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Explore Industry Insights in Global Patient Engagement Solution Market – Analysis and Forecast (2018-2024)
Global Patient Engagement Solution Market
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On the basis of the component, the market is subdivided into software, hardware, and services. Of all components, software accounted the largest share in the market, due to its application in extending from healthcare organization to home health care.
On the basis of application the market is subdivided into health management, social and behavioral management, home health management, and financial health management. Mounting awareness among patients about the complexity of their disease conditions is the factor responsible for the growth of the health management application.
Implementation of government regulations and initiatives to promote patient-centric care, expanding the aging population, the mounting occurrence of chronic diseases, implementation of incentives to shift the burden of risk from healthcare payers to providers, and escalating utilization of mobile health solutions are the primary growth drivers for patient engagement solution market.
The need of investments in infrastructure, lack of interoperability, lack of data privacy, lack of health literacy, and a dearth of skilled IT professionals in the healthcare industry, and the high price of deployment are the major challenges for the growth of patient engagement solution market.
Globally, the manufacturing companies trying to enter the patient engagement solution market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
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Geographically, North America is the largest patient engagement solution market as in the region the investment in the healthcare IT sector is escalating. Asia-Pacific is observed to witness the fastest growth in the market, due to mounting disposable income. In addition, expanding geriatric population, mounting demand for improved healthcare solution, and escalating occurrence of chronic diseases are also creating a positive impact on the patient engagement solution market growth in the region.
Key players in the patient engagement solution market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In May 2018, Allscripts signed an agreement to acquire HealthGrid Holding Company, in order to expand the Allscripts FollowMyHealth platform portfolio, the patient engagement solution. Mckesson Corporation, Athenahealth, Inc., Lincor Solutions, Get Real Health, Allscript, Welvu, IBM Corporation, Cerner, Getwellnetwork, Inc., and Oneview Healthcare are the key players offering patient engagement solution.
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