Northbrook, IL 60062 -- (SBWire) -- 01/22/2024 --Patient Engagement Solutions Market in terms of revenue was estimated to be worth $22.5 billion in 2023 and is poised to reach $41.8 billion by 2028, growing at a CAGR of 13.2% from 2023 to 2028 according to a new report by MarketsandMarkets. The expansion of this market is driven by a rising number of collaborations and partnerships among stakeholders, the implementation of government regulations and initiatives promoting patient-centric care, an increasing demand for patient engagement solutions for patients, and a growing utilization of mobile health apps. Conversely, challenges such as ineffective interoperability for patient engagement solutions and a shortage of skilled IT professionals in the healthcare industry are anticipated to restrain the market's growth during the forecast period.
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"The Software segment is estimated to account for the largest share of the Patient Engagement Solutions market in 2023."
On the basis of components, the patient engagement solutions market is bifurcated into software, hardware (into in-room television, integrated bedside terminals/assisted devices and tablets), and services. In 2023, the software segment is estimated to account for the largest share of the patient engagement solutions market. The software market is further bifurcated into standalone software and integrated software. In 2023, the integrated solutions segment accounts for the larger share & this segment is also expected to grow at the highest CAGR during the forecast period.
However, the services segment is estimated to grow at the highest CAGR during the forecast period. The high growth of the services segment can be due to the services component being indispensable for the application of deployed solutions.
"The On-premise solutions segment is estimated to account for the largest share of the Patient Engagement Solutions market in 2023."
In terms of delivery mode, the patient engagement solutions market is categorized into on-premise and cloud-based/web-based modes. The on-premise mode segment dominated the global patient engagement solutions market in 2022 by delivery mode. Nevertheless, the cloud-based/web-based mode segment is anticipated to record the highest CAGR during the forecast period. Cloud-based solutions facilitate the real-time sharing and integration of information from various locations or systems for healthcare organizations. Additionally, these solutions contribute to cost reduction by minimizing expenses related to hardware procurement and software licensing.
"Health management segment in the applications accounted for the largest share of the global patient engagement solutions market in 2022."
Categorized by application, the patient engagement solutions market is divided into health management, home health management, social and behavioral management, and financial health management. In 2022, the health management applications segment held the largest share of the global patient engagement solutions market by application. The significant share of this segment is attributed to the increasing complexity of disease conditions and a growing trend of patients actively participating in the maintenance and management of their own health.
"Chronic diseases among the therapeutic areas to account for the largest share of the global patient engagement solutions market"
On the basis of therapeutic areas, the patient engagement solutions market is divided into chronic diseases, women's health, fitness, and other therapeutic areas. Furthermore, the chronic diseases segment is divided into diabetes, cardiovascular disease, obesity, and other chronic diseases. The chronic diseases segment is expected to hold the largest share of the global patient engagement solutions market in 2023 due to factors like an increased burden of chronic diseases and the requirement to effectively manage these conditions while decreasing overall healthcare costs.
"The telehealth segment is expected to grow with the highest CAGR during the forecast period by functionality."
On the basis of functionality, the patient engagement solutions market is bifurcated into patient/client
scheduling, E-prescribing, telehealth, document management, patient education, billing & payments, and other functionality. In 2023, the patient/client scheduling segment is estimated to hold the largest share of the global patient engagement solutions market. The large share of this segment can be attributed to the increased productivity and helps professionals to improve care through proper scheduling of appointments.
"Providers' segment accounted for the largest share of the global patient engagement solutions market in 2022, by end users".
On the basis of end users, the patient engagement solutions market is segmented into providers (hospitals and healthcare system, ambulatory care centers, home healthcare, and other providers), payers (private and public), patients, and other end users (employer groups, government bodies, pharmaceutical companies). Providers' segment accounted for the largest share of the global patient engagement solutions market, by end users in 2022. Patient engagement solutions help providers to enhance patient experience and meet the rising demand for convenient access to health information and patient data. These are the factors adding growth to this segment.
"Asia Pacific to witness the highest growth during the forecast period."
In 2022, North America held the leading position in the global patient engagement solutions market, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa. Throughout the forecast period, Asia Pacific is expected to experience a significant growth rate, driven by factors such as the increasing burden of chronic diseases in the region and the growing adoption of HCIT solutions. Developed countries in this region are undertaking various initiatives to implement new national EHR policies and rework existing policies with public & private healthcare organizations to digitalize healthcare and increase operational efficiency.
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Patient Engagement Solutions Market Dynamics:
Drivers:
1. Implementation of government regulations and initiatives to promote patient-centric care
Restraints:
1. Inadequate interoperability across healthcare providers
Opportunities:
1. Growth opportunities in emerging markets
Challenge:
1. High deployment costs of healthcare IT systems
Key Market Players of Patient Engagement Solutions Industry:
Prominent players in patient engagement solutions market are McKesson Corporation (US), Veradigm (US), Oracle Corporation (US), Merative (US), Epic Systems Corporation (US), Orion Health (New Zealand), GetWellNetwork (US), athenahealth (US), Oneview Healthcare (Ireland), MEDITECH (US), IQVIA (US), Get Real Health (US), Cognizant (US), Harris Healthcare (US), Kareo (US), CureMD Healthcare (US), eClinicalWorks (US), and Lincor Solutions (US), AdvancedMD (US), Luma Health Inc. (US), WellStack(US), Vivify Health (US), Medhost (US), MEDISYSINC (US), and Patient point LLC (US). These players are increasingly focusing on new product launches and partnerships to expand their product offerings in the patient engagement solutions market.
Breakdown of supply-side primary interviews by company type, designation, and region:
- By Company Type: Tier 1 (45%), Tier 2 (30%), and Tier 3 (25%)
- By Designation: C-level (44%), Director-level (35%), and Others (21%)
- By Region: North America (46%), Europe (26%), Asia Pacific (18%), Latin America (7%), and Middle East & Africa (10%)
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Patient Engagement Solutions Market Recent Developments:
- In June 2022, Francisco Partners (US), a leading global investment firm that specializes in partnering with technology businesses, completed the acquisition of healthcare data and analytics assets that were chunk of IBM Watson Health. Under the ownership of Francisco Partners, the new standalone company has been called Merative. The company combines market-leading products that deliver value across the global healthcare ecosystem, serving clients in life sciences, imaging, health plans, and government health & human service sectors.
- In 2021, McKesson (US) announced a strategic agreement with Merck (US) that provided the two healthcare leaders to connect the power of real-world evidence (RWE) regarding the common goal of enhancing patient outcomes and the quality of cancer care.
- In 2021, Humana (US) collaborated with Merative (US) to install Merative Watson Assistant for Health Benefits; it is an AI-enabled virtual agent built in the Cloud. This agent helps offer a beneficial member experience while supporting greater clarity and transparency on benefits and other related matters for Humana Employer Group members.
- In 2021, Allied Digestive Health (ADH) selected Athenahealth's (US) cloud-based healthcare payments and patient engagement solutions to direct patient relations and revenue cycle excellence, thus maintaining the organization's growth in the coming years.
Patient Engagement Solutions Market - Key Benefits of Buying the Report:
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
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Future Horizons: Development, Top Players, Share, and Size in the Patient Engagement Solutions Market – Forecasting 2023- 2028
In June 2022, Francisco Partners (US), a leading global investment firm that specializes in partnering with technology businesses, completed the acquisition of healthcare data and analytics assets that were chunk of IBM Watson Health.