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Patient Engagement Solutions Market: Rising Awareness about Self-Care Drives the Market’s Growth
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The inclusion of IT in healthcare services has played an important role in improving the operations of hospitals and healthcare organizations. Patient-oriented software and m-health applications are tools for patients to maintain their health and manage their medical regimen. The substitution of paper-based health records by electronic health records is observed as a key trend in transforming the global healthcare services market. Alongside this, the limited number of patient beds and the growth of the aging population have played a crucial role in the adoption of patient engagement solutions by hospitals and healthcare providers. Furthermore, this has played a major role in reducing patient re-admissions to hospitals.
The patient engagement solutions market is segmented on the basis of delivery mode and end-users. On the basis of delivery mode the market is further segmented into self-hosted, software as a service (SaaS), and application managed services. In 2014, self-hosted solutions were the most preferred form. However, the application managed services segment is expected to expand at a substantial CAGR over the forecast period. This growth will be majorly dependent on the ease of access and on-the-go services provided by smartphones and PDAs. On the basis of end-users, the patient engagement solutions market is segmented into hospitals and providers, healthcare payers, and pharmaceutical companies.
In 2014, hospitals and healthcare providers were the major users of patient engagement solutions. However, the pharmaceutical companies segment is expected to show promising growth during the forecast period, as a large number of companies are expected to refer to patient engagement solutions to meet their R&D requirements and curb the huge investment incurred. The increased interest in these solutions from pharmaceuticals is owing to the medical feedback obtained from patients and physicians about the prescribed drugs/medicines from patient engagement solutions, which plays an important role for these companies in improving the medicines and pipeline their R&D needs.
Currently, North America is expected to emerge as the largest market for patient engagement solutions, worldwide. Growth of the patient engagement solutions market in the region is mainly supported by government reforms and increased demand for quality healthcare services. Along with this, incentive-based payments for healthcare organizations and payers is driving the growth of this market in the region.
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The patient engagement solutions market is fragmented in nature, with many global and local companies present. The prominent strategies adopted by key players in the patient engagement solutions market are expansion of their businesses globally and further domestic market penetration in order to address the varying and increasing requirements of the customers. For instance, Cerner Corporation is focused on engaging with other key companies to further penetrate the patient engagement solutions market. Recently, company has made several strategic collaborations with the companies such as Qualcomm Inc., Geisinger Health System, and XG Health Solutions. These partnerships are aimed at developing new patient healthcare solutions that meet users’ requirements and are lower in cost.
Key players in the patient engagement solutions market include McKesson Corporation, Axial Exchange Inc., Medecision, Inc., Phytel, Inc. (An IBM Company), Emmi Solutions, LLC, Allscripts Healthcare Solutions, GetWellNetwork Inc., Orion Health Ltd., and Athena Health, Inc.
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