Wed, 18 May 2022

Patient-Engagement-Solution-Market

The global patient engagement solution market size is anticipated to reach USD 65.5 billion in 2027 from USD 25.32 billion in 2020. It will grow at a CAGR of 20.3% during the forecast period.

The surging adoption of digital technologies in the healthcare sector, increased penetration of smartphones, rising adoption of mobile health to facilitate inpatient services will accelerate the market growth of patient engagement solutions. The patient engagement solutions offer enhanced patient acre, ease in self-monitoring, fast results, early diagnosis, and quick treatment which causes the market growth of the patient engagement solutions industry.

Nevertheless, the favorable support from government towards patient and personal medication, increased adoption of wearable technology, and strong presence of skilled IT experts will offer lucrative market opportunities in the patient engagement solution industry.

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The COVID-19 pandemic had a favorable impact on the patient engagement solutions industry because of the increased demand for virtual care and digital techniques. Patients' interactions with healthcare services for appointments and routine care changed as a result of the epidemic. Furthermore, owing to safety concerns and the adoption of social distancing norms during the epidemic, demand for telemedicine increased significantly, potentially driving market growth during the pandemic and post-pandemic periods

Market Segmentation

Insight by Component

  • Software
  • Hardware
  • Services

The services segment is a critical component of the successful operation of patient engagement solutions. It aids in the leveraging and optimization of patient engagement solutions in order to maximise patient health outcomes. Consultation, implementation and training, support and maintenance, and other services such as interoperability and access to EHR data are included in service segment

Insight by Delivery Mode

  • Cloud-Based
  • On-Premise

Cloud-based segment is anticipated to have significant growth during the forecast period due to the increased demand for cloud-based platforms along with the integration of artificial intelligence, machine learning, and data analytics in the healthcare sector as it addresses challenges, maximizes efficiencies, and streamlines operations. Thus, industry players are prompted to launch innovative cloud-based solutions for patient engagement solution market as it offers scalability, versatility, and are affordable.

Insight by Application

  • Health Management
  • Social and Behavioral Management
  • Home Health Management
  • Financial Health Management

The health management segment is anticipated to have a noticeable growth in the patient engagement solutions market outlook during the forecast period owing to the increased prominence of chronic diseases like diabetes and awareness among patients about complexity of their illness conditions and their readiness to actively participate to maintain their health. These health management applications allow them to more efficiently collect, store, communicate, and retrieve patient healthcare information, resulting in better patient care.

Insight by Therapeutic Area

  • Chronic Diseases
  • Fitness
  • Women's Health
  • Other Therapeutic Areas

The chronic diseases category accounted for the highest share of the worldwide patient engagement solutions industry owing to increased prevalence of chronic diseases and need to effectively manage these ailments while lowering overall healthcare expenditures.

Insight by End User

  • Providers
  • Patients
  • Payers
  • Other End Users

Providers contribute the largest share during the forecast period as patient engagement solutions are commonly adopted to reduce healthcare costs, provide value-based care, and offer improved financial outcomes.

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Geographical Analysis

  • North America
  • Europe
  • Asia Pacific
  • Rest of the world

North America dominates the market owing to the increased prevalence of chronic diseases, increased implementation of IoT in the healthcare sector, well-established healthcare IT, and increased investment in patient engagement software solutions by the key industry players

Recent Developments

In March 2022, RevSpring continues to expand patient engagement and payment solution integrations with Cerner, expanding RevSpring's omnichannel and payment solutions platform, thus improving payment performance and patient satisfaction.

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