Patient Engagement Solutions Market
Patient Engagement Solutions Market Forecasts to 2028 - Global Analysis By Component (Software & Hardware, Services, Other Components), Delivery Mode (Cloud Based, On Premise and Web Based), Therapeutic Area (Chronic Diseases, Diabetes, Obesity, Cardiovascular diseases (CVD), Womens Health, Fitness and Other Therapeutic Areas), Funtionality, Application, End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $17.3 BN |
|
Projected Year Value (2028) |
US $34.1 BN |
|
CAGR (2022 - 2028) |
12.0% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Patient Engagement Solutions Market is accounted for $17.3 billion in 2022 and is expected to reach $34.1 billion by 2028 growing at a CAGR of 12.0% during the forecast period. Patient engagement solutions are those that allow patients to communicate with medical practitioners via online portals, resulting in improved communication channels. Technologically advanced patient point of care, such as self-assistance, improved diagnosis, better decision making, healthcare delivery quality, and data management, are fuelling market expansion.
According to the Congressional Research Service report published in July 2021, the United States had an estimated population of 326 million individuals in 2020.
Market Dynamics:
Driver:
Increased usage of healthcare information technology and technological developments
The market's growth is being influenced by an increase in the adoption of healthcare IT, as well as technical advancements that aid in the infrequent monitoring of healthcare and the maintenance and storage of data. According to WHO studies, these software services utilised for the collecting of diabetic patients' health history, data, and morbidity rates were expected to reach over 1.2 million in 2012. Furthermore, the primary drivers navigating the market are quick availability of healthcare, cost-effectiveness; easy data collaborating; less complexity of data management through electronic health records, increase in geriatric population, increase in chronic diseases, increased adoption of healthcare IT, and increase in medical tourism are propelling the growth of the market.
Restraint:
Large investments are required in healthcare infrastructure
Moving or merging healthcare infrastructure technologies with patient engagement solutions would provide numerous cost issues for these organisations. Payers have previously made significant investments in infrastructure and proprietary systems. It will also necessitate improvements to their current systems, which are designed to manage only their current needs. Furthermore, the transition to cloud-based patient interaction tools will necessitate a change in present IT architecture, particularly in hospitals that already function as hubs for many clinicians, labs, and pharmacists. As a result, finding the resources to enable large-scale interoperability and interconnection may impede such healthcare organisations' shift to cloud-based patient engagement systems which hampers the growth of the market.
Opportunity:
Adopting government initiatives
Adoption of government initiatives that promote the implementation of HCIT approaches, increasing governmental spending on health care services, and the availability of proficient IT professionals in emerging Asian countries such as China and India are expected to support the growth of the APAC global market. Technological improvements are critical in modernising the healthcare management sector in the country. China is currently dealing with issues including understaffed rural health centers, overcrowded metropolis hospitals, and a state wide doctor shortage which are providing further opportunities in the market growth.
Threat:
Healthcare IT system deployment costs are high.
Software solutions for healthcare IT systems are expensive. These systems maintenance and software upgrade costs may exceed the cost of the software. Support and maintenance services, as well as software upgrades, are recurrent expenses that account for over 30% of total cost of ownership. The healthcare industry's lack of internal skilled IT workers mandates training for end users to boost the efficiency and results of various healthcares IT solutions, consequently increasing the cost of ownership of the systems. Evaluating information systems in healthcare can also be difficult due to the intangible organisational impact and benefits of IT systems in healthcare.
Covid-19 Impact
The COVID-19 epidemic has sparked new developments in patient monitoring and cloud computing. In April 2020, for example, GE Healthcare introduced a novel cloud-based remote-monitoring technology designed to help doctors care for ventilated COVID-19 patients. The expanding global smartphone user base has accelerated the adoption of mHealth across the sector, both from providers and consumers. Healthcare apps are on the rise, and they are simple to install on cellphones. These apps can be linked to wearable devices and assist users in overall health management, which has increased patients' reliance on mHealth apps. As a result, the COVID-19 pandemic is expected to play a significant role in digital transformation.
The software & hardware segment is expected to be the largest during the forecast period
The software & hardware segment is estimated to have a lucrative growth, due to the key component of the solution is patient engagement software and hardware. Because of straightforward user interfaces and ongoing product improvements, it is simple to install, utilize, and retrieve records. Allscripts' FollowMyHealth is a popular mobile-first, configurable, enterprise patient engagement tool. It is used by physicians, hospitals, and health systems to improve care quality and boost patient satisfaction. These include consultation, implementation and training, support and maintenance, and other services like as interoperability and access to EHR data thus propelling the market growth.
