The market size of the Global Patient Engagement Solutions Market in the year 2021 is valued at 12.16 billion and is predicted to reach 31.85 billion by the year 2030 at an 11.56% CAGR during the forecast period.
The term "patient engagement" describes how involved healthcare workers are in their patient's health and wellness. Clinicians have access to the patient data that is kept in a patient engagement system. Patients can use a mobile device, tablet, or computer to contact their healthcare providers using a patient engagement platform. Due to the global increase in chronic disease cases, patient engagement solutions enjoy increasing popularity. The International Diabetes Federation estimates that 537 million individuals worldwide between the ages of 20 and 79 have diabetes. By 2030, there will be 643 million cases of diabetes worldwide, and by 2045, there will be 783 million cases. The main drivers of market expansion include the rising adoption of smartphones and mobile health (mHealth) to facilitate better inpatient treatments. Solutions for patient participation aid in enhancing hospital efficiency, security, economics, and patient outcomes, among other things.
Their rising popularity, supported by several beneficial government measures, will create profitable expansion opportunities for the industry. However, the lack of health literacy has done more to impede market expansion. Additionally, there would be more chances due to the need for value-based medications brought on by increased social pressure and a significant move toward patient-specific treatments.
The patient engagement solutions market is segmented on component, functionality, delivery mode and end-use. Based on components, the market is segmented into software & hardware, standalone, integrated, service, consulting, training, training & implementation, support & maintenance and others. Based on the functionality, the market is segmented into communication, health tracking & insights, billing & payments, administration, patient education and others. Based on the delivery mode, the market is segmented into on-premise and cloud-based solutions. Based on application, the market is segmented into home health management, population health management, outpatient health management and financial health management. Based on the end-user, the market is segmented into providers, payers, patients and others. Based on the therapeutic area, the market is segmented into health & wellness, chronic disease management and others.
Based on delivery mode, the cloud-based solution category is accounted as a major contributor to the patient engagement solutions market.
The cloud-based solution category dominated the market in 2021. These solutions are becoming more popular due to their integrated features, convenient accessibility, low handling costs, remote real-time data tracking, and simple data backup capabilities. Companies are investing in web- and cloud-based patient engagement solutions because of the factors above. For instance, Microsoft debuted its first industry-specific cloud, Microsoft Cloud for Healthcare, in May 2020. The platform's telemedicine and data analytics features help physicians improve patient engagement and collaboration among health teams.
The outpatient health management category witnessed growth at a rapid rate.
The outpatient health management category dominated the market in 2021. Patients diagnosed with chronic diseases need to be watched and informed about how to treat their condition. Patients are now more involved in planning, monitoring, and optimizing their care due to growing healthcare consumerism. Patient engagement tools also allow patients to communicate with their healthcare professionals at a distance, facilitating the efficient exchange of information, patient feedback, and other health-related data. For instance, the CDC supported 13 state programs for managing and preventing arthritis in November 2019 to raise the standard of living and patient care for people with arthritis in rural areas. Due to the expanding selection of goods and rising demand, it is anticipated that more medical device, pharmaceutical, and other life science companies will employ patient engagement solutions for R&D.
The North American patient engagement solutions market holds a significant regional revenue share.
The North American patient engagement solutions market is expected to register the highest market share in revenue shortly because of important players, increased mHealth and EHR usage, and growing investment in patient engagement software by big businesses. Additionally, the rise is anticipated to be accelerated by rising awareness levels and government spending in the healthcare industry. Most of the major market players are based in the region, which is one of the key factors boosting the market's growth. Other essential factors include government regulations supporting the healthcare system, the need to lower healthcare costs for better accessibility, the rising prevalence of chronic diseases, and the rising prevalence of infectious diseases. In addition, Asia Pacific is projected to increase in the global patient engagement solutions market. A growing patient population, an improved healthcare infrastructure, an increase in the quality of care, and local companies are just a few of the essential aspects projected to provide the market with profitable growth prospects over the projection period. The expansion of this region is also being aided by the economic progress of nations like China and India.
The key players in the patient engagement solutions market have shifted their focus toward product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance their product portfolio and strengthen their global market footprint. Key players in the patient engagement solutions market are Cerner Corporation (Oracle), NXGN Management, LLC., Epic Systems Corporation, Allscripts Healthcare, LLC, McKesson Corporation, ResMed, Klara Technologies, Inc., Koninklijke Philips N.V., Athenahealth Inc. and CPSI.