Patient Engagement Solutions Market to Register CAGR of 23.0% from 2015 to 2023
Cerner Corp., Allscripts Inc., GetWellNetwork Inc., Axial Exchange, Medecision Inc., Phytel Inc., Athenahealth Inc., Orion Health, Emmi Solutions LLC, and McKesson Corp., are key players operating in the global patient engagement solutions market. Most companies are offering exclusive and innovative software and technology-based solutions, which are focused on bolstering patient engagement. By offering such solutions, players working in the global patient engagement market could gain a competitive advantage over others.
This market had gained a revenue valued at US$6.66 bn in 2014, which is further projected to reach at least US$34.94 bn by 2023. Such a staggering growth in revenue collections has been prognosticated to occur with a meteoric CAGR of 23.0% during the forecast period ranging from 2015 to 2023.
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Mental Benefits Provided by Meaningful Doctor-Patient Interactions Boosts Growth
A high need for patient engagement coupled with the requirement to increase their involvement in the management of various diseases is primarily driving the global patient engagement solutions market. Patient engagement is highly required in case of chronic illnesses, wherein critical care is often implemented. Thus, a high demand for meaningful exchange between patients and doctors is expected to extensively drive the global patient engagement solution market during the forthcoming years.
A rise in conversational participation of patients with their treatment providers is occurring since past several decades, especially as healthcare services have witnessed an extensive development. Such advancements also have proven to be beneficial to the global patient engagement solutions market, consequently making it register a handsome growth in future. Several kinds of self-management programs are held in various healthcare organizations all over the globe, with an aim to make patients maintain their health, and accept all associated methods provided by healthcare specialists.
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Risks of Patients’ Data Leaks Hinders Dampens Market’s Expansion
However, rising concerns about protecting and preserving privacy of patients’ data, both in verbal as well as electronic forms, is expected to restrict the market’s growth up to a certain extent. Nevertheless, an increasing inclination of healthcare providers and patients to shift towards value-based reimbursement processes is expected to offset the restraints affecting the market, up to a certain degree. Increasingly favorable initiatives taken by governmental as well as private organizations to improve quality doctor-patient services, is also expected to reduce the restraining factors.
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