Patient Engagement Solutions Market by Component (Software, Hardware, Services), by Delivery Mode (Web-Based, Cloud-Based, On-Premises), by Application (Health Management, Home Health Management, Social & Behavioral Health Management, Financial Health Management), by Therapeutic Area (Chronic Diseases, Women’s Health, Mental Health, Fitness), by End User (Providers, Payers, Individuals), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, Brazil, Mexico, South Africa, Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023

Market Outlook

The patient engagement solutions market revenue stood at $8.5 billion in 2017, and it is projected to exhibit a CAGR of 16.9% during 2018–2023. The improving healthcare infrastructure, spurring demand for wearable health technology, surging geriatric population, and increasing usage of mobile health solutions are the key factors driving the market growth. Apart from this, the regulations of governments that promote patient-centric care and implementation of value-based programs will propel the market growth.

In 2017, the software category held the largest market share, of 56.8%, under the component segment. In recent years, software customization has become a major trend in the healthcare sector because different types of software are needed for simplifying complex data and streamlining the healthcare process.

The web-based category held the largest share, of 61.8%, within the delivery mode segment of the patient engagement solutions industry.

In the coming years, the home health management category is expected to witness the highest CAGR, of 17.6%, under the application segment.

Cardiovascular diseases (CVDs), within the chronic diseases category of the therapeutic area segment, held the largest share, of 37.6%. This can be attributed to the increasing adoption of patient engagement solutions to address the burden of CVDs.

GLOBAL PATIENT ENGAGEMENT SOLUTIONS MARKET, BY COMPONENT, $M (2013-2023)

The providers category, under the end user segment, dominate the patient engagement solutions market during 2013–2017. By 2023, providers are expected to generate revenue of $15.9 billion, accounting for a 72.6% market share. This will be due to the burgeoning need to achieve better clinical outcomes.

In the coming years, the Asia-Pacific (APAC) market for patient engagement solutions is expected to witness the fastest growth, at an 18.8% CAGR. This can be ascribed to the surging prevalence of chronic illnesses and soaring awareness regarding patient engagement solutions for managing them and booming geriatric population.

Market Dynamics

The growth in the adoption of patient engagement solutions can be credited to the government regulations and incentives promoting patient-centric care. Moreover, the rising penetration of mobile devices and 4G and 3G spectra has increased the number of platforms via which healthcare services can be delivered. Additionally, the implementation of value-based programs facilitates the market growth, as it results in lower healthcare costs, improved healthcare outcomes, and a higher level of patient satisfaction. In addition, the increasing usage of healthcare solutions by the geriatric population and its surging involvement in wellness activities and healthcare decision-making by adopting such solutions will have a positive impact on the patient engagement solutions market.

Competitive Landscape

Players in the 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 Corporation launched a managed-care solution, Health Mart Atlas, which is the largest network of high-performing community pharmacies (as claimed by the company) dedicated to deliver high-quality care. The joint venture by McKesson AccessHealth and American Pharmacy Cooperative Inc.’s (APCI) American Pharmacy Network Solutions (APNS) would manage core pharmacy services administrative organization (PSAO) services.

Some of the other key players in the patient engagement solutions market include Allscripts Healthcare Solutions Inc., athenahealth Inc., Cerner Corporation, International Business Machines Corporation (IBM), Computer Programs and Systems Inc., eClinicalWorks LLC, Epic Systems Corporation, InterSystems Corporation, and Medical Information Technology Inc.