Patient engagement solutions market is forecasted to attain a size of $21.9 billion by 2023, according to P&S Intelligence.
Government regulations promoting patient-centric care, implementation of value-based programs, and growing use of patient engagement solutions in geriatric population are some of the key factors driving the market growth. Additionally, growing use of mobile health solutions, and increasing demand for wearable health technology are also propelling the growth of the market.
Insights into market segments
The patient engagement solutions market for software is expected to reach $12.3 billion by 2023, registering a CAGR of 16.6% during the forecast period. Patient engagement software is increasingly being adopted by healthcare facilities, as it helps simplify complex patient health data and can also be customized according to requirements.
During the forecast period, the patient engagement solutions market is expected to witness the highest demand for cloud-based delivery mode, with 18.9% CAGR. Cloud mode is a more secure platform than other delivery modes and demonstrates the highest level of compliance with the Health Insurance Portability and Accountability Act (HIPAA), leading to its increased adoption among healthcare providers and payers, globally.
On the basis of application area, health management dominated the market, accounting for 44.7% market share in 2017. The category’s largest share can be attributed to the increased adoption of the technological solutions offered by the patient engagement solutions market, primarily by government organizations to spread awareness with respect to disease prevention among the general population.
Based on therapeutic area, the patient engagement solutions market is categorized into chronic diseases, women’s health, fitness, mental health, and others. Of these, the market for chronic diseases category is expected to witness the fastest growth, with 17.8% CAGR. Government organizations of both developed and developing economies are adopting different patient engagement solutions to reduce the growing healthcare burden caused by rising prevalence of chronic diseases.
On the basis of end user, the market for providers category held the largest share during the historical period, and it is also expected to demonstrate the fastest growth, at a CAGR of 17.2% during the forecast period. Other end users of patient engagement solutions market include payers, individuals, and others.
Browse report overview with 319 tables and 95 figures spread through 317 pages and detailed TOC on "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" at:https://www.psmarketresearch.com/market-analysis/patient-engagement-solutions-market
North America leads the patient engagement solutions market
Geographically, North America held the largest share in the patient engagement solutions market during the historical period, accounting for 45.5% share in 2017. The driving factors for the region’s leading position include the presence of well-established healthcare infrastructure, growing number of healthcare information technology (HIT) solution providers, and increasing prevalence of chronic diseases in the region.
Market players are focusing on product portfolio expansion through acquisitions
The companies operating in the patient engagement solutions industry are acquiring related businesses of other companies in order to expand their market. For instance, in January 2018, McKesson Corporation (McKesson) completed the acquisition of RxCrossroads from its parent company CVS Health Corporation for $735 million. The acquisition aimed at enhancing McKesson’s existing portfolio of commercialization solutions, including comprehensive patient support services, custom pharmacy solutions, and third-party logistics.
Some of the other key players in the global 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.
GLOBAL PATIENT ENGAGEMENT SOLUTIONS MARKET SEGMENTATION
By Delivery Mode
By Therapeutic Area
Market Segmentation by End User
Market Segmentation by Geography