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The Patient Engagement Solutions Market Size is valued at USD 22.60 Bn in 2023 and is predicted to reach USD 62.51 Bn by the year 2031 at a 13.62% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The influence in achieving better patient care, easy self-monitoring, quick results, early diagnosis, and fast treatment are reasons for the market's growth.
- The increasing number of chronic illnesses and ailments is expected to drive industry growth.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the high placement costs of healthcare IT systems and lack of technology penetration.
The patient engagement solutions facilitate communication between patients and healthcare providers, help patients manage their medical records, provide educational resources, and improve the patient-doctor relationship. Healthcare professionals use wearables, educational resources, mobile apps, and other technologies to interact with patients. Additionally, these solutions allow patients to quickly seek medical care and monitor vital signs in real time for healthcare decisions.
The growing advantages and applications of patient engagement solutions have increased the interest of market players, resulting in a strong spur in investment activity in this sector in order to strengthen their patient engagement solution portfolio. For instance, in August 2022, Athenahealth added an automated patient engagement feature to help with medication adherence. The new release of the athenaOne EHR and practice management suite includes DrFirst's RxInform automated patient messaging to help patients follow prescribed treatment plans.
The market for patient engagement solutions is expanding significantly due to the high prevalence of chronic diseases, increasing government initiatives to support IT growth in healthcare, and the fast adoption of cloud-based technologies by healthcare services. However, security concerns and the lack of awareness of patient engagement solutions among people restrain the market growth.
Competitive Landscape:
Some of the Patient Engagement Solutions Market Players are:
- • McKesson Corporation
• Veradigm
• Oracle Corporation
• Merative
• Epic Systems Corporation
• Orion Health
• GetWellNetwork
• athenahealth
• Oneview Healthcare
• MEDITECH
• IQVIA
• Get Real Health
• Cognizant
• Harris Healthcare
• Kareo
• CureMD Healthcare eClinicalWorks
• Lincor Solutions
• AdvancedMD
• Luma Health Inc.
• WellStack
• Vivify Health
• Medhost
• MEDISYSINC
• Patient point LLC
Market Segmentation:
The patient engagement solutions market is categorized by component, delivery mode, application, therapeutic area, functionality, and end-user; the market is segmented by components into hardware, software, and services. The hardware segment is further sub-segmented into in-room televisions, integrated bedside terminals/assisted devices, and tablets. The software segment is sub-segmented into standalone software and integrated software. The market is segmented as per the delivery mode into on-premises mode and cloud-based mode. The market is divided by application into health management, home health management, social & behavioural management, and financial health management.
The market is segmented by therapeutic area into chronic diseases, other chronic diseases, women’s health, fitness, and other therapeutic areas. The chronic diseases segment is sub-segmented into cardiovascular diseases (CVD), diabetes, and obesity. The market is segmented by functionality into introduction, e-prescribing, telehealth, patient/client scheduling, document management, patient education, billing & payments, and other functionality. The market is segmented by end users into providers, payers, patients, and other end users. The provider segment is further sub-segmented into hospitals and healthcare systems, ambulatory care centres, and home healthcare. The payers segment is sub-segmented into private and public.
The Cloud-Based Solution Segment Is Expected To Drive The Patient Engagement Solutions Market In The Coming Years
By deployment option, the Cloud-Based Solution segment is predicted to drive the patient engagement solutions market over the forecast period. This can be credited to the fact that the cloud is a safer platform, more flexible, and affordable, and it enables strong compliance with HIPAA regulations. Furthermore, cloud-based solutions offer low handling costs, convenient accessibility, remote real-time data tracking, and simple data backup capabilities.
By End-User, The Healthcare Providers Segment Witnessed Growth At A Rapid Rate
The Healthcare Providers segment ruled the global patient engagement solutions market. Due to the rising prevalence of chronic diseases, increasing use of routine care procedures, and complex healthcare decision-making. Nowadays, healthcare providers offer AI-powered chatbots that are available for 24/7 communication. This can serve as the first line of response by filtering patient calls, answering simple questions, pointing patients to valuable resources, or redirecting them to a human provider, which saves patients' prolonged call waiting time. Thus, the adoption of patient engagement solutions by healthcare providers can drive business expansion in the upcoming years.
Regionally, North America Led The Patient Engagement Solutions Market.
The North American patient engagement solutions market is anticipated to have the highest market share in terms of revenue due to the presence of key players, growing investment in medical information & patient engagement software by major players, and the increasing use of digital healthcare systems. In addition, growth should accelerate with increased awareness and government spending in the health sector. Other factors include government regulations to support healthcare system modifications and increased risk of chronic and infectious diseases.
In addition, Asia Pacific is expected to be the fastest-growing regional market in the upcoming years. Factors including the high prevalence of chronic diseases, well-established healthcare infrastructure, rising awareness levels, and government initiatives to support IT growth in healthcare contribute to the industry expansion.
Key Developments In The Market:
- In May 2023, Athenahealth, Inc. announced that LCH Health and Community Services had implemented athenaOne, athenahealth’s integrated, cloud-based electronic health record (EHR), medical billing, and patient engagement solution, and athenaOne Dental, to provide a more unified experience for its patients & providers and to support the nonprofit’s growth strategy.
- In May 2023, MediBuddy collaborated with Indel Money Limited to provide Indel Money Gold customers with access to various healthcare services, including unlimited General Physician consultation, health check-ups, and lab benefits up to Rs. 1000, and free delivery of medicines.
Patient Engagement Solutions Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 22.60 Bn |
|
Revenue Forecast In 2031 |
USD 62.51 Bn |
|
Growth Rate CAGR |
CAGR of 13.62 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By component, By Delivery Mode, By Application, By Therapeutic area, By Functionality, By End-user and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; South East Asia |
|
Competitive Landscape |
McKesson Corporation, Veradigm, Oracle Corporation, Merative, Epic Systems Corporation, Orion Health, GetWellNetwork, athenahealth, Oneview Healthcare, MEDITECH, IQVIA, Get Real Health, Cognizant, Harris Healthcare and Others. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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