The global patient engagement solutions market was worth US$6.66 bn in 2014 and is expected to reach US$34.94 Bn by 2023, expanding at a CAGR of 23.0% from 2015 to 2023.
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Some of the leading players operating in the patient engagement solutions market athenahealth, Inc., Orion Health Ltd., GetWellNetwork Inc., Phytel, Inc., Medecision, Inc., Axial Exchange Inc., McKesson Corporation, and Allscripts Healthcare Solutions, notes Transparency Market Research (TMR). Key players are offering intuitive and innovative software and technology-based solutions focused on bolstering patient engagement, in order to gain a competitive edge over others.
The global patient engagement solutions market stood at US$6.66 bn in 2014 and is projected to reach US$34.94 Bn by the end of 2023. The market is expected to rise at a CAGR of 23.0% from 2015 to 2023.
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Pharmaceutical Companies to Make Substantial Investment
On the basis of geography, the patient engagement solutions market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Of these, North America dominates the global market and is expected to remain so throughout the forecast period.
The substantial growth of the regional market is attributed to a large number of government reforms to boost patient engagement and the focus of healthcare providers for quality care.
Based on end user, the patient engagement solutions market is segmented into pharmaceutical companies, healthcare payers, and hospitals and providers. Currently, the hospitals and providers segment hold the major revenue share.
However, the pharmaceutical companies segment is expected to grow at a stellar CAGR of 24.1% from 2015 to 2023. The growing popularity of patient-focused solution has spurred investment by pharmaceutical players.
Growing Demand for Empowering Patients to Take Control of their Health
The growing significance of patient engagement and the need to increase their involvement in the management of various diseases, especially chronic ailments, in a variety of critical care settings are the key factors driving the market. The imperative for holding a meaningful exchange between patient, provider, and clinicians is a key factor stimulating the demand for various patient engagement solutions.
The increasing participation of patient populations with their providers is anticipated to enhance the quality care and boost clinical outcomes.
The growing uptake of various self-management programs in hospitals and healthcare institutions has catalyzed the growth of the patient engagement solutions market. The increasing role of technology to empower patients in the control of their care is expected to boost the market.
In addition, the growing demand for reducing hospital readmissions has boosted the uptake of patient-focused solutions. Furthermore, the growing popularity of personal digital assistants and the increasing prominence of point-of-care mobile apps to facilitate the delivery of healthcare services are the seminal factor expected to positively impact the growth of the patient engagement solutions market in the coming years.
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The inclusion of IT in improving the quality of healthcare services is expected to bode well for the patient engagement solutions market. The growing adoption of electronic health record (EHR) systems is expected to boost the market.
However, the mounting concern of preserving the privacy of patients’ data in IT-based solutions is likely to hinder the market to an extent. Nevertheless, the increasing inclination of healthcare providers and payers toward value-based reimbursement is expected to open up lucrative growth avenues for market players.
Furthermore, favorable government regulations in various developing and developed nations, primarily focused at patient-centric services, have accentuated the global market.
The study presented here is based on a report by Transparency Market Research (TMR) titled, “Patient Engagement Solutions Market (Delivery Mode - Self-hosted, Software as a Service (SaaS) and Application Managed Services; End User - Hospitals and Providers, Healthcare Payers, and Pharmaceutical Companies) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
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