The chronic diseases segment is expected to have the highest CAGR during the forecast period
The chronic diseases segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the expanding senior population in important economies, the prevalence of chronic diseases, and the adoption of digital technology accelerated by the COVID-19 pandemic have all contributed to the segment's substantial proportion. Patient engagement solutions aid in chronic disease management by facilitating disease prevention and detection, as well as disease management with a physician or through self-management. This is due to significant company objectives, the expansion of product offerings to include mental health, weight management, and pregnancy, and increased research activities which are encouraging in the growth of the market.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing penetration of the internet and smartphone users, a large patient population, improving healthcare infrastructure and care quality, and the presence of local player. Economic development in countries such as India and China is also supporting the growth of this region.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the existence of important players, increased acceptance of mhealth and EHR, and expanding investment in patient engagement software by the big corporations. Furthermore, increased knowledge, combined with government spending on the healthcare sector, is likely to boost growth. Europe held the second-largest percentage in 2021, owing to publicly supported systems such as the National Health Service (NHS) in the United Kingdom.
Key players in the market
Some of the key players profiled in the Patient Engagement Solutions Market include Oracle, Athenahealth, Allscripts Healthcare, LLC, Lincor, Medecision, Orion Health group of companies, Get Real Health, GetWellNetwork, Inc, MCKESSON CORPORATION, Oneview Ltd., PATIENTPOINT, LLC, SONIFI Health Incorporated, CipherHealth Inc, PALANTIR, IQVIA, HealthHub Patient Engagement Solutions, MEDITECH, Cerner Corporation, Epic Systems Corporation and Symphony Care
Key Developments:
In April 2023, athenahealth and Smile Foundation Launch Second Mobile Medical Unit in Bengaluru, The mobile medical unit provides free care to underprivileged and underserved communities in Karnataka state.
In Jan 2023, Oracle and Red Hat Expand Collaboration to Bring Red Hat Enterprise Linux to Oracle Cloud Infrastructure, The strategic collaboration starts with Red Hat Enterprise Linux running
In Dec 2022, athenahealth?Expands its Global Corporate Social Responsibility Program in 2022 Program highlights for the year include new partnerships and the expansion of existing partnerships with organizations that align with the athenaGives mission to provide equitable access to healthcare
In Oct 2022, Oracle Unity CDP Expands Artificial Intelligence Models Across Industries to Enhance Customer Experiences, The latest AI models added to Oracle Unity support organizations in automotive, consumer packaged goods, communications, financial services, healthcare, high-tech, and utilities industries.
Components Covered:
• Software & Hardware
• Services
• Other Components
Delivery Modes Covered:
• Cloud Based
• On Premise
• Web Based
Therapeutic Areas Covered:
• Chronic Diseases
• Diabetes
• Obesity
• Cardiovascular diseases (CVD)
• Womens Health
• Fitness
• Other Therapeutic Areas
Funtionalities Covered:
• Virtual Consultation
• E-Prescribing
• Patient/Client Scheduling
• Document Management
• Patient Education
• Billing & Payments
• Health Tracking & Insights
• Other Funtionalities
Applications Covered:
• Health Management
• Financial Health Management
• Home Healthcare Management
• Social Health Management
• Other Applications
End Users Covered:
• Health Management
• Providers
• Payers
• Patients
• Individual Users
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Patient Engagement Solutions Market, By Component
