Patient Engagement Solutions Market Trends | 2023-2028

Market Insights

"The global patient engagement solutions market was estimated at USD 17.64 billion in 2022 and is likely to grow at a CAGR of 10.17% during 2023-2028 to reach USD 31.78 billion in 2028".

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Patient engagement solutions help patients manage their healthcare information and allow for better interaction of the patients with the medical team. It is important to offer the necessary tools to actively improve the management of the patient’s health. Quick and better access to healthcare providers and personal healthcare information enables patients to assist in effective self-care.

Market Dynamics

Market Drivers

The growing utilization of electronic health records for patient-centric care and the rising adoption of mobile health devices are some of the key factors boosting the demand for global patient engagement solutions.

According to a survey by the NHS in 2019, around 92% of the patients felt secure and assured in self-managing treatment. The staggering number of smartphone users across the globe expedited the implementation of mHealth across the industry both from consumers and providers, thus bolstering the industry's growth in the global market.

Challenges

Healthcare IT systems have expensive software solutions. The cost of maintenance and software for these systems can be higher than the cost of the software. Support and maintenance services, as well as software upgrades, are recurring costs, accounting for more than 25% of the total cost of ownership.

There is a lack of IT professionals working in-house, and healthcare companies need training for end users to increase the efficiency and results of various healthcare IT solutions, thus increasing the cost of ownership of the system. Evaluating health information systems can also be challenging because the impact and organizational benefits of these systems are often immeasurable.

Opportunities

Several factors, such as the adoption of government initiatives supporting the adoption of HCIT solutions, increased government spending on healthcare, and the presence of skilled IT professionals in emerging Asian countries, such as China and India, should encourage growth of the world patient engagement solutions market in the APAC region.

Advances in technology are playing an important role in reforming the public healthcare sector. China is currently facing challenges such as poor rural health facilities, overburdened urban hospitals, and a nationwide shortage of doctors.

COVID-19 Impact

The ongoing COVID-19 pandemic has positively influenced the patient engagement solutions industry. There is a substantial burden on healthcare systems across the world.

As healthcare providers were struggling with the continuous surge in several cases, patients were switching to digital technologies for assistance during the COVID-19 pandemic. The COVID-19 outbreak has encouraged strong innovation in cloud computing and patient monitoring.

Key Players

The following are the key players in the Patient Engagement Solutions Market (arranged alphabetically).

• Allscripts Healthcare Solutions (The U.S)
• Athenahealth, Inc. (The U.S)
• Cerner Corporation (The U.S)
• GetWellNetwork Inc. (The U.S)
• Lincor Solutions Ltd. (The U.S)
• McKesson Corporation (The U.S)
• Medecision Inc. (The U.S)
• Orion Health Ltd. (New Zealand)
• Phytel Inc. (The U.S)
• YourCareUniverse Inc. (The U.S)

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

Delivery Trends

"The web-based/cloud-based segment accounted for the largest market share."

The market has been segmented into web-based/cloud-based and on-premises. The web-based/cloud-based segment held the largest market share of more than 70% in 2022 and is projected to register a healthy CAGR during the forecast period.

The implementation of these portals is growing at an alarming rate due to remote access to real-time data tracking, easy accessibility, integrated features, insignificant handling costs, and easy data backup.

Component Trends

"The software and hardware segment accounted for the largest market share."

The market is segmented as software, services and hardware. The software and hardware segment held more than 60% market share in 2022 and is expected to dominate the patient engagement solutions market during the assessment period.

The key component of the solution is patient engagement software and hardware. Because of intuitive user interfaces and ongoing product improvements, it is simple to install, utilize, and retrieve records.

Allscripts' FollowMyHealth is a popular mobile-first, customizable, and enterprise patient engagement tool. It is used by physicians, hospitals, and health systems to improve treatment quality and boost patient satisfaction.

End-Use Trends

"The providers segment accounted for the largest market share."

The market is segmented as payers, providers and individual users. The providers segment held more than 40% market share in 2022 and is expected to dominate the market during the assessment period.

Providers serve the greatest number of patients and are also the first point of contact for general to specialised health problems. As a result, these end users are the most likely to use patient engagement solutions.

Application Trends

"The health management segment accounted for the largest market share."

The market is segmented as social management, health management, home healthcare management, financial health management. The health management segment dominates the market and generated revenue share of more than 30% in 2022.

Patients diagnosed with chronic conditions should monitor and update their vision and disease management. Expanding healthcare markets have also enabled patients to become more involved in planning, monitoring, and improving their care.

Patient engagement solutions help patients connect with their healthcare providers remotely, enabling seamless communication, patient feedback, and other health-related data.

Adoption of patient engagement solutions for R&D by the medical device, pharmaceutical, and other life science industries is expected to grow, mainly due to growing product availability and growing demand.

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Therapeutic Area Trends

"The chronic diseases segment accounted for the largest market share."

The patient engagement solutions market is segmented as chronic diseases, fitness, women's health, mental health, others. The chronic diseases held more than 35% market share in 2022 and is expected to dominate the market during the forecast period.

The growing geriatric population in key markets, the prevalence of chronic diseases, and the adoption of digital technology accelerated by the COVID-19 pandemic have all contributed to the segment's substantial share.

Patient engagement solutions help with chronic disease management by facilitating disease prevention and detection, as well as disease management with a physician or through self-management.

Regional Insights

"North America accounted for the largest market share."

The market in North America garnered the largest market share of more than 30% in 2022 and is estimated to grow at a substantial CAGR during the assessment period. This is mainly ascribed to the rising adoption of health and HER and increasing investment in patient engagement software by the major companies.

Furthermore, rising awareness level along with increasing government spending on the healthcare sector is further expected to proliferate the growth of the global patient engagement solutions market.

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Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the global market.

What Deliverables Will You Get in this Report?

The market is segmented into the following categories.

By Delivery Type

• Web-based/Cloud-based
• On-premise

By Component Type

• Software
• Hardware
• Services

By End-Use Type

• Payers
• Providers
• Individual Users

By Application Type

• Social Management
• Health Management
• Home Healthcare Management
• Financial Health Management

By Therapeutic Area Type

• Chronic diseases
• Fitness
• Women's Health
• Mental Health
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s patient engagement solutions market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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