Patient Engagement Solutions Market
Patient Engagement Solutions Market (Delivery Mode - Self-hosted, Software as a Service (SaaS) and Application Managed Services, End-users - Hospitals & Providers, Healthcare Payers, and Pharmaceutical Companies) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
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Patient Engagement Solutions Market - Snapshot
Patient engagement solutions comprise various services, associated hardware, and healthcare information technology solutions. These services are utilized for engaging patients with their own health. These platforms make use of patient centric healthcare delivery system to improve health outcome and ensure value-based care, which is estimated to bolster the global patient engagement solutions market in near future.
Patient engagement solutions make an offering of a platform for better reach and engagement of patients, improved communication between healthcare providers and patients, building trust, and augmenting patient compliance through automated reminders. There has been a rise in the demand for patient centric care across the globe, which plays an important role in the expansion of the global patient engagement solutions market over the years of projection. Regulations and initiatives by governments to implement various patient-centric care and solutions together with extensive adoption of mobile health solutions is likely to widen the scope of growth for the global patient engagement solutions market in near future.
Growing Popularity of Medical Wearable is Estimated to Accelerate Market Growth
The growth of the global patient engagement solutions market is primarily influenced by the increased awareness about mobile health together with expanding geriatric population. Apart from that, there has been a rise in the spending on healthcare together with favorable legislations. This factor is expected to support the growth of the market in the upcoming years.
There has been a rise in the utilization of wearable healthcare trackers together with the increased use of mobile health applications. These applications are encouraging customers to gain access to their personal healthcare records, which is likely to drive the demand for patient engagement solutions in the years to come.
On the other hand, lack of expert healthcare professionals and absence of healthcare literacy in many of the developing nations is likely to impede the growth of the market.
Global Patient Engagement Solutions: Snapshot
Patient engagement solutions helps patients manage their healthcare data. It also provides improvised interaction among the patients and medical team. This factor will lead to rise of global patient engagement solutions market globally. The advancement in technology has helped the healthcare sectors to provide necessary tools to their patients so that they can actively participate and manage their own health. This provision helps patient to effectively deliver self-care. These drivers will show significant rise in the coming years. The service ensures improved and safe service quality. Thus, leading to increased satisfaction among the patients. The rise in aging populations is one of the major factors for the rise of market. Increased awareness among people regarding health and healthcare facilities have fueled the market growth. Government across the globe is also engaging in providing subsidies and incentives to its citizens thus, increasing the demand for global patient engagement solutions market. Increased need for engagement and involvement of patients in the management of various diseases is one of the prime factors boosting the global market since, patient’s involvement is importantly required in chronic illness. The meaningful relationship and exchange between the doctors and patients is anticipated to drive the global market for patient engagement solutions during the forecast period. Development and advancement in technologies over the years have helped built this relationship between doctors and their patients. Self-management programs conducted in various healthcare organizations around the globe is also leading to the rise of global patient engagement solutions market.
The global patient engagement solutions market is anticipated to rise at a staggering CAGR of 23.0% during the forecast period of 2015 to 2023. The global market revenue valued at US$6.6 bn during 2014 and is estimated to reach value worth US$34.9 bn by the end of the forecast period.
Hospitals and Healthcare Sectors Rising Due to Increased Demand from Patients
The global patient engagement solutions market according to end user is segmented in to healthcare and medical payers, pharmaceutical companies, hospitals, and healthcare providers. Among these, healthcare providers and hospitals are anticipated to rise as the leading players in comparison to other end users in the global market during the forecast period. On the other hand, Pharmaceutical companies are expected to witness significant growth opportunities in the coming years owing to various pharmaceutical enterprises implementing the patient engagement solutions to manage the incurred capital to meet their research requirement demands.
North America Contributing the Largest Share Owing to Government Reforms
The global patient engagement solutions is spread across regions such as Europe, Asia pacific, North America, South America, and Middle East & Africa. Among these, North America is currently leading the global market owing to increasing numbers of quality healthcare services and rising governmental reforms along with changed incentive based payment methods. This region is anticipated to remain dominant during the forecast period.
Some of the leading companies operating in the global patient engagement solutions are McKesson Corp, Phytel Inc., Orion Heath, Allscripts Inc., Athenahealth Inc., Axial Exchange, Medecision Inc., GetWellNetwork Inc., Cerner Corp., and Emmi Solutions LLC.
Patient engagement solutions are designed to obtain improved health outcomes of patients by including advanced IT services and electronic devices in their medical regimen. These solutions engage patients in their healthcare decision-making process and this results in better and healthier healthcare outcomes. In order to deliver quality healthcare services and mitigate rising healthcare costs, patient engagement solutions are backed by hospitals and healthcare organizations along with healthcare payers. The need of patient engagement solutions is to build up the relationship between healthcare providers and patients to promote active participation toward self-care and strengthen the decision-making process individually and collectively.
Patient engagement solutions provide services such as medication/appointment reminders, lab reports, and healthcare tips. This helps patients reduce risks to their health and re-admission to the hospitals. Furthermore, these services reduce the financial pressure from healthcare payers and provide valuable medical feedback related to medicines to the pharmaceutical companies.
This research study, entitled “Patient Engagement Solutions Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 – 2023,” provides strategic analysis of the global patient engagement solutions market, along with the market growth (size in US$ Bn*) forecast for the period from 2015 to 2023. The report includes an in-depth analysis of the market drivers, restraints, and industry trends. It also highlights the significant growth opportunities for patient engagement solutions in the next few years.
The research report provides a comprehensive assessment of stakeholder strategies, and the imperatives for succeeding in the patient engagement solutions market. The report includes competitive analysis of various market segments based on delivery mode and end-users of patient engagement solutions, and in-depth cross-sectional scrutiny across different geographical segments of the patient engagement solutions market. In order to aid in strategic decision-making, the report also includes the winning strategies adopted by key players operating in the patient engagement solutions market. The report segregates the patient engagement solutions market based on different geographies into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
For detailed understanding of the patient engagement solutions market, all these segments have also been estimated in terms of revenue (US$ Bn) for the geographies mentioned above. The market research study analyzes the patient engagement solutions market worldwide, and provides historical revenue estimates in terms of US$ Bn for the years 2013 and 2014, along with the market forecast for the period from 2015 to 2023. Market forecasts have been analyzed considering the impact of various economic, political, social, legal, and technological factors influencing market growth.
The patient engagement solutions market is segmented as follows:
Patient Engagement Solutions Market, by Delivery Mode
- Software as a Service (SaaS)
- Application Managed Services
Patient Engagement Solutions Market, by End-users
- Hospitals & Providers
- Healthcare Payers
- Pharmaceutical Companies
Patient Engagement Solutions Market by Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia-Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America