Press release
Patient Engagement Solution Market Size, Growth and SWOT Analysis by Key Players Allscripts, Inc., Cerner Corporation, Conifer Health Solutions, Healthagen, LLC, Orion Health, Athena Health, OptumHealth
Patient Engagement Solution Market-Competitive LandscapeSome of the key players operating in the population health management system include Allscripts, Inc., Cerner Corporation, Conifer Health Solutions, Healthagen, LLC, Orion Health, Athena Health, OptumHealth, Epic Corporation, Inc., Philips Wellcentive, eClinicalWorks, Change Healthcare, Verscend Technologies, Inc., IBM Watson Health, Caradigm and Care Evolution.
Key players are engaged in mergers and acquisitions in order to improve the market footprint and expand inorganically. For instance, in August 2017, Allscripts announced to acquire McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash.
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Market Taxonomy
On the basis of component, patient engagement solutions market segmented into
Software
Hardware
Services
On the basis of medium, patient engagement solutions market segmented into
Web/cloud Based Medium
Location Based Medium
On the basis of end user, patient engagement solutions market segmented into
Hospitals
Insurance Provider
Ambulatory Care provider
Others
Increasing old age population worldwide is expected to further fuel patient engagement solutions market growth. According to the population Prospect report by United Nations in 2017, an estimated 962 million people were of age 60 or above, which accounted for 13% of the global population. By 2030, number of old people in the world is projected to be 1.4 billion, growing at annual rate of 3%. Various complications associated with old age can be better managed with PES. Advancement in big data analytics is expected to benefit the patient engagement solutions market, as it would help in management of vast data with precision in quality healthcare to individual.
Patient Engagement Solution Market-Regional Insights
On the basis of geography, patient engagement solutions market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to lead the population health management system market due to various reasons. U.S. currently has one of highest per capita expenditure on healthcare accounting for US$ 9146, according to statistics given by World Economic Forum in 2016. This cost could be saved with the greater application of patient engagement solutions resulting in quality comprehensive care with reduced hospital admissions. This would also lower the burden on health care infrastructure with shortage of physicians and hospitals beds.
Furthermore, increasing number of patients with chronic disease is another driver for market growth. According to National Cancer Institute, around 1,735,350 new cases of cancer would be diagnosed in the U.S. in 2018, and cancer is expected to cause around 609,640 death in same year. Increased hospital readmission is cause of concern in the U.S. as there is penalty provision due to hospital readmissions if they occur within certain time frame under ACA, 2009. According to American Hospital Organization 2017, since penalty provision came into effect in 2012, hospitals have paid US$ 1.9 billion of penalties, including US$ 528 million in 2017.0. Therefore, patient engagement solution assists in chronic disease management and reduce number of hospital readmission.
Europe is expected to be second most lucrative market due to high percent of old age population, according to Europa Statistics in 2017, around 19% of current Europe population is more than 60 in age, which would rise to 25% in near future. Asia Pacific offers potential opportunity for the patient engagement solutions market growth, owing to highest death rates due to chronic disease. More than 12 million and around 80% worldwide chronic disease death were reported from this region, as per WHO factsheet in 2017. Healthcare infrastructure in this region is slowly improving, which is expected to promote use of population health management solution.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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