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Patient Engagement Solutions Global Market Report 2024 To 2033 | Cerner Corporation, Epic Systems Corporation, Allscripts Healthcare Solutions Inc., McKesson Corporation
Patient Engagement Solutions Market Share
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According to The Business Research Company's, The patient engagement solutions market size has grown rapidly in recent years. It will grow from $20.65 billion in 2023 to $23.55 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to shift towards value-based care, empowerment of informed patients, focus on preventive healthcare, personalized health plans and care journeys, population health management strategies..
The patient engagement solutions market size is expected to see rapid growth in the next few years. It will grow to $42.78 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to remote patient monitoring, personalized medicine, patient-reported outcomes, focus on health literacy, data analytics for population health management, precision medicine initiatives, focus on health equity, enhanced personalization through predictive analytics.. Major trends in the forecast period include telehealth and remote monitoring integration, data interoperability and integration with ehrs, two-way communication and teleconsultation, focus on user-centric design, patient education and health literacy initiatives..
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is significantly driving the growth of the patient engagement solutions market. Patient engagement solution is crucial in chronic disease management as patients with chronic conditions constant monitoring their health and the minor changes occurring in their bodies. These patient engagement solutions keep patients informed and engaged in their care program and adhere to the treatment plans, leading to more compliant patients, increased communication, more proactive interventions, lower costs, and higher quality of care. For instance, according to the study published by the National Council of Aging in 2021, in the United States, approximately 85% of older adults have been affected by one chronic disease, while 60% of older adults are affected by two or more chronic diseases. Therefore, the increasing prevalence of chronic diseases is expected to boost the patient engagement solution industry during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Cerner Corporation, Epic Systems Corporation, Allscripts Healthcare Solutions Inc., McKesson Corporation, athenahealth Inc., International Business Machines Corporation, Medecision Inc., Orion Health Ltd., GetWellNetwork Inc., Oneview Healthcare PLC, Medical Information Technology Inc., IQVIA Holdings Inc., Computer Programs and Systems Inc., Cognizant Technology Solutions Corporation, Symphony Care LLC, Harris Computer Corporation, Kareo Inc., CureMD Healthcare Inc., eClinicalWorks LLC, Well-Beat Interactive Limited, AdvancedMD Inc., WellSky Inc., CipherHealth Inc., drchrono Inc., Luma Health Inc., PatientPoint LLC, Experian Health PLC, Agilon Health Inc., Medtronic plc, Physitrack Health Pty. Ltd.
Patient Engagement Solutions Market 2024 Key Insights:
• The patient engagement solutions market size is expected to see rapid growth in the next few years. It will grow to $42.78 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
• Rising Chronic Disease Prevalence Drives Growth In Patient Engagement Solutions Market
• Technological Innovation Drives Advancements In The Patient Engagement Solutions Market
• North America was the largest region in the patient engagement solutions market in 2023
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