Patient Engagement Solutions Market Scope
The global patient engagement solutions market size is projected to reach USD 42,600 million at a CAGR 18.9% by 2025, according to a report by Market Research Future (MRFR). The patient engagement solutions market report contains a comprehensive analysis of patient care and the efforts spent by hospital chains in ensuring a smooth outpatient process. It contains projections and estimations for the period of 2019 to 2025 (forecast period).
Rising investments in the healthcare information technology (IT) industry, growing cases of chronic disorders, and rising acceptance of patient engagement solutions in the healthcare sector are expected to drive the market for patient engagement solutions over the forecast period. Patient engagement solutions are used for managing health care data and providing access to the medical staff for patient contact. However, patient participation does not require all technologies like a portal as well as automatic messaging. Also, the approach plays a key role in ensuring patient satisfaction.
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It is also expected that strategic mergers & acquisitions would fuel business growth with companies looking to enhance their business positions, broaden their product ranges and develop their brand images. For example, McKesson Corporation announced in December 2016 that it would acquire Rexall Health, a Canadian-based pharmacy chain company. Rexall Health’s acquisition has boomed McKesson’s business in Canada. It can now serve a wide array of pharmaceutical and healthcare services.
Patient Engagement Solutions Market Influencer
Government policies and legislation for the introduction of patient-centred care programs and technology are anticipated during the forecast period to affect the growth of the patient engagement solution market.
Patient Engagement Solutions Market Drivers
Increased use of the patient engagement approach in the healthcare industry as Patient Engagement Solutions is simple to use and helps in organizing patient data. Market growth is driven by the growing cases of chronic diseases and the growing number of health-care facilities. According to the MRFR Study, in June 2016, an estimated 117 million people in the USA are affected by chronic diseases such as heart disease, stroke, cancer, depression, type 2 diabetes, obesity and arthritis. Additionally, it is expected that technical innovations, a growing number of ambulatory services and favourable government policies would have a synergistic impact on market growth. The growing investment by major players in the healthcare IT industry, along with rising demand from developing countries is expected to drive patient engagement solutions market growth during the forecast period.
Patient Engagement Solutions Market Restraints
High investment required in patient engagement infrastructure along with risks related to patient data security is likely to hinder the growth of the patient engagement solution market during the forecast period.
Patient Engagement Solutions Market Segmentation
The global patient engagement solutions market is segmented based on the therapeutic sector, applications, delivery mode, end-users, and regional outlook.
In the patient engagement solutions market therapeutic segment, increase in the cases of chronic diseases and growing understanding of patient interaction provides favourable conditions for the growth of this segment and it is expected to retain its highest patient engagement solutions market share. Fitness management under the therapeutic segment is the fastest-growing segment and is expected to register the highest CAGR during the forecast period. Also, women’s health management is concerned with and explicitly planned for, diagnosis and care.
In the patient engagement solutions market application segment, social management is used to protect patient records to facilitate the continuous exchange of records between the healthcare provider and the patient. Health management is expected to hold the largest market share due to growing investment in the healthcare IT sector. Home health management is expected to register the highest CAGR during the forecast period due to the growing acceptance of patient engagement solutions. On the other hand, financial health management deals with the financial aspect of healthcare facilities and allows healthcare providers and payers to retain patient records.
In the end-user patient engagement solutions market segment, hospitals and health care providers are considered to be the largest category as hospitals and health care providers are typically the main areas for the diagnosis, treatment, and recovery of individuals. Individual users are limited in this segment and are expected to have the least market share in the patient engagement solution market. Other categories include small and medium-sized health centres, government departments, and emergency centres.
Patient Engagement Solutions Market Regional Insights
the global patient engagement solutions market is divided into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). North America has the largest patient engagement solutions market share and dominates the worldwide patient engagement solutions market due to the growing demand for quality care, rising healthcare costs, rising chronic diseases, Affordable Care Act regulatory demands, and an increase in the geriatric population in the country. While the APAC region is expected to show a high rate of growth in the global patient engagement solutions market in the forecast years. China and India are the major countries in the region and are expected to be the fastest-growing markets in the Asia Pacific region. Improving healthcare infrastructure, increasing healthcare information technology adoption, a large pool of patients, increasing awareness of diseases, increasing medical tourism are some of the factors driving Asia Pacific region upwards.
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Patient Engagement Solutions Market Key Players
Key players in the global patient engagement solutions market for patient engagement solutions include Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Cerner Corporation, IBM, Aetna Inc., Lincor Solutions, McKesson Corporation, Medecision, Inc., Orion Health Ltd, Welvu, Oneview Ltd, and Get Real Health (US).
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