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Valued at $3.9 billion in 2017, the North American patient engagement solutions market is projected to generate $9.4 billion revenue by 2023, witnessing a CAGR of 15.8% during the forecast period (2018–2023).
Of the two countries in the region, Canada is expected to witness faster growth, in the North American patient engagement solutions market, at a CAGR of 16.3% during the forecast period. The factors driving the market in the country include the increasing prevalence of non-communicable diseases and government initiatives to promote patient engagement solutions, to alleviate the burden of diseases. Furthermore, the Canadian market is advancing due to the growing adoption of healthcare information technology (HIT). For instance, in May 2018, a digital health portal, Carnet santé Québec, was launched, which is an online service that offers the citizens of Québec access to their health information and certain services. Moreover, the portal can be used on computers, tablets, and smartphones.
Dynamics of North America Patient Engagement Solutions Market
The increasing adoption of cloud-based models is a key trend in the North American patient engagement solutions market. The cloud-based system offers mobility of records and speedy transfer of data, results in a reduction in healthcare costs, and keeps the patients’ data secure. Moreover, market players are acquiring other companies, to expand their cloud-based technology platform. For instance, in May 2018, Allscripts Healthcare Solutions Inc. completed the acquisition of HealthGrid Holding Company, a mobile enterprise patient engagement solution provider. As per the terms of the agreement, Allscripts integrated HealthGrid’s capabilities into its FollowMyHealth platform (cloud-based), leveraging existing patients’ contact information, thereby allowing the patients to connect with their healthcare providers at any point of time.
The increasing utilization of mobile health solutions has raised the demand for healthcare apps. It has further enabled patients to access electronic health records (EHR) and e-prescriptions and store health data on the cloud, which has led to the growing uptake of cloud-based patient engagement solutions. According to a study conducted by the Pew Research Center, approximately 77% of the people in the U.S. are smartphone users, and most of them used mobile health applications in 2017. These users included healthcare professionals and patients. Moreover, the penetration of smartphones and 3G and 4G spectrums are widening the application of the mobile platform for providing healthcare services, thereby enhancing the growth prospects of the patient engagement solutions market in North America.
North America Patient Engagement Solutions Market Segmentation Analysis
The software component held the largest share in 2017. This can be ascribed to the presence of a large number of North American patient engagement solutions market players, increasing prevalence of chronic diseases, and rising government initiatives to support the adoption of patient engagement solutions.
The cloud-based delivery mode would be the fastest growing category in the North American region, during the forecast period. The market growth in this category is mainly due to the flexibility, scalability, and affordability of cloud-based solutions in healthcare settings.
Health management was the most common application for which patient engagement solutions are utilized in the region, becoming the largest revenue contributor to the North American patient engagement solutions market in 2017. The increasing prevalence of chronic diseases and growing demand for such solutions, especially by the elderly, are the key factors propelling the growth in this category.
The fastest growth is projected to be witnessed by the chronic diseases therapeutic area in the coming years, primarily due to the increasing prevalence of cardiovascular diseases.
Providers held the largest share, as an end user, in the North American patient engagement solutions market during the historical period (2013–2017). The category is further expected to contribute 72.2% revenue by 2023, progressing at a CAGR of 16.1% during the forecast period. The growing need to reduce the healthcare cost and increasing number of chronic disease patients are contributing to the prosperity of this end-user category.
Geographical Analysis of North America Patient Engagement Solutions Market
The U.S. held the larger share, of 87.6%, in the North American patient engagement solutions market in 2017. The growth of the U.S. market is mainly driven by the increasing prevalence of chronic diseases, rising geriatric population, developed private and public medical reimbursement structure, and advanced healthcare infrastructure. According to the United Nations (UN) publication, World Population Ageing 2017, in the U.S., the number of people aged 60 years or above was approximately 69.7 million in 2017, and it is expected to reach 108.4 million by 2050.
Canada is expected to witness faster growth, at a CAGR of 16.3%, during the forecast period. The market growth in the country is primarily due to the swift adoption of HIT and increasing government support for the sector.
Competitive Landscape of North America Patient Engagement Solutions Market
The North American patient engagement solutions market is consolidated in nature, due to the presence of concentrated players, who are extensively involved in the manufacturing and commercialization of cloud-based solutions. These include Allscripts Healthcare Solutions Inc., McKesson Corporation, athenahealth Inc., International Business Machines Corporation (IBM), Cerner Corporation, and Lincor Inc.
Recent Strategic Developments of North America Patient Engagement Solutions Market Players
In recent years, the major players operating in the North American patient engagement solutions market have actively engaged in mergers and acquisitions to gain a competitive edge. For instance, in in July 2017, McKesson Specialty Health completed the acquisition of intraFUSION, a Houston-based provider of management services for physician office infusion centers. The resulting organization will bring new infusion management capabilities to McKesson’s broad portfolio of offerings for community-based physician practices.
Similarly, in June 2017, athenahealth Inc. entered into an agreement to acquire Praxify Technologies Inc. This acquisition would advance athenahealth's platform strategy and mobile capabilities, to drive frictionless workflows and intelligence during the entire patient care process. Further, it will accelerate research and development initiatives, by adding significant expertise in mobile and user experience design, through the integration of Praxify’s technologies into athenahealth's cloud platform.
North America Patient Engagement Solutions Market Size Breakdown by Segment
The North America Patient Engagement Solutions Market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
Based on Component
Based on Delivery Mode
Based on Application
Based on Therapeutic Area
Based on End User
Key Questions Addressed in the Report