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Patient Engagement Solutions Market Revenue Share Detailed Analysis Report 2021-2028
Patient Engagement Solutions Market
• The global patient engagement solutions market was valued at US$ 17.56 Bn in 2020
• It is estimated to expand at a CAGR of 15.7% from 2021 to 2028
• The global patient engagement solutions market is expected to reach the value of US$ 56.33 Bn by the end of 2028
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Increase in Demand for Patient-centric Healthcare Services Drives Global Market
Patient engagement solutions are a bundle of various healthcare services, healthcare information technology solutions, and associated hardware for improved communication and exchange of information between health caregiver and patients. Factors such as increasing awareness of mobile health, rising spending on healthcare, and favorable regulatory frameworks are creating opportunities in the patient engagement solutions market. Patient engagement solutions use patient centric healthcare delivery systems to ensure value-based healthcare and improve patient outcomes.
Patient engagement solutions enable better reach and engagement of patients, help build trust, improve communication between health caregiver and patients, and augment patient compliance via automated reminders. The increasing use of wearable healthcare trackers, along with increasing use of mobile health apps is expanding the horizon of the patient engagement solutions market.
Expansion of Hospitals and Healthcare Sectors Fuel Patient Engagement Solutions Market Growth
Patient engagement solutions help patients manage their healthcare data. It also provides improvised interaction among patients and medical teams. This factor will lead to rise of the global patient engagement solutions market globally. The advancement in technology has helped the healthcare sector to provide necessary tools to patients so that they can actively participate and manage their own health. This provision helps patients to effectively deliver self-care.
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The rising number of hospitals and healthcare centers across the globe is also driving the global patient engagement solutions market.
Pharmaceutical companies are also expected to witness significant growth opportunities in the upcoming years, owing to various pharmaceutical enterprises implementing patient engagement solutions to manage the incurred capital to meet their research requirement demands.
North America to Offer Lucrative Growth Opportunities
North America is expected to account for the largest share of the global patient engagement solutions market, owing to increasing number of quality healthcare services and rising governmental reforms, along with changed incentive-based payment methods.
This region is anticipated to remain dominant during the forecast period. Regulations and initiatives by governments of countries in the region to implement various patient-centric care and solutions together with extensive adoption of mobile health solutions are likely to widen the scope of growth for the North America patient engagement solutions market in the near future. Moreover, rise in aging population is one of the major factors for the expansion of the market in North America.
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Rise in Adoption of Medical Wearable to Propel Global Market
The growth of the global patient engagement solutions market is primarily influenced by the increased awareness about mobile health together with expanding geriatric population. In addition, there has been a rise in the spending on healthcare together with favorable legislations. This factor is expected to support the growth of the market in the upcoming years.
There has been a rise in the utilization of wearable healthcare trackers, along with increased use of mobile health applications. These applications are encouraging customers to gain access to their personal healthcare records, which is likely to drive the demand for patient engagement solutions in the years to come.
Development and advancement in technologies over the years have helped built this relationship between doctors and their patients. Self-management programs conducted in various healthcare organizations around the globe are also leading to the growth of the global patient engagement solutions market.
Patient Engagement Solutions Market: Overview
• According to Transparency Market Research's latest report on the global patient engagement solutions market for the historical period 2017-2028 and forecast period 2021-2028, rise in quality of healthcare solutions & services and increase in adoption of electronic health records are projected to drive the global patient engagement solutions market during the forecast period
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More Users Adopting Patient Engagement Solutions Due to Ease of Access
• Rise in penetration of smartphones, tablets, and other interactive devices has increased the utilization of software- and application-managed services. The trend has been augmented by the expansion of high-speed network coverage, which enables quick data transfer.
• Patients can have real-time interactions with physicians available online, record interactions with doctors, save the prescription provided on the portal, and access it remotely using patient engagement solutions. It can also provide prescription adherence, digital discharge, appointment fixing, reminders & alerts, care plans, and follow-up planning.
• Introduction of dedicated tablets for patients has increased the adoption rate of patient engagement software offered by renowned hospital brands. Patient tablets also act as interactive patient care platforms and are augmented substitutes for traditional EMR and EHR for the patients.
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Rise in Quality of Healthcare Solutions and Services
• Introduction of multi-platform devices and augmented integration techniques has enabled single channel networks to work efficiently on multipath channels. Such enhanced IT infrastructure supports the effective delivery of patient engagement solutions in the market.
• Most small and medium hospital chains across the globe have initiated the deployment of hosted/cloud patient engagement solutions due to the introduction of cloud-based services
• Increase in use of smart devices such as mobile phones and wearable across the world has fueled the adoption of mobile healthcare services. Moreover, integration of IT in healthcare services in the form of electronic health records (EHR) and cloud-based databases has enabled hospitals and healthcare providers to improve the storage and processing of patients' vital information.
Self-hosted Segment to Dominate Global Market
• Self-hosted was the largest segment in terms of market share in 2020, as it is the most preferred delivery mode among end-users due to its robust functionality and flexibility
• The self-hosted segment is expected to dominate the global market during the forecast period, owing to wide-scale deployment of patient engagement portals by most-large hospitals
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• Secured data transfer in terms of health records, payment modes, messaging, and others are vital aspects of the self-hosted delivery mode for patient engagement solutions. This can be attributed to security and ease of access of patient engagement portals.
Hospital & Providers to be Largest End-user Segment
• In terms of end-user, hospital & providers was the largest segment of the global patient engagement solution market in 2020 due to increase in the number of comprehensive healthcare providers and rise in need of cost optimization
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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