North America Patient Engagement Solutions Market Overview
The North America patient engagement solutions market generated $3.9 billion revenue in 2017 and is projected to witness a CAGR of 15.8% during 2018–2023. Improved healthcare infrastructure, increasing healthcare spending, surging geriatric population, and growing prevalence of chronic diseases are the key factors driving the market growth.
NORTH AMERICA PATIENT ENGAGEMENT SOLUTIONS MARKET, BY DELIVERY MODE, $M (2013-2023)
On the basis of component, the patient engagement solutions market in North America has been categorized into software, hardware, and services. Of these, software held the largest share in the market, accounting for 57.2% in 2017. This is mainly attributed to factors such as the growing presence of large number of market players, increasing prevalence of chronic diseases, and rising government initiatives to support the adoption of patient engagement solutions in the region. The patient engagement software solutions are further classified into integrated and standalone.
Based on delivery mode, the patient engagement solutions market in regional level has been categorized into web based, cloud based, and on-premise. Of these, the fastest growth during the forecast period is expected from the cloud-based category, with a CAGR of 17.6%, due to its comparatively greater flexibility, scalability, and affordability, which are the key features most commonly required in healthcare settings.
The ‘application’ segment in the market has been further classified into health management, home health management, social and behavioral management, and financial health management. Of these, health management was the largest application area, accounting for 44.0% revenue share in the patient engagement solutions market in this region, in 2017. This can be attributed to the increasing prevalence of chronic diseases and growing demand of patient engagement solutions.
The North American patient engagement solutions market, by therapeutic area, is categorized into chronic diseases, women health, fitness, mental health, and others. During the forecast period, the market is expected to witness the highest growth from the chronic diseases category, with a CAGR of 16.6%, and is estimated to reach $4.0 billion by 2023, due to the growing incidence of cardiovascular diseases in the region.
Of all end-users, providers held the largest share in the regional-level market during the historical period and is expected to contribute 72.2% share by 2023. This can be ascribed to the increasing patient population with chronic diseases and the need to curtail healthcare cost.
The U.S. has been leading the patient engagement solutions industry in North America, contributing 87.6% revenue in 2017. This is mainly attributable to factors such as improved healthcare infrastructure, growing presence of large number of healthcare IT solution providers, developed private and public medical reimbursement structure, and increasing prevalence of chronic diseases in the country.
North America Patient Engagement Solutions Market Dynamics
Primary factors driving the growth of the patient engagement solutions market in the region, are increasing healthcare spending and improved healthcare infrastructure. Moreover, the surging geriatric population and growing prevalence of chronic diseases are also contributing to the growth of the market in the region. According to the UN publication’ World Population Ageing 2017’, approximately 78.4 million people were aged 60 years or above in North America in 2017, and the number is expected to reach 122.8 million by 2050.
The elderly population requires extensive care, as it is more prone to illnesses, especially chronic diseases such as cancer and diabetes. According to the American Cancer Society (ACS), approximately 1,688,780 new cancer cases were diagnosed in the U.S. in 2017. The government initiatives to promote patient engagement programs for disease management are propelling the market growth.
North America Patient Engagement Solutions Market - Competitive Landscape
Players in the regional-level patient engagement solutions market are actively participating in research and development for introducing new solutions to improve patient’s condition. For instance, in April 2018, McKesson Specialty Health, a division of McKesson Corporation (McKesson) and CoverMyMeds LLC, launched ExpressCoverage, a patient support platform that connects patients, providers, payers, and the life sciences industry to facilitate patient access to integrated e-services and adherence for improved outcomes. ExpressCoverage is a result of collaboration between McKesson Corporation and CoverMyMeds LLC.
Some of the other key players in the patient engagement solutions industry in North America are athenahealth Inc., Cerner Corporation, Allscripts Healthcare Solutions Inc., International Business Machines Corporation (IBM), and Lincor Inc.