Press release
Patient Engagement Solutions Market Share Growing at 11.5% CAGR Reach USD 50.5 Billion by 2032
The notable factors positively affecting the patient engagement solutions market include rise in awareness regarding mobile health among people and growth in emphasis on electronic health record (HER) reports. However, extensive investments required for healthcare infrastructure and high complexity associated with the integration of advanced solutions with existing healthcare infrastructure components often hinder market growth. However, rise in significance of cloud computing technologies to deliver remote patient monitoring and assistance services offers lucrative market opportunities for the market players.
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The global platform as a service market size was valued at USD 44 billion in 2020, and is projected to reach USD 319 billion by 2030, registering a CAGR of 22.0% from 2021 to 2030.
The platform as a service market is segmented by type, deployment mode, organization size, industry vertical, and region. By type, the market is fragmented into application PaaS, integration PaaS, database PaaS and others. By deployment mode, the market is bifurcated into public and private mode. By organization size, it is classified into large enterprise and small and medium enterprise. By industry vertical, it is divided into BFSI, consumer goods and retail, telecommunication, it and ITeS, manufacturing, healthcare and life sciences, energy and utility and others. By region, the PaaS market is studied across North America, Europe, Asia-Pacific and LAMEA.
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On the basis of component, the software segment held the highest market share in 2022, accounting for less than two-fifths of the patient engagement solutions market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growth in need for a high level of personalization one of the primary reasons enterprises have increased their investment in the patient engagement solutions market.
On the basis of deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than half of the patient engagement solutions market revenue, an increase in the need for secure and reliable data within the organization has fueled the market growth for on-premises-based patient engagement solutions. However, the cloud segment is expected to portray the largest CAGR of 12.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
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On the basis of region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the patient engagement solutions market revenue. The increase in the usage of patient engagement solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 14.3% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.
Competition Analysis
Competitive analysis and profiles of the major players in the Aetna Inc., Allscripts Healthcare Solutions, Inc. (Veradigm LLC), Athenahealth, Oracle Corporation, EPIC Systems Corporation, GetWellNetwork, Inc., IBM Corporation, IQVIA Inc., Lumeon Inc., McKesson Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the market globally.
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Recent Partnership in the Market
In April 2023, Aetna partnered with Mae on improving maternal healthcare for black women. Under the partnership, members of Aetna are expected to be able to access engagement platform of Mae that helps patients track physical, social, and emotional needs during pregnancy and postpartum.
In April 2023, Microsoft Corporation collaborated with Epic, to develop and integrate generative AI into healthcare by combining the scale and power of Azure OpenAI Service1 with Epic's industry-leading electronic health record (EHR) software.
Recent product launches in the Market
In September 2023, Oracle Corporation launched a new generative AI healthcare assistant designed to save clinicians time by responding to voice commands.
In April 2023, athenahealth, Inc. launched athenahealth Patient Digital Engagement Index, a first-of-its-kind measurement capability for medical practices to understand how patients use digital tools when receiving care - and how to take the interaction to the next level.
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