Data collated by Market Research Future regarding PATIENT ENGAGEMENT SOLUTIONS MARKET unveils a succinct analysis of the market size, regional spectrum and revenue forecast about the PATIENT ENGAGEMENT SOLUTIONS MARKET.
Patient engagement solutions are software used in engaging patients as per their convenience and retain them for future visits. Solutions ranging from online scheduling to virtual visits are gaining prominence in the overburdened healthcare sector. The global patient engagement solutions market report by Market Research Future (MRFR) contains in-depth analysis of its drivers, restraints, and opportunities for the period of 2019 to 2025 (forecast period). The sudden outbreak of the COVID-19 virus and its impact has been integrated into the final report with its effect on financial dealings, operations, and new policies.
The global Patient Engagement Solutions Market size is expected to reach a value of USD 42,600 million by 2025. It is expected to display a CAGR of 18.90% over the forecast period. The shift from conventional models to digitization is predicted to be the major driver of the market. Hospitals and other healthcare organizations and their decisions to digitize patient records, billing information, and other pertinent files can work in favor of the market. This has led to a surge of investments in the healthcare IT sector.
Government policies encouraging the use of healthcare IT software is predicted to drive the market demand. Rise of chronic diseases and the subsequent establishment of healthcare facilities to combat the surge of cases can work favorably for the market. According to the analysis by MRFR, nearly 117 million people in the region of Americas will be affected by some form of chronic disease.
But high capital required for infrastructure of patient engagement can hamper the market growth.
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The global patient engagement solutions market is segmented by component, delivery mode, therapeutic area, application, and end-user.
By component, it is segmented into hardware, software, and service.
Software is the largest segment of the market due to its capacity to present and retain accurate, unbiased, and relevant data. The access of the software to patient databases which can offer data seamlessly to both clinicians and patients will drive the segment demand and growth till 2025. Service is the second-largest segment owing to the need for installation, maintenance, and compatibility of software. Lastly, the hardware segment held the least share in the global patient engagement solutions market.
By delivery mode, it is segmented into cloud-based, web-based, and on-premise. The cloud-based segment has capture the largest share of the market and predicted to dominate till the end of the forecast period. The software is installed by the vendor and accessed by users through the Internet.
By therapeutic area, it is segmented into women’s health management, fitness management, chronic disease, and others. Among them, the chronic disease segment is expected to net huge revenues for the global patient engagement solutions market. Rising prevalence of chronic diseases and increasing awareness about patient engagement solutions can foster segment growth in the market in the coming years. On the other hand, fitness management is anticipated to be the fastest-growing segment during the forecast period.
By application, it is segmented into home health management, health management, social management, and financial health management. Health management is likely to hold the largest market share owing to increasing focus on patient care. The sudden outbreak of the COVID-19 virus has brought healthcare IT technologies to the forefront and its need in catering to large volume of patients. On the other hand, home health management is predicted to register the highest CAGR during the forecast period.
By end-user, it is targeted at individual users, healthcare payers, hospitals and healthcare providers, and others.
Geographically, the global patient engagement solutions market covers the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas is the largest regional market. Huge relief packages announced amid the COVID-19 for public testing and healthcare infrastructure are expected to foster the demand for healthcare IT solutions. In addition, reimbursement schemes, prevalence of chronic diseases, and need for systems to lower costs to hospitals and offer benefits to healthcare payors are major factors driving market growth.
Europe is expected to generate significant revenues for the global patient engagement solutions market due to investments in new technologies such as artificial intelligence, mHealth, and big data analytics. Launch of new software which are compatible with existing operating systems and the shift to preventive care models can drive the trajectory of the market in the region.
APAC is expected to grow at a rapid pace over the forecast period. This can be attributed to the world’s largest population and a fast-developing healthcare sector.
Orion Health Ltd, Cerner Corporation, Athenahealth, Inc., Aetna Inc., Lincor Solutions, Welvu, Get Real Health, Allscripts Healthcare Solutions, Inc., Oneview Ltd, Medecision, Inc., McKesson Corporation, and IBM are major players operating in the global patient engagement solutions market. Mergers and acquisitions are prime strategies incorporated by these players to increase their reach and expand their customer base.