Patient Engagement Solutions Market Latest Trends and Future Aspect Analysis

Patient Engagement Solutions Market to reach over USD 42.43 Bn by the year 2031 - Exclusive Report by InsightAce Analytic

"Patient Engagement Solutions Market" in terms of revenue was estimated to be worth $12.19 billion in 2023 and is poised to reach $42.43 billion by 2031, growing at a CAGR of 17.18% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Patient Engagement Solutions market are:
• Implementation of government regulations and initiatives
• Growing use of mobile applications
• Chronic illnesses and ailments

The following are the primary obstacles to the Patient Engagement Solutions market's expansion:
• Inadequate interface across healthcare providers
• High placement costs of healthcare IT systems
• Lack of technology penetration

Future expansion opportunities for the global Patient Engagement Solutions market include:
• Growth opportunities in emerging markets
• Increasing adoption of new technologies

Market Analysis:

With the rise in chronic disease cases, patient engagement solutions enjoy increasing popularity. The main drivers of market expansion include the rising adoption of smartphones and mobile health (mHealth) to facilitate better inpatient treatments. Furthermore, the increasing popularity of patient engagement solutions, supported by several beneficial government measures, is expected to promote the expansion of the industry. Patients can now use a mobile device, tablet, or computer to connect with their healthcare providers using a patient engagement platform.

List of Prominent Players in the Patient Engagement Solutions Market:
• Cerner Corporation (Oracle)
• NXGN Management, LLC.
• Epic Systems Corporation
• Allscripts Healthcare, LLC.
• McKesson Corporation
• ResMed
• Klara Technologies, Inc.
• Koninklijke Philips N.V.
• Athenahealth Inc.
• CPSI

Patient Engagement Solutions Market Report Scope:

Report Attribute Specifications
Market size value in 2023 USD 12.19 billion
Revenue forecast in 2031 USD 42.43 billion
Growth rate CAGR CAGR of 17.18% from 2024 to 2031
Quantitative units Representation of revenue in US$ Million, and CAGR from 2024 to 2031
Historic Year 2019 to 2023
Forecast Year 2024-2031
Report coverage The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments covered By Deployment Option, By Type of Solution Offered, By Application Area, By End-User
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Recent Developments:
• In March 2022, DeliverHealth launched its partner program. The deliverHealth program braces strategic partners within the ecosystem, increasing sales domestically and internationally while authorizing healthcare organizations to simplify the daily complexities of healthcare, create better patient outcomes, and reduce overall costs.
• In March 2022, the EHR vendor Epic initiated its first-ever customer relationship management technology for health systems called Cheers. The EHR vendor developed Cheers after several Epic customers requested capabilities to better connect with patients, especially as COVID-19 strained health systems.
• In December 2021, Northwell Health in the U.S. has implemented a patient engagement platform by Playback Health at certain clinical sites to grow mobility and share point-of-care medical data while conforming to health information security regulations.

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Patient Engagement Solutions Market Dynamics:
Market Drivers: Implementation of Government Regulations and Initiatives
Implementing government initiatives and regulations to assist patient-centric care has become a driving factor for the patient engagement solutions market. It has increasingly acknowledged the significant role of patient involvement in healthcare decision-making and overall results. Furthermore, standard regulatory frameworks such as the Health Insurance Portability and Accountability Act (HIPAA) foregrounds patient privacy and security, fostering trust and promoting the adoption of secure patient engagement solutions. Such initiatives underlines a sustained effort to drive patient-centric care through the widespread adoption of advanced patient engagement solutions.

Challenges: High Placement Costs of Healthcare IT Systems
The high placement cost of healthcare IT systems is an important challenge to the industry, demanding encompassing software, substantial financial investment, hardware, infrastructure, and ongoing maintenance expenses. Such expenses relating to staff training, data migration, and system customization contribute to an increased cost burden, which impedes the widespread adoption of advanced healthcare IT solutions. Furthermore, healthcare providers must face the upfront costs of acquiring and integrating sophisticated IT systems.

North America Is Expected To Grow With the Highest CAGR during the Forecast Period
The North America Patient Engagement Solutions Market is likely to register a significant revenue share and develop at a rapid CAGR soon. This is due to the important players, increased EHR usage, mHealth, and growing investment in patient engagement software by market players. Other factors include the need to lower healthcare costs for better accessibility, government regulations supporting the healthcare system, the rising prevalence of chronic diseases, and the rising prevalence of infectious diseases. Furthermore, the rising awareness level and government spending in the healthcare industry is anticipated to accelerate the market growth.

Segmentation of Patient Engagement Solutions Market-
By Deployment Option-
• Cloud-based Solution
• On-Premise Solutions
• Web-based Solutions
By Type of Solution Offered-
• Appointment Management Solutions
• Electronic Health Record Integration Solutions
• Patient Education Solutions
• Remote Patient Monitoring Solutions
• Other Solutions
By Application Area-
• Financial Health Management
• Fitness and Well-being
• Home Health Management
• Research and Development
• Social Health Management
By End-user-
• Healthcare Providers
• Individuals
• Payers
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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