Global Patient Engagement Solutions Market Size & CAGR (2021 to 2026)
As per our report, the global patient engagement solution market size was valued at USD 14.89 billion for 2021 and is poised to reach USD 37.2 billion by the end of 2026, growing at 20.1 % CAGR during the forecast period.
Impact of COVID-19 on the global patient engagement solutions market:
The patient pool in the COVID-19 has exploded. In the event of a pandemic, the number of people diagnosed and treated increases. Patient engagement solutions are used all around the world to handle these visits. The solution makes it easier to schedule appointments, obtain test results, and interact with the doctor during the lockdown. This also contributes to the social distance. Telemedicine has become widely used for remote patient monitoring in a concise period. Overall, telehealth usage for office visits and outpatient treatment was 78 times greater in April 2020 than in February 2020. As a result, several stakeholders are collaborating to provide patient engagement solutions. For example, Caravan Health has implemented a COVID-19 patient engagement application in one of its remote client sites in California. These technologies are also in demand in the vaccination and workforce management fields.
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KEY DRIVING FACTORS:
Rising emphasis towards a patient-centric approach is boosting the global patient engagement solutions market growth.
The significance of patient-centered therapy has grown as big data, artificial intelligence, and machine learning have emerged, along with a growing patient pool. In this strategy, a patient engagement solution is critical. It improves the flow of information between patients and healthcare providers. Furthermore, patient engagement tools assist in increasing customer satisfaction by scheduling and reminding them of their appointments. As a result, it serves as a marketing strategy. Likewise, many governments are establishing patient-centric approaches, which are increasing the use of patient engagement solutions.
The rising usage of mHealth is also driving the patient engagement solution market.
Mobile health solutions are growing in tandem with the rise in internet connection and smart device adoption. mHealth pervades patients’ daily life, from fitness trackers and patient portals to smartphone applications and home monitoring devices. These mHealth technologies aid in effective patient engagement from any location and at any time. Telemedicine, mHealth applications, patient portals, and various other solutions all use mHealth capabilities to improve patient engagement. According to a 2015 poll by the Healthcare Information and Management Systems Society (HIMSS), healthcare organizations are increasingly turning to mobile technology to engage patients within their organizations. As a result, there are already 318,000 mHealth apps on the market that are accessible until 2020. The rising use of mHealth solutions aids the expansion of the patient engagement solution market.
The market expansion of patient engagement solutions may be hampered by user privacy and data breaches. The amount of data breaches is presently becoming a setback for digital health efforts. The growing number of incidents causes user apprehension, lowering the adoption rate of patient engagement solutions. Furthermore, the expensive cost of solutions restricts market expansion. Many small and medium-sized healthcare facilities are already straining to satisfy their financial obligations. As a result, the expansion of these expensive patient engagement solutions has slowed.
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KEY MARKET INSIGHTS:
- Based on delivery, the cloud-based segment dominated the patient engagement solution market with the largest revenue share in 2020. Cloud-based patient engagement solutions are becoming more popular due to rising healthcare IT investment, real-time data tracking, and user-friendliness.
- Based on components, the software segment registers the highest growth during the forecast period. Processes are simplified and complicated data is restructured using software solutions. They’re also simple to set up and utilize.
- Based on end-user, the provider’s segment dominates the patient engagement solution market in 2020. Patient engagement solutions are in high demand as chronic cases become more prevalent and patients become more involved.
- The health management segment accounts for the largest share in the patient engagement solution market based on application.
- The chronic disease segment has the largest share in the patient engagement solutions market during the forecasting period based on the therapeutic area. Patient engagement solutions are in high demand as chronic cases become more prevalent and patients become more involved.
- Geographically, the North American market is projected to hold the largest share in the global market during the forecast period. The regional expansion is fuelled by advances in healthcare IT, favorable policies, and digitalization.
- The prominent players in the global patient engagement solution market include Allscripts Healthcare Solutions, Orion Health Ltd., Phytel Inc., Lincor Solutions Ltd., Athenahealth, Inc., Cerner Corporation, and others. These companies are focusing on various tactics, including new launches, collaborations, acquisitions, and mergers.
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Recent Market Developments:
- In August 2021, Sharecare has announced upgrades to its portfolio of products for pharmaceutical and life sciences companies to improve patient engagement and outcomes.
- In March 2021, Cliexa, a digital health business located in Colorado, has purchased ProSkedge.com, an automated surgical scheduling tool.
- In January 2021, Nuance Communications, Inc. introduced an AI-powered patient engagement virtual assistant platform to revolutionize voice and digital interactions across the patient journey.
SEGMENTS COVERED IN THIS REPORT:
- Individual Users
- Health Management
- Social Management
- Financial Health Management
- Home Healthcare Management
By Therapeutic Area:
- Chronic diseases
- Mental Health
- Women’s Health
- North America
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Allscripts Healthcare Solutions, Inc.
- Athenahealth, Inc.
- Cerner Corporation
- Lincor Solutions
- Mckesson Corporation
- Medecision, Inc.
- Orion Health Ltd.
- Yourcareuniverse, Inc.
BROWSE REGIONAL REPORTS:
- North America Patient Engagement Solutions Market
- Europe Patient Engagement Solutions Market
- APAC Patient Engagement Solutions Market
- Latin America Patient Engagement Solutions Market
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