5.1 Introduction
5.2 Software & Hardware
5.2.1 Standalone
5.2.2 Integrated
5.3 Services
5.3.1 Consulting
5.3.2 Implementation & Training
5.3.3 Support & Maintenance
5.3.4 Other Services
5.4 Other Components
6 Global Patient Engagement Solutions Market, By Delivery Mode
6.1 Introduction
6.2 Cloud Based
6.3 On Premise
6.4 Web Based
7 Global Patient Engagement Solutions Market, By Therapeutic Area
7.1 Introduction
7.2 Chronic Diseases
7.3 Diabetes
7.4 Obesity
7.5 Cardiovascular diseases (CVD)
7.6 Womens Health
7.7 Fitness
7.8 Other Therapeutic Areas
8 Global Patient Engagement Solutions Market, By Funtionality
8.1 Introduction
8.2 Virtual Consultation
8.3 E-Prescribing
8.4 Patient/Client Scheduling
8.5 Document Management
8.6 Patient Education
8.7 Billing & Payments
8.8 Health Tracking & Insights
8.9 Other Funtionalities
9 Global Patient Engagement Solutions Market, By Application
9.1 Introduction
9.2 Health Management
9.2.1 Outpatient Health Management
9.2.2 In-patient Health Management
9.3 Financial Health Management
9.4 Home Healthcare Management
9.5 Social Health Management
9.6 Other Applications
10 Global Patient Engagement Solutions Market, By End User
10.1 Introduction
10.2 Providers
10.3 Payers
10.4 Patients
10.5 Individual Users
10.6 Other End Users
11 Global Patient Engagement Solutions Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Oracle
13.2 Athenahealth
13.3 Allscripts Healthcare, LLC
13.4 Lincor
13.5 Medecision
13.6 Orion Health group of companies
13.7 Get Real Health
13.8 GetWellNetwork, Inc
13.9 MCKESSON CORPORATION
13.10 Oneview Ltd.
13.11 PATIENTPOINT, LLC
13.12 SONIFI Health Incorporated
13.13 CipherHealth Inc
13.14 PALANTIR
13.15 IQVIA
13.16 HealthHub Patient Engagement Solutions
13.17 MEDITECH
13.18 Cerner Corporation
13.19 Epic Systems Corporation
13.20 Symphony Care
List of Tables
1 Global Patient Engagement Solutions Market Outlook, By Region (2020-2028) ($MN)
2 Global Patient Engagement Solutions Market Outlook, By Component (2020-2028) ($MN)
3 Global Patient Engagement Solutions Market Outlook, By Software & Hardware (2020-2028) ($MN)
4 Global Patient Engagement Solutions Market Outlook, By Standalone (2020-2028) ($MN)
5 Global Patient Engagement Solutions Market Outlook, By Integrated (2020-2028) ($MN)
6 Global Patient Engagement Solutions Market Outlook, By Services (2020-2028) ($MN)
7 Global Patient Engagement Solutions Market Outlook, By Consulting (2020-2028) ($MN)
8 Global Patient Engagement Solutions Market Outlook, By Implementation & Training (2020-2028) ($MN)
9 Global Patient Engagement Solutions Market Outlook, By Support & Maintenance (2020-2028) ($MN)
10 Global Patient Engagement Solutions Market Outlook, By Other Services (2020-2028) ($MN)
11 Global Patient Engagement Solutions Market Outlook, By Other Components (2020-2028) ($MN)
12 Global Patient Engagement Solutions Market Outlook, By Delivery Mode (2020-2028) ($MN)
13 Global Patient Engagement Solutions Market Outlook, By Cloud Based (2020-2028) ($MN)
14 Global Patient Engagement Solutions Market Outlook, By On Premise (2020-2028) ($MN)
15 Global Patient Engagement Solutions Market Outlook, By Web Based (2020-2028) ($MN)
16 Global Patient Engagement Solutions Market Outlook, By Therapeutic Area (2020-2028) ($MN)
17 Global Patient Engagement Solutions Market Outlook, By Chronic Diseases (2020-2028) ($MN)
18 Global Patient Engagement Solutions Market Outlook, By Diabetes (2020-2028) ($MN)
19 Global Patient Engagement Solutions Market Outlook, By Obesity (2020-2028) ($MN)
20 Global Patient Engagement Solutions Market Outlook, By Cardiovascular diseases (CVD) (2020-2028) ($MN)
21 Global Patient Engagement Solutions Market Outlook, By Womens Health (2020-2028) ($MN)
22 Global Patient Engagement Solutions Market Outlook, By Fitness (2020-2028) ($MN)
23 Global Patient Engagement Solutions Market Outlook, By Other Therapeutic Areas (2020-2028) ($MN)
24 Global Patient Engagement Solutions Market Outlook, By Funtionality (2020-2028) ($MN)
25 Global Patient Engagement Solutions Market Outlook, By Virtual Consultation (2020-2028) ($MN)
26 Global Patient Engagement Solutions Market Outlook, By E-Prescribing (2020-2028) ($MN)
27 Global Patient Engagement Solutions Market Outlook, By Patient/Client Scheduling (2020-2028) ($MN)
28 Global Patient Engagement Solutions Market Outlook, By Document Management (2020-2028) ($MN)
29 Global Patient Engagement Solutions Market Outlook, By Patient Education (2020-2028) ($MN)
30 Global Patient Engagement Solutions Market Outlook, By Billing & Payments (2020-2028) ($MN)
31 Global Patient Engagement Solutions Market Outlook, By Health Tracking & Insights (2020-2028) ($MN)
32 Global Patient Engagement Solutions Market Outlook, By Other Funtionalities (2020-2028) ($MN)
33 Global Patient Engagement Solutions Market Outlook, By Application (2020-2028) ($MN)
34 Global Patient Engagement Solutions Market Outlook, By Health Management (2020-2028) ($MN)
35 Global Patient Engagement Solutions Market Outlook, By Outpatient Health Management (2020-2028) ($MN)
36 Global Patient Engagement Solutions Market Outlook, By In-patient Health Management (2020-2028) ($MN)
37 Global Patient Engagement Solutions Market Outlook, By Financial Health Management (2020-2028) ($MN)
38 Global Patient Engagement Solutions Market Outlook, By Home Healthcare Management (2020-2028) ($MN)
39 Global Patient Engagement Solutions Market Outlook, By Social Health Management (2020-2028) ($MN)
40 Global Patient Engagement Solutions Market Outlook, By Other Applications (2020-2028) ($MN)
41 Global Patient Engagement Solutions Market Outlook, By End User (2020-2028) ($MN)
42 Global Patient Engagement Solutions Market Outlook, By Providers (2020-2028) ($MN)
43 Global Patient Engagement Solutions Market Outlook, By Payers (2020-2028) ($MN)
44 Global Patient Engagement Solutions Market Outlook, By Patients (2020-2028) ($MN)
45 Global Patient Engagement Solutions Market Outlook, By Individual Users (2020-2028) ($MN)
46 Global Patient Engagement Solutions Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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