The global patient engagement solutions market is estimated to reach USD 19.1 Billion by 2024, growing at a CAGR of 18.44% during the forecast period.
Patient engagement solutions are software and services used for maintaining patient information. These solutions offer better access to data for effective self-care.
Factors such as rising number of patients suffering from various chronic diseases, augmented application of patient engagement solutions in the healthcare industry and increasing activities by key companies to launch new solutions in the market are the factors driving the market growth. Furthermore, in July 2019, Allscripts Healthcare, LLC signed an agreement with the St. Luke’s Medical Center, Philippines in order to provide its Allscripts Sunrise Acute Care solution to the medical center. This solution helped the St. Luke’s Medical Center to achieve its goal of standardization across all its facilities using a single, integrated HER. Growing number of insurance holders is also expected to boost the market growth.
However, high investment required for implementation of infrastructure and the risks related to patient data security are the factors which are likely to acts as restraints to the market growth during the forecast period.
The global patient engagement solutions market has been segmented into product type and industry.
On the basis of product type, the global patient engagement solutions market is divided into web-based, cloud-based, and on-premise. On-cloud segment is expected to grow at the fastest CAGR owing to its flexibility, scalability, and affordability.
By industry, the global patient engagement solutions market is classified into health management, social & behavioral management, home health management, and financial health management. The health management segment held the largest market share in 2019 owing to the rising awareness among patients regarding the importance of maintaining their own health.
By region, the global patient engagement solutions market is segmented into the North America, South America, Asia, Europe, and others.
North America is further segmented into the US and Canada. North America is estimated to lead the global market in 2019, owing to rising adoption of healthcare IT solutions and growing healthcare spending. According to a data published by the Centers for Medicare & Medicaid Services, the healthcare spending in the US has grown by about 3.9% in 2017 since the past year, reaching to USD 10,739 per person. The patient engagement solutions market in South America is expected to significantly grow owing to the rising incidence rate of chronic diseases. The Europe patient engagement solutions market is further segmented into Germany, the UK, France, and Italy. The market is expected to garner significant market share owing to the increasing support by government to invest in patient engagement solutions. The patient engagement solutions market is the Asia-Pacific region is further segmented into China, Japan, India, and Korea. This market is anticipated to grow at the fastest CAGR owing to the favorable government initiatives. For instance, the Columbia Asia Hospitals situated in India, Vietnam, Malaysia, and Indonesia, launched a patient engagement application suite in collaboration with MphRx. This development was aimed at digitally transforming healthcare services and for enhancing the patient engagement market. Other regions/countries included in the report are Middle East, Africa, and GCC.
Key market players covered in the report include Cerner Corporation (US), IBM (US), Epic Systems (US), McKesson Corporation (US), Medecision (US), AthenaHealth, Inc. (US), Healthagen (US), Allscripts Healthcare LLC (US), GetWell Network (US), Lincor Solutions (US), Orion Health (New Zealand), and others. These companies are involved in product approvals, mergers, acquisitions, and other activities, in order to gain major market share in the market.
For instance, in July 2019, Allscripts Healthcare LLC signed an agreement with the American College of Cardiology (ACC), so that its Veradigm business unit operates ACC’s Pinnacle registry. This registry is focused on hypertension, heart failure, coronary artery disease, and diabetes, among others. With this, Allscripts enhanced its service portfolio.
Additionally, in May 2019, AT&T collaborated with Gozio Health in order to expand Gozio’s mobile wayfinding and patient’s engagement platform to healthcare systems across the US. Furthermore, in December 2016, McKesson Corporation acquired Rexall Health (Canada), a pharmacy chain. With this acquisition, the company boosted its pharmaceutical care and healthcare services business in Canada.
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