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Growing popularity of patient engagement solutions recorded among the aging population

Growing popularity of patient engagement solutions recorded among the aging population

The patient engagement solutions market is projected to reach USD 16.39 Billion by 2020 from USD 6.68 Billion in 2015, growing at a CAGR of 19.7%. North America is expected to account for the largest share of the market in 2015, followed by Europe, Asia, and the Rest of the World (RoW).

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However, the European region is expected to grow at the highest CAGR during the forecast period.

In this report, the global patient engagement solutions market is segmented on the basis of component, delivery mode, end user, application, and therapeutic area.

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On the basis of component, the market is segmented into hardware, software, and services. The software segment is estimated to account for the largest share of the global market in 2015.

However, the services segment is expected to witness the highest growth rate during the forecast period, owing to the indispensable nature of services which include consulting, storage, and implementation of solutions, training, maintenance, and regular upgrades.

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Patient engagement solutions find major applications in the health management of a patient. These solutions are also used in social and behavioral management, home health management, and financial management.

The health management segment is the fastest-growing segment and is expected to command the largest share of the global market in 2015. Providers are encouraging patients to adopt health management solutions as they help save time for providers as well as increase patient compliance with therapy.

Health management solutions empower patients to improve the quality of care, resulting in better outcomes with fast recovery.

Factors such as legislations and initiatives to promote ‘patient-centeredness’ in healthcare, increasing number of accountable care organizations, impetus on fulfilling the requirements of Meaningful Use through patient engagement, growth of the HCIT market, consolidation of healthcare providers, and growing focus on eHealth are driving the growth of the market. However, reluctance among providers towards the adoption of patient engagement solutions, requirement of infrastructural investments, and lack of interoperability are expected to restrain market growth.

On the other hand, emerging economies in the Asian region, growing medical tourism, and growing use of cloud-based models offer growth opportunities for players in the market.

Geographically, the patient engagement solutions market is categorized into North America, Europe, Asia, and the Rest of the World (RoW).

Source: Center for Patient and Consumer Engagement, Society for Participatory Medicine, Association for Patient Experience, Institute of Patient and Family Centered Care, Patient Engagement Advisory Committee, American Association of Healthcare Administrative Management (AAHAM), Institute for Health Technology Transformation (iHT2), The Health Foundation, Healthcare Information and Management Systems Society (HIMSS), American Medical Group Association (AMGA), Agency for Healthcare Research and Quality (AHRQ), Health Research & Educational Trust (HRET), American Hospital Association (AHA), International Association of Health Policy (IAHP), Institute of Population and Public Health (IPPH), Public Health Agency of Canada, WHO, OECD, Expert Interviews, and MarketsandMarkets Analysis

McKesson Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Phytel, Inc. (U.S.), athenahealth, Inc.

(U.S.), Orion Health Ltd. (New Zealand), Cerner Corporation (U.S.), GetWellNetwork, Inc. (U.S.), Lincor Solutions Ltd. (U.S.), YourCareUniverse, Inc.

(U.S.), WelVU, Inc. (U.S.), Get Real Health (U.S.), Oneview Healthcare (U.S.), PatientPoint (U.S.), and Medecision, Inc. (U.S.) are the key players in the global patient engagement solutions market.

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