The global patient engagement solutions market was valued at USD 15.18 billion in 2020 and is expected to grow at a CAGR of 21.6% during the forecast period. Increasing utilization of electronic health records, rising burden of chronic diseases, a surge in usage of smartphones, and adoption of telehealth services, particularly by the old age population are the key factors responsible for market growth. This is illustrated by the survey conducted by National Health Service, in the UK, it is being observed that more than 91.5% of the patients felt assured while using technology-based medical care.
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Increasing usage of smartphones had expedited the adoption of digital health services for both consumers and service providers. Moreover, a surge in healthcare apps and the emergence of wearable devices enabled better patient care through proper health management solutions. This has augmented the more dependence of patients on mHealth apps. Hence, the situation of COVID-19 is bound to play a substantial role in healthcare digital transformation.
Moreover, favorable government initiatives in the coming years are likely to foster market growth. In line with this, FDA previously established the “Patient and Caregiver Connection” to promote solutions and services to adopt innovative patient engagements. The program was designed to foster effective engagement with caregivers, patients, and service providers for proper evaluation and surveillance of concerning treatment or surgeries.
Such connection programs are widely accepted in emerging markets. For instance, in March 2019, Columbia Asia Hospital collaborated with MphRx to introduce a patient engagement application to digitally transform medical care and services to invigorate patient engagement.
The market is primarily segmented on the basis of product, by function, by application, and geographic region.
By Delivery Type
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The software patient engagement solutions market segment accounted for the largest market revenue share, in 2020. Softwares are easy to install, use, and drug information can also be available on time and helps in the efficient real-time digital transfer of physician’s prescription. This software is primarily used in home healthcare and remotely monitoring of health in the market. One of the popular suites is the NextGen Office, a cloud-based HER, developed by Kareo. This is web-based billing and medical practice solutions.
The service patient engagement solutions segment is projected to witness the highest market growth over the study period. Service is one of the crucial parts of the effective operation of engagement solutions. It helps in leveraging analytics solutions on-premise or cloud, which enables prediction and interventions in the live training method. This also helps in providing personalized education to the patients which increases its adoption rate.
In 2020, the web-based patient engagement solutions segment accounted for the largest market revenue share. The adoption of web-based portals is increasing at an alarming rate, owing to its remote access, real-time data tracking, user-friendliness, data back-up, and several others integrated features. In line with this, the companies in the market for patient engagement solutions are investing heavily in cloud-based patient engagement solutions and services.
For instance, in May 2020, software giant, Microsoft introduced “Microsoft Cloud” catering to healthcare. The platform provides real-time engagement solutions, apart from data analytics and telehealth services. However, the on-premise patient engagement solutions segment is projected to register a lucrative market growth over the study period. It provides patient medical data security, easy accessibility, and easy retrieval. The inclination of on-premise services mostly due to its complete access to information.
In 2020, the North America patient engagement solutions market accounted for over 35.0% of the global industry. The region’s market dominance is attributed to the rapid adoption of mHealth solutions, significant investments in digital health, and favorable government policies supporting implementation.
Moreover, increasing patient awareness coupled with a rise in intent towards decreasing the cost of healthcare delivery to provide real-time diagnosis and treatment of the disease or any severe condition. Hence, with better implementation of innovative technologies, the region is likely to witness significant market growth for patient engagement solutions.
Asia Pacific patient engagement solutions industry is projected to witness a lucrative market growth over the study period. Advances in medical infrastructure, rising budget allocations to government and municipal hospitals, coupled with a rise in patient’s disposable income are the key factors contributing to the region’s growth. Moreover, economic development and strong government intent, particularly in India and China also supporting the region’s patient engagement solutions market growth.
The prominent players operating in the market for patient engagement solutions are Allscripts Healthcare Solutions, Cerner Corporation, McKesson Corporation, Phytel Inc., Medecision Inc., YourCareUniverse Inc., GetWellNetwork Inc., Orion Health Ltd., Lincor Solutions Ltd., and Athenahealth, Inc.