Patient Engagement Solution in Depth Study and Huge Demand In Future 2024-2031: Medecision, Inc., Cerner Corporation, Phytel

Market Overview:

Patient engagement solutions are web- and mobile-based platforms that help empower and activate patients to take a more proactive role in their own care. These solutions provide educational resources to patients and help coordinate communication between providers and patients.

Market Dynamics:

Rising awareness among patients regarding taking proactive role in their own healthcare and increasing investment by hospitals to improve patient experience are expected to drive growth of the global patient engagement solution market over the forecast period. Various government initiatives in developed economies are focused on educating patients and encouraging self-management of chronic conditions through mobile health solutions which is further expected to support market growth. For instance, initiatives like Affordable Care Act (ACA) in the US and National Health Service (NHS) initiative in the UK are promoting patient engagement. Moreover, growing need to curb healthcare costs is pushing providers to shift focus from hospital-centered model to patient-centered model of care which is anticipated to boost adoption of patient engagement solutions.

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Top Companies Covered In This Report: Medecision, Inc., Cerner Corporation, Phytel, Inc., iMD Health Global Corp., Axial Exchange, Orion Health, Emmi Solutions LLC, Athenahealth, Inc., RingCentral, InteliChart, Radix Health, GetWellNetwork, Inc., Pomelo Health, eVideon, and SeamlessMD

Market Segmentation:

By Delivery Mode: On Premise, Software as a Service, Application Managed Service.

By End User: Public/Private healthcare institutions, Hospitals, Clinics.

Geographically, the detailed analysis of consumption, revenue, Patient Engagement Solution Market share, growth rate, etc. of the following regions:

» North America (United States, Canada, and Mexico)
» Europe (Germany, France, UK, Russia, Italy)
» Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
» Latin America (Brazil, Argentina, Colombia)
» Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

Market Dynamics:

Rising awareness among patients regarding taking proactive role in their own healthcare and increasing investment by hospitals to improve patient experience are expected to drive growth of the global patient engagement solution market over the forecast period. Various government initiatives in developed economies are focused on educating patients and encouraging self-management of chronic conditions through mobile health solutions which is further expected to support market growth. For instance, initiatives like Affordable Care Act (ACA) in the US and National Health Service (NHS) initiative in the UK are promoting patient engagement. Moreover, growing need to curb healthcare costs is pushing providers to shift focus from hospital-centered model to patient-centered model of care which is anticipated to boost adoption of patient engagement solutions.

Rising Prevalence of Chronic Diseases is Influencing the Growing Adoption of Patient Engagement Solutions

The rising prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases across the world has become a major public health concern. Various studies have highlighted that chronic diseases have significantly contributed to the increasing healthcare expenditure globally. As per the World Health Organization, chronic diseases accounted for approximately 60% of total reported deaths in the world in 2001. With growing medical costs associated with the treatment of such diseases, healthcare providers are focusing on empowering patients to play an active role in managing their conditions through self-care and preventive measures. This is driving the demand for patient engagement solutions that offer features like medication management, appointment scheduling, disease education, and remote patient monitoring. Such solutions allow providers to remotely track patient health data, treatment adherence, and outcomes. This facilitates early detection of deterioration in health conditions and prevents expensive emergency hospital visits and readmissions.

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Stringent Regulatory Compliance is a Key Challenge for Solution Providers

Healthcare is one of the most stringently regulated industries globally. Solution providers in the patient engagement market need to adhere to diverse privacy and data security laws and regulations across different regions and countries. Any non-compliance can result in severe penalties, financial losses, client distrust, and reputational damage. Solution platforms are expected to collect, process, and store sensitive personal health information of patients. Ensuring the confidentiality, integrity, and availability of such critical data as per evolving compliance guidelines poses operational and financial challenges. Providers also need to navigate different jurisdictional requirements for data localization, cross-border data transfers, and breach notification protocols. Demonstrating compliance throughout the product development and management lifecycle increases complexity and costs. Constraints around overcoming regulatory barriers can hamper the global expansion plans of companies and limit market access.

Remote Patient Monitoring Presents Significant Growth Potential

The Covid-19 pandemic led to overwhelming demand on healthcare infrastructure globally and highlighted the need to shift to more virtual and decentralized care delivery models. Remote patient monitoring (RPM) solutions allow providers to conduct regular check-ups and collect vital medical parameters outside traditional clinical settings through wireless devices and digital interfaces. This reduces exposure risks for patients with chronic conditions and minimizes unnecessary physical visits. RPM also helps address workforce shortage issues by enabling providers to remotely track larger pools of at-risk patients. With their ability to enhance accessibility, affordability and convenience of care, RPM solutions are expected to experience major uptake in the coming years. Various studies indicate these solutions can lower hospitalization rates by over 50% for patients with chronic diseases through early detection of health deteriorations. As reimbursement policies evolve to support virtual care delivery, RPM is likely to emerge as one of the most promising growth opportunities within the broader patient engagement market.

Increasing Focus on Interoperability is Driving Platform Consolidation

Lack of interoperability between disparate patient engagement solutions, clinical systems and health records has been a long-standing challenge facing the industry. Presently, many providers employ solutions from multiple vendors with limited abilities to seamlessly exchange and integrate data. This negatively impacts care coordination, workflow productivity and clinical decision-making. Regulators are implementing policies to promote open platforms, common standards and seamless data exchange between legacy and new systems. This is prompting companies to make strategic mergers and acquisitions aimed at offering integrated ecosystem platforms that connect all stakeholders on a single network. Large enterprises are acquiring or partnering with smaller specialized players to offer a complete technology suite addressing engagement, EHR, RPM, care collaboration and payment functions. This market trend towards unified interoperable networks is expected to accelerate platform consolidation with big vendors offering one-stop solutions matching omnichannel provider and patient needs.

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𝐅𝐀𝐐'𝐬

Q.1 What are the main factors influencing the Patient Engagement Solution market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market's opportunities, risks, and general structure?
Q.4 Which of the top Patient Engagement Solution Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Patient Engagement Solution market's distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area's assessment of agreements, income, and value implicate?

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