According to a new market research "Patient Engagement Solutions Market by Component (Hardware, Software, Services), Delivery mode (On-Premise, Cloud), End User (Provider, Payer), Applications (Home Health, Financial Health), Therapeutic Area - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to reach USD 18.68 Billion by 2022 from an estimated USD 8.80 Billion in 2017, at a CAGR of 16.2%.
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Browse 86 Market Data Tables and 29 Figures spread through 177 Pages and in-depth TOC on "Patient Engagement Solutions Market"
The key factors driving the growth of this market include the rise in aging population, increasing burden of chronic diseases, and focus of patients on self-managing their care has led to an increase in the adoption of patient engagement solutions globally. However, in spite of the numerous benefits certain barriers such as security of patient data and lack of interoperability are restraining the growth of this market.
By component, the software segment accounted for the largest share of the market in 2017
On the basis of component, the Patient Engagement Solutions Market is broadly segmented into software, hardware, and services.
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In 2017, The software segment is estimated to account for the largest share of the global Patient Engagement Solutions Market. However, the market for the services (including services for consulting, storage, implementation of solutions, training, maintenance, and regular up gradation of technology) is expected to grow at the highest CAGR during the forecast period.
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By delivery mode, the on-premise segment held the largest market share in 2017
On the basis of delivery mode, the Patient Engagement Solutions Market is further classified into on-premise and cloud-based models. In 2017, the on-premise delivery mode is expected to account for the largest share of the global Patient Engagement Solutions Market.
However, the cloud-based solutions market is projected to register the highest CAGR during the forecast period. The ability to access computing and storage resources swiftly when needed, without the requirement for a large technical staff, is one of the reasons that is driving the market growth of the cloud-based delivery mode.
By application, the health management segment held the largest market share in 2017
Based on application, the Patient Engagement Solutions Market is further segmented into health management, social and behavioral management, home health management, and financial health. In 2017, the health management segment is expected to account for the largest share and is expected to register the highest CAGR during the forecast period.
Providers encouraging patients to adopt these tools as it saves a lot of time for the providers as well as increase patient compliance for care is the major factor driving the growth of this segment.
North America dominated the market in 2017
North America accounted for the largest share of the Patient Engagement Solutions Market in 2016, followed by Europe. Federal mandates' focus on Meaningful Use of Healthcare IT, need to curb rising healthcare cost and reduce hospital readmissions, rising number of accountable care organizations (ACO) as end users for patient engagement platforms, rising aging population in the US and Canada's efforts to enhance healthcare delivery and digital health measures in Canada will also drive market growth during the forecast period.
Factors such as growing demand for advanced healthcare solutions and efficient healthcare delivery in Germany, role of NHS in the UK, implementation of the Dossier Médical Personnel (DMP) in France, and rising number of initiatives to improve care coordination in RoE are expected to boost the adoption of patient engagement solutions in these countries.
The key players in the market include McKesson Corporation (US), Allscripts (US), IBM (US), athenahealth (US), Cerner Corporation (US), and Orion Health (New Zealand).
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