Source: P&S Market Research
Patient Engagement Solutions Market Experiencing Rapid Growth Globally: P&S Intelligence
Patient Engagement Solutions Market by Component (Software, Hardware, Services), by Delivery Mode (Web-Based, Cloud-Based, On-Premises), by Application (Health Management, Home Health Management, Social & Behavioral Health Management, Financial Health Management), by Therapeutic Area (Chronic Diseases, Women’s Health, Mental Health, Fitness), by End User (Providers, Payers, Individuals), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, Brazil, Mexico, South Africa, Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023
NEW YORK, March 05, 2019 (GLOBE NEWSWIRE) -- Value-based programs, increasing geriatric population, and government regulations on patient-centric care are driving the growth of the patient engagement solutions market across the world. Having already generated over $8 billion in 2017, the market size is expected to more than double by 2023. The communication between patients and healthcare providers is generally referred to as patient engagement. The market includes all software and hardware that facilitate this communication and the services imparted via these.
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Government regulations on patient-centric care have been one of the major growth-driving factors for the patient engagement solutions market. For instance, the U.S government, under its EHR Incentive Programs of 2009, offers healthcare professionals incentives to implement electronic healthcare records (EHRs). Apart from storing patient data digitally, patient engagement solutions are also required for implementing value-based programs. The demand for such programs is rising, as these benefit patients as well as healthcare providers.
Another significant factor contributing to the market growth is the growing geriatric population, which is more prone to chronic diseases. As these diseases need constant monitoring, especially in the case of elderly patients who cannot make regular hospital visits, patient engagement solutions have become indispensable for their effective health management. Further, as people have become more tech-savvy, wearable healthcare devices are registering increased sales. These devices are replacing hospital visits, taking the patient engagement solutions market forward.
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Talking of the global scenario, North America led the patient engagement solutions market during the historical period, mainly owing to advanced healthcare infrastructure, increase in healthcare information technology solutions, and rise in the number of people with chronic diseases. Besides, the region is expected to continue being the largest market for patient engagement solutions during the forecast period (2018–2023). However, the fastest growth in the global market is expected in the Asia-Pacific (APAC) region. Rising awareness about such solutions for managing chronic disease and encouragement by government and non-government organizations towards technology adoption are expected to result in the market growth across APAC.
Within APAC, patient engagement solutions are expected to be utilized the most for chronic diseases, compared to other therapeutic areas that include women’s health, mental health, and fitness. Further categorizing chronic diseases, cardiac issues and cancer will contribute the largest revenue to the patient engagement solutions market during the forecast period. Among on-premises, cloud-based, and web-based solutions, those that connect patients and doctors via cloud will register the fastest growth in the market.
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The high cost of implementing such solutions might impede the sector progress in the future; however, the increasing adoption of cost-effective automated systems is expected to minimize its impact. These systems establish a direct communication between patients and physicians, bypassing call centers. Further, these give healthcare providers improved online ratings and reduce hospital readmissions, eventually bringing down expenses. As their demand will increase in the future, patient engagement solutions market players will get lucrative opportunities to cash in.
Thus, it can be said that while advancements in patient engagement solutions technology and increased government support toward their adoption are important factors driving the market growth, the rise in geriatric population and incidents of chronic diseases cannot be ignored.
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