Status : Published | Published On : Jun, 2023 | Report Code : VRHC1085 | Industry : Healthcare | Available Format :
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Industry Overview
Patient engagement solutions encompass a wide range of technologies and tools, including patient portals, mobile applications, wearable devices, remote monitoring systems, telehealth platforms, and interactive communication channels. These solutions enable patients to access their health information, communicate with healthcare providers, schedule appointments, receive reminders and notifications, track their progress, and actively participate in treatment plans. The global Patient Engagement Solution Market was valued at USD 25.32 billion in 2022 and is anticipated to grow at a CAGR of USD 65.5 billion in 2030, registering a CAGR of 20.3% during the forecast period 2023-2030. Patient engagement solution is patient-centric healthcare delivery to enhance healthcare outcome and communicates with the patient using an online patient portal.
The global patient engagement solution market is growing at a significant rate, due to the implementation of government regulations and initiatives to promote patient-centric care, and expanding aging population is mounting the popularity of patient engagement solutions, Different components such as software, hardware, and services contributed to the patient engagement solution market size. The market has witnessed a high demand for software in the coming years due to its application in extending from healthcare organizations to home healthcare.
Market Segmentation
Insight by Component
On the basis of the component, the market is subdivided into software, hardware, and services. Of all components, software accounted the largest share in the market, due to its application in extending from healthcare organizations to home health care. In addition, the services segment is expected to grow at the fastest rate in the market, due to an indispensable part of the effective operation of patient engagement solutions. The software segment is further subdivided into integrated software and standalone software.
Insight by Delivery Mode
On the basis of delivery mode the market is subdivided into cloud-based, and on-premise. are some of the factors responsible for the growth of the on-premise segment. Of all the delivery mode, the on-premise accounted foremost share in the patient engagement solution market. In addition, the cloud-based segment is expected to grow at the fastest rate in the market, due to affordability, flexibility, and scalability.
Insight by Application
On the basis of application the market is subdivided into health management, social and behavioral management, home health management, and financial health management. Mounting awareness among patients about the complexity of their disease conditions is the factor responsible for the growth of the health management application. Of all the applications, the health management application accounted foremost share in the patient engagement solution market. In addition, home health management is expected to grow at the fastest rate in the market due to escalating demand of home-based healthcare.
Insight by Therapeutic Area
On the basis of the therapeutic area, the market is subdivided into chronic diseases, fitness, women’s health, and other therapeutic areas. The mounting occurrence of chronic diseases and escalating awareness among patients regarding fitness and self-care are some of the factors responsible for the growth of the chronic diseases segment. Of all the therapeutic area, the chronic disease segment accounted foremost share in the patient engagement solution market. The chronic disease segment is further subdivided into cardiovascular diseases, obesity, diabetes, and other chronic diseases.
Insight by End User
The different end-users of the market are healthcare providers, patients, healthcare payers, and other end users. Larger need for these solutions to uphold the competitive edge is the factor growing the demand for patient engagement solution in healthcare providers. Among all end-users, the health care provider accounted the largest share in the patient engagement solution market. In addition, patient segment is expected to grow at the fastest rate in the market, due to the mounting usage of mobile medical services.
Global Patient Engagement Solution Market Report Coverage
Report Metric |
Details |
Historical Period |
2018–2022 |
Base Year Considered |
2022 |
Forecast Period |
2021 - 2027 |
Market Size in 2022 |
$25.32 Billion |
Revenue Forecast in 2030 |
$ 65.5 Billion |
Growth Rate |
CAGR 20.3% |
Segments Covered in the Report |
By Component, By Delivery Mode, By Application, By Therapeutic Area, By End User. |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
Implementation of government regulations and initiatives to promote patient-centric care, expanding the aging population, the mounting occurrence of chronic diseases, implementation of incentives to shift the burden of risk from healthcare payers to providers, and escalating utilization of mobile health solutions are the primary growth drivers for patient engagement solution market.
Growing medical tourism, cloud-based models, the surge in the number of accountable care organizations, and wearable health technology are also facilitating the growth of the patient engagement solution market.
Challenges
The need of investments in infrastructure, lack of interoperability, lack of data privacy, lack of health literacy, and a dearth of skilled IT professionals in the healthcare industry, and the high price of deployment are the major challenges for the growth of patient engagement solution market.
Industry Ecosystem
The market for patient engagement solutions has experienced significant growth in recent years, driven by several factors. These include the increasing adoption of digital health technologies, growing demand for personalized healthcare experiences, the shift towards value-based care models, and the recognition of the benefits of patient empowerment and involvement in their own care.Benefits associated with patient engagement solutions include improved patient outcomes, enhanced patient satisfaction and experience, better adherence to treatment plans, reduced healthcare costs, and increased efficiency in healthcare delivery.
The market is comprised of various vendors offering patient engagement solutions, including both established healthcare technology companies and emerging startups. These vendors may specialize in specific areas such as patient portals, telemedicine platforms, or remote monitoring systems, or offer comprehensive patient engagement suites. The patient engagement solution market is expected to continue its growth trajectory in the coming years as healthcare organizations increasingly prioritize patient-centred care and leverage technology to improve patient engagement and outcomes. Factors such as the integration of artificial intelligence, machine learning, and data analytics into patient engagement solutions are also likely to drive market expansion and innovation.
Geographic Overview
Geographically, North America is the largest patient engagement solution market as in the region the investment in the healthcare IT sector is escalating. In addition, the mounting demand of mobile healthcare, the surge in a number of accountable care organization, expanding geriatric population, reduced hospital readmission, and mounting occurrence of chronic diseases are also up surging growth of the North American patient engagement solution market.
Asia-Pacific is observed to witness the fastest growth in the market, due to mounting disposable income. In addition, expanding geriatric population, mounting demand for improved healthcare solution, and escalating occurrence of chronic diseases are also creating a positive impact on the patient engagement solution market growth in the region.
Competitive Insight
Key players in the patient engagement solution market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In May 2018, Allscripts signed an agreement to acquire HealthGrid Holding Company, in order to expand the Allscripts FollowMyHealth platform portfolio, the patient engagement solution. Mckesson Corporation, Athenahealth, Inc., Lincor Solutions, Get Real Health, Allscript, Welvu, IBM Corporation, Cerner, Getwellnetwork, Inc., and Oneview Healthcare are the key players offering patient engagement solution.
The Patient Engagement Solution Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
Region Covered in the Report
Source:VynZ Research
Patient Engagement Solution Market