Patient Engagement Solutions Market Size Is Anticipated to Reach USD 42,600 Million By 2025 | Share Analysis, Key Insights and Regional Outlook
Research Reports
Dec 29, 2020
Patient Engagement Solutions Market Overview
MRFR (Market Research Future) projects the patient engagement solutions market to surpass USD 42,600 Million by 2025. It is also expected that the patient engagement solutions market size can expand at a rate of 18.90% between 2019 and 2025 (analysis period). We will provide COVID-19 impact analysis with the report, combined with an in-depth analysis following the coronavirus disease outbreak.
COVID-19 Impact on Patient Engagement Solutions Market
The novel coronavirus has caused a substantial reduction in patient visits to medical facilities, impacting patient adherence and the entire health system. Patient engagement solutions adopted by healthcare is proving to be a useful in the COVID-19 era, for filling the knowledge gap among patients, providing educational and informative services to deal with any disease and also offer information with regard to administration and dosage.
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Digitization has emerged as the most sought-after tool, especially owing to the mounting SARS-CoV-2 cases and the subsequent lockdown. People are able to remain connected to healthcare officials for exercise, stress and diet management, as well as information regarding insurance and more. Patient engagement solutions are also in demand in these chaotic times since they facilitate remote delivery. Given the lack of face-to-face interactions during the pandemic, patients are increasingly adopting telehealth and various digital platforms for health management, which could bolster the appetite for digital engagements in the future and also, benefit the patient engagement solutions market in the long term.
Top Boosters and Deterrents
Over the past few years, much before the COVID-19 outbreak, the patient engagement solutions market had already picked up a lot of steam, given the rising cases of chronic diseases and the expanding elderly population. In 2017, CDC statistics confirmed that close to 1.3 million diabetes cases were registered in the United States alone. In response to the surging prevalence of diabetes, firms are steering their focus towards developing patient engagement solutions. These solutions are proving to be particularly helpful for the self-care clinical services located in remote areas. Patient engagement solutions are also observing strong demand in healthcare as these facilitate cost reduction, operational efficiency, and accurate outcomes.
The market’s favorable growth is also the result of the frequent technological innovations, rising number of ambulatory services, and the supportive government initiatives across countries. Considerable investments by renowned firms in the healthcare IT industry paired with the soaring demand for patient engagement solutions in emerging countries could benefit the global market in the near future. For example, in 2019, Columbia Asia Hospitals with branches in India, Malaysia, Vietnam and Indonesia developed a patient engagement application suite along with MphRx. The application has digitally transformed healthcare while boosting patient engagement.
The market vendors are fiercely competitive, given their high focus on adopting new approaches including mergers, geographic penetration, collaborations and acquisitions to bolster their business footprints. To illustrate, in August 2020, Xealth collaborated with Cerner Corporation with the key objective of enhancing patients’ healthcare experience and help them be more active while receiving treatment. The combination of Xealth’s expertise and Cerner’s technology will result in a patient portal offering that would provide extensive health information and also enable the teams to monitor the patient engagement parameter and the resultant effect on the patient’s recovery.
Patient Engagement Solutions Market Segmentation
Patient engagement technology market has been extensively analyzed in the report, while considering component, delivery mode, therapeutic area, application, and end user as the key segments.
The primary components covered in the market study are software, service and hardware. The software-based segments are standalone software as well as integrated software. Patient engagement software can most likely secure the leading post over the coming years.
The delivery modes considered in the MRFR report are cloud-based, on-premise and web-based. The cloud-based delivery mode is projected to take over the global market in the years ahead, with the key reason cited to be the accelerated use of cloud-based systems in the healthcare industry. Also, the overall growth of the digital patient engagement market over the past couple of years, especially in developing countries has been favorable for cloud based systems.
The therapeutic areas where patient engagement solutions are used extensively include women’s health management, fitness management, chronic disease, and others. The first position has been claimed by the chronic disease segment, given the drastic surge in the number of cases across the world.
The applications of patient engagement solutions inclu
de health management, social management, financial health management and home health management.
Some of the significant end users in the global market are individual users, healthcare payers, hospitals and healthcare providers, and others. The hospitals and healthcare providers segment is all set to capture the biggest share in the worldwide market, since these centers are preferred over other facilities as the primary spot for patients undergoing treatment.
Patient Engagement Solutions Market Regional Outlook
The market’s regional distribution comprises the Americas, Middle East & Africa or MEA, Asia Pacific or APAC as well as Europe.
The significant growth of the care management solutions market and the high adoption rate of cloud-based solutions have landed the Americas at the top position in the global industry. The increased preference for EHR/electronic health record and mhealth among healthcare professionals and patients along with the rising spending on patient engagement software solutions by reputed firms in the region also induce substantial revenues. In addition, the lucrative healthcare sector in the region backed by high government spending and the rapid uptake of innovative and modern technologies by the masses also adds to the market value to a large extent.
APAC can emerge as a highly profitable market in the following years, in view of the growing need for new and innovative systems as well as healthcare infrastructure. Economic growth across countries like India and China has been another key growth booster in the market. The boom in the region’s fitness industry has been quitter favorable as more and more people are focusing on health management; and are therefore adopting tracking apps and wearables. This can be an excellent opportunity for the leading firms in the patient engagement solutions market.
Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/patient-engagement-solutions-market-8373
Patient Engagement Solutions Market Top Companies
The companies that are dominating the global market include Welvu (US), Get Real Health (US), Allscripts Healthcare Solutions, Inc. (US), Medecision, Inc. (US), Orion Health Ltd. (New Zealand), Lincor Solutions (US), Oneview Ltd (Ireland), Mckesson Corporation (US), Athenahealth Inc. (US), Aetna Inc. (US), Cerner Corporation (US), IBM (US), to name a few.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
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