapeutic Area, Application, End-User
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Allscripts Healthcare Solutions, Inc. (US), Athenahealth, Inc. (US), Cerner Corporation (US), IBM (US), Aetna Inc. (US), Lincor Solutions (US), Mckesson Corporation (US), Medecision, Inc. (US), Orion Health Ltd. (New Zealand), Welvu (US), Oneview Ltd (Ireland), and Get Real Health (US).
Key Market Opportunities
High investment required in Infrastructure for Implementation of patient engagement solution The risks related to the patient data security
Key Market Drivers
Increased application of patient engagement solution in the healthcare industry as Patient Engagement Solutions are easy to use and help in maintaining patient data in an organized manner. Rising prevalence of chronic disorders The rising number of healthcare facilities. Technological advancements Increasing number of ambulatory services Favorable government initiatives Increasing investment by major players in the healthcare IT sector Rising demand for patient engagement solutions from developing countries
Frequently Asked Questions (FAQ) :
The global patient engagement solutions market is projected to reach a valuation of USD 42,600 MN by 2025.
The global patient engagement solutions market is projected to grow at approximately 18.6% CAGR during forecast period (2019-2025).
Rising technological advances and favorable government initiatives.
North America holds the largest share in the global patient engagement solutions market, followed by Europe and the Asia Pacific, respectively.
Allscripts Healthcare Solutions, Inc. (US), Athenahealth, Inc. (US), Cerner Corporation (US), IBM (US), Aetna Inc. (US), Lincor Solutions (US), Mckesson Corporation (US), Medecision, Inc. (US), Orion Health Ltd (New Zealand), Oneview Ltd (Ireland), Welvu (US), and Get Real Health (US), are some of the major players operating in the patient engagement solutions market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.