Press release
Patient Engagement Solutions Market Steady Growth at 8.6% CAGR until 2032
The patient engagement solutions market is a dynamic and rapidly evolving sector within the healthcare industry, driven by the growing emphasis on patient-centric care and the increasing adoption of digital technologies. Patient engagement solutions are designed to empower patients to actively participate in their healthcare decision-making, treatment plans, and overall well-being. This market's growth is fueled by a combination of technological advancements, changing patient expectations, and healthcare providers' desire to improve outcomes and reduce costs.
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Market Overview:
The patient engagement solutions market is experiencing remarkable growth, with an increasing global demand for more patient-centric healthcare services. As the world's population ages and the burden of chronic diseases rises, there is a pressing need for better tools and strategies to engage patients in their own care. These solutions encompass a wide range of technologies, including patient portals, mobile apps, wearables, telehealth, and remote monitoring devices, all aimed at enhancing communication and collaboration between patients and healthcare providers.
Market Opportunity:
The market presents significant opportunities for growth and innovation. With the continued digitization of healthcare, patient engagement solutions are becoming more sophisticated and integrated into the healthcare ecosystem. Providers, payers, and patients alike are recognizing the potential benefits of these solutions, such as improved patient adherence, reduced hospital readmissions, and increased overall patient satisfaction. The market's potential for expansion extends to emerging economies, where there is a growing need to implement healthcare technologies to address healthcare disparities and improve patient outcomes.
Market Challenges:
Despite its promising outlook, the patient engagement solutions market faces several challenges. One of the main hurdles is data security and privacy concerns. The exchange of sensitive healthcare information between patients and providers requires robust security measures to protect patient data from breaches. Furthermore, interoperability issues persist, as healthcare systems often rely on different software and data standards, hindering the seamless integration of patient engagement solutions. Additionally, some patients may struggle to adapt to these technologies, particularly older populations who may have limited digital literacy.
Key Players:
McKesson Corporation
Allscripts Inc.
Medecision Inc.
Cerner Corporation
IBM Phytel
Axial Exchange
Orion Health
Emmi Solutions LLC
Athenahealth Inc.
GetWellNetwork Inc.
Competitive Landscape:
Market players are heavily investing in the development and launch of new products to gain a competitive edge and expand their customer base. This has led to an increase in R&D spending, as well as the implementation of crucial growth components such as acquisitions, mergers, collaborations, and regulatory approvals.
In January 2022, Ashfield Engage announced its acquisition of Medaxis, a company that offers patient engagement services to healthcare professionals and patients. As part of the acquisition, Ashfield Engage is adding 40 Medaxis employees to its Canadian workforce. The two companies have previously collaborated on various projects, and this strategic partnership will enable Ashfield Engage to provide tailored solutions to customers across the country.
In March 2022, UST and Well-Beat, an Israeli company that uses behavioral AI to bring a human touch to healthcare, will launch a digital patient engagement SaaS platform. This platform is the first of its kind and will provide clinicians with personalized conversational guidelines that are tailored to the patient's motivational factors at the point of care. The tool evaluates over 1,400 factors, including disease progression, to deliver direct and indirect behavioral nudges. Through short surveys, medical records, and connected devices, communication is dynamically adapted to facilitate intelligent interventions and provide customized experiences for patients.
Key Market Segment Covered in Patient Engagement Solutions
By Delivery Mode :
Self-Hosted Patient Engagement Solutions
Software-as-a Services Patient Engagement Solutions
Application Managed Service Patient Engagement Solutions
By End User :
Hospitals and Providers
Healthcare Payers
Pharmaceutical Companies
By Region :
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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