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Product Overview
A core aspect of mobile health technology is patient interaction solutions. During regular examinations and when concerns occur, healthcare providers engage with patients. Patient engagement tools provide regular patient wellbeing and compliance tracking, with real-time reporting to physicians and rapid patient reviews. This may potentially lead to fewer visits to the office, operations, and hospitalization.
Market Highlights
Patient Engagement Solutions Market is expected to project a notable CAGR of 10.3% in 2030.
Patient Engagement Solutions Market to surpass USD 21.6 billion by 2030 from USD 10.3 billion in 2019 at a CAGR of 10.3% throughout the forecast period, i.e., 2020-30. The main factors driving the market growth are enhanced healthcare infrastructure, increased use of mobile health applications, and increased demand for wearable health technology. Besides, some of the other driving factors affecting the market growth are government regulations that encourage patient-centric care, the introduction of value-based services, and the rising use of patient engagement solutions in the geriatric population.
Patient Engagement Solutions Market: Segments
Services segment to grow with the highest CAGR during 2020-30
Patient Engagement Solutions Market is segmented by Component as Hardware, Software, and Services. Based on component software segment is the largest segment of the market for Patient Engagement Solutions in 2019. The software for patient interaction applications is used in different fields, such as hospital management and home health management. Services are one of the main factors in the productive operation of strategies for patient interaction. It helps to utilize refined on-premise or cloud analytics, allowing interventions that can use live training methods to be predicted and activated. This assists in providing patients with customized education that can help push their adoption.
Cloud-Based Segment to grow with the highest CAGR during 2020-30
Patient Engagement Solutions Market is segmented by Delivery Mode into Premise and Cloud. The delivery mode web/cloud-based segment led the market and accounted for an XX.X% revenue share in 2019 as companies are investing in web/cloud-based patient engagement solutions. Owing to remote access to real-time data monitoring, integrated functionality, simple accessibility, low handling costs, and easy data backup, the adoption of these portals is growing significantly. On-premise systems protect patient data, fast data retrieval, and ease of access. The propensity towards on-site facilities is mainly due to full access to information inside the premises.
Patient Engagement Solutions Market: Market Dynamics
Drivers
Growing Popularity Among the Aging Population
Geriatric population is the largest consumer of healthcare solutions, and market growth is positively influenced by their growing participation in healthcare decision-making and wellness activities through the adoption of patient engagement solutions. Besides, the increased prevalence of chronic diseases and the government's efforts to raise awareness of interaction solutions have further enabled this market to expand during the forestry period. The market has been attracting investors because of these reasons, which is further helping this market to expand.
Rising Trend of Mobile Health Application
Factors such as government policies and incentive programs supporting patient-centric care would drive the growth of the market for patient engagement solutions. Smartphone penetration and 3G and 4G spectrums have increased mobile network capabilities to meet healthcare facilities, fostering business growth. Besides, the introduction of value-based services continues to drive business growth with better health outcomes, reduced healthcare costs, and higher patient satisfaction levels.
Restrain
Protection of Patient Information
Concerns regarding the protection of patient health data build obstacles to the transfer of this data between different stakeholders in the healthcare industry. This, in fact, impacts patient engagement initiatives in different healthcare institutions and restricts the acceptance of strategies for patient engagement by future end-users.
Patient Engagement Solutions Market: Key Players
GetWellNetwork, Inc
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Lincor
Oneview Ltd
Orion Health group of companies
McKesson Corporation
Cerner Corporation
Allscripts
IBM
WelVU
Elsevier
Patient Engagement Solutions Market: Regions
The Patient Engagement Solutions Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
The Patient Engagement Solutions Market in North America held the largest market share of XX.X% in the year 2019 due to increased acceptance of health and electronic health records (EHR) and the investment by major corporations in software applications for patient interaction. Besides, the growing level of awareness, coupled with government spending on healthcare, is expected to drive growth in the sector. It is expected that the wider acceptance of emerging technologies among the population would drive regional market growth. During the forecast period, the Asia Pacific market is expected to experience lucrative growth. It is expected that the need to implement new systems and the replacement and expansion of medical facilities would drive the market.
Competitive Landscape:
Patient Engagement Solutions market, which is highly competitive, consists of several major players such as McKesson Corporation (US), Allscripts (US), IBM (US), AdvancedMD (US) hold a substantial market share in the Patient Engagement Solutions market. Other players analyzed in this report are Cerner Corporation (US), Epic Systems Corporation (US) among others.
The market competition has been stepped up by the availability of many players offering Patient Engagement Solutions. In 2020, Get Real Health launched Talk With Your Doc, a telehealth solution that enables providers to manage their revenue-generating healthcare services and enables patient-provider relationships, especially during the COVID-19 pandemic.
Patient Engagement Solutions Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Patient Engagement Solutions Market report also contains analysis on:
Patient Engagement Solutions Market Segments:
By Component:
Hardware
Software
Services
By Delivery Mode:
On Premise
Cloud Based
By Application:
Health Management
Home Health Management
Social and Behavioral Management
Financial Health Management
By Application:
Providers
Payers
Patients
Other
Patient Engagement Solutions Market Dynamics
Patient Engagement Solutions Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
FAQs on Patient Engagement Solutions Market
Which segment is anticipated to hold the largest market share?
At what CAGR is the market anticipated to grow between 2020 and 2030?
Who are the key players in the Patient Engagement Solutions Market?
What could be the challenging factors in the growth of Patient Engagement Solutions Market?
What are the growth drivers for the Patient Engagement Solutions Market?