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Patient Engagement Solutions Market Anticipated To Witness Robust Growth, Surpassing $51.45 Billion By 2029
Patient Engagement Solutions
What Is the Current Patient Engagement Solutions Market Size and Its Estimated Growth Rate?
In recent times, the patient engagement solutions market has seen a swift expansion. The market scale, which currently stands at $23.04 billion as of 2024, is projected to inflate to $26.01 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 12.9%. The notable growth experienced in the previous period is credited to aspects such as the transition towards value-based care, the rise of well-informed patients, emphasis on preventive healthcare measures, tailoring of individual health plans and care journeys, along with population health management approaches.
The market for patient engagement solutions is anticipated to experience a swift expansion in the upcoming years. It is projected to escalate to $51.45 billion in 2029, growing at a compounded annual growth rate (CAGR) of 18.6%. The anticipated augmentation during the forecast period could be linked to factors such as patient monitoring from a distance, custom-tailored medicine, patient-provided outcomes, emphasis on health literacy, data analysis for managing population health, initiatives for precision medicine, focus on promoting health equity, and improved personalization via predictive analytics. Key trends during the forecast period involve incorporation of telehealth and remote monitoring, data compatibility and integration with Electronic Health Records (EHRs), bidirectional communication and teleconsultation, concentration on a user-centric design, and initiatives for patient education and health literacy.
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How Are Emerging Segments Shaping the Patient Engagement Solutions Market Landscape?
The patient engagement solutions market covered in this report is segmented -
1) By Component: Software And Hardware, Services
2) By Delivery Type: Web And Cloud-Based, On-Premise
3) By Application: Health Management, Home Health Management, Social and Behavioral Management, Financial Health Management
4) By Therapeutic Area: Chronic diseases, Women's Health, Fitness, Other Therapeutic Areas
Subsegments:
1) By Software And Hardware: Patient Portals, Mobile Health Applications, Remote Monitoring Devices, Wearable Devices, Telehealth Platforms, Electronic Health Records (EHR) Integration Tools
2) By Services: Consulting Services, Implementation And Integration Services, Training And Education Services, Technical Support And Maintenance, Data Analytics And Reporting Services
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Which Growth Factors Are Influencing Patient Engagement Solutions Market Expansion?
The growth of the patient engagement solutions market is being significantly propelled by the escalating prevalence of chronic diseases. These solutions are fundamental in managing chronic ailments as patients with long-term conditions habitually track their health and minute changes in their bodies. Patient engagement solutions ensure that patients are kept updated and involved in their health care program and they stick to the treatment plans, which results in more compliant patients, enhanced communication, more preemptive interventions, reduced costs, and superior care. For example, the World Health Organization, a Switzerland-based United Nations agency, estimated in February 2024, that there will be over 35 million new cancer cases by 2050, marking a 77% increment compared to the estimated 20 million cases in 2022. Consequently, the escalating prevalence of chronic diseases is anticipated to stimulate the patient engagement solution market during the forecast period.
Who Are the Dominant Players Across Different Patient Engagement Solutions Market Segments?
Major companies operating in the patient engagement solutions market include 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, Harris Computer Corporation, Kareo Inc., CureMD Healthcare Inc., eClinicalWorks LLC, 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.
What Are the Latest Developing Trends in the Patient Engagement Solutions Market?
The rise of technological advancements is an escalating trend in the patient engagement solutions market. Major players in this market are concentrating on offering solutions that incorporate advanced technology and innovative elements such as salesforce CRM, video API, text API, and comprehensive patient engagement via AI and ML to fortify their market standing. For instance, in March 2022, UST, a digital transformation solutions provider in the US, collaborated with Well-Beat, an Israeli startup, to integrate a human touch into healthcare via behavioral AI. Together they designed a digital patient engagement SaaS solution, which compiles patient data from short surveys, medical records, and connected devices to provide intelligent interventions and personalized patient journeys.
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Which Geographic Regions Are Expected to Dominate the Patient Engagement Solutions Market in the Coming Years?
North America was the largest region in the patient engagement solutions market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patient engagement solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Patient Engagement Solutions Market?
2. What is the CAGR expected in the Patient Engagement Solutions Market?
3. What Are the Key Innovations Transforming the Patient Engagement Solutions Industry?
4. Which Region Is Leading the Patient Engagement Solutions Market?
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