Ottawa, March 24, 2022 (GLOBE NEWSWIRE) -- The patient engagement solutions include a variety of services as well as accompanying healthcare information technology and hardware. These services are used to get patients involved in their own health. These platforms employ a patient-centered healthcare delivery system to improve health outcomes and ensure value-based care, which is expected to boost the growth of the global patient engagement solutions market during the forecast period.
The adoption of government regulations and initiatives to patient-centric care as well as an increase in demand for patient engagement solutions and the use of mobile health applications are driving the expansion of the global patient engagement solutions over the projection period. The patient engagement solutions have become increasingly popular as the global burden of chronic diseases and the geriatric population has grown.
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Regional Snapshot
North America is the largest segment for patient engagement solutions market in terms of region. This is attributed due to an increase in the quantity of high-quality healthcare services as well as increased legislative reforms and new incentive-based payment mechanisms.
Asia-Pacific region is the fastest growing region in the patient engagement solutions market. The patient engagement solutions market opportunities in Asia-Pacific region are being created by factors such as rising healthcare spending, increased awareness of mobile health, and favorable regulatory frameworks.
| Report Scope | Details |
| Market Size by 2029 | USD 85.1 Billion |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Largest Revenue Holder | North America |
| Fastest Growing Region | APAC |
| Segmentation | Delivery Type End User Component Therapeutic Area Functionality Geography |
| Companies Covered | McKesson Corporation, Orion Health Ltd., GetWellNetwork Inc., Allscripts Healthcare Solutions, Cerner Corporation, Medecision Inc., Phytel Inc., Athenahealth Inc., YourCareUniverse Inc., Lincor Solutions Ltd. |
Report Highlights
- Based on the delivery type, the web/cloud-based segment dominated the global patient engagement solutions market in 2020 with highest market share. The cloud-based solutions enable healthcare businesses to communicate and integrate data in real time from several locations or systems.
- Based on the end use, providers segment is estimated to be the most opportunistic segment during the forecast period. To control rising healthcare costs, enhance financial results, and provide value-based treatment, providers are increasingly turning to patient engagement technologies.
- Based on the therapeutic area, chronic diseases segment is estimated to be the most opportunistic segment during the forecast period. The significant burden of chronic diseases and the need to effectively manage these ailments while lowering total healthcare expenditures is driving the segment growth.
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Market Dynamics
Drivers
Growing importance of health tracking software
The health tracking is becoming more common as the prevalence of health issues rises. The patients in today’s technologically advanced world have access to information that can help them receive individualized care and keep track of their health. People are increasingly keeping track of their health data and many of them share it with their health and fitness coaches and doctors in order to keep track of their health. The health and fitness tracking devices, which are in great demand, are also helping to drive the growth of patient engagement solutions market during the forecast period.
Restraints
High cost of patient engagement solutions deployment
The healthcare information technology systems are expensive software solutions. Furthermore, the cost of software updates and operating costs may exceed the cost of the product. The maintenance and support services which include software upgradation and modification are a recurrent cost that accounts for more than half of the total cost of ownership. Due to a lack of internal information technology experience in the healthcare industry, end users must be trained in order to maximize the productivity of various healthcare information technology solutions, which increases the system’s cost. Thus, the high cost of patient engagement solutions is hindering the growth of the market.
Opportunities
Technological advancements
The patients can share information through technology to help with personalized care and health monitoring for those with chronic care and health monitoring for those with chronic illnesses. The number of patients who track their health data has risen and many are prepared to disclose information in order to keep track of their health. The incorporation of technologies such as patient engagement technology, artificial intelligence (AI), the internet of things, health information technology solutions are expected to result in the development of patient engagement solutions features and capabilities. As a result, the technological advancements is creating lucrative opportunities for the growth of the patient engagement solutions market during the forecast period.
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Challenges
Lack of data security
The problems about the security of patient health data are obstructing the transfer of the information among healthcare practitioners. As a result, patient engagement initiatives in various healthcare organizations are being hampered and the adoption of patient engagement solutions among prospective end users is being limited. Thus, the lack of data security is a major challenge for the growth of the patient engagement solutions market over the projection period.
Market Segmentation
By Delivery Type
- Web-based/Cloud-based
- On-premise
By Component
- Software
- Standalone
- Integrated
- Services
- Consulting
- Implementation & Training
- Support & Maintenance
- Others
- Hardware
By End Use
- Payers
- Providers
- Individual Users
By Application
- Social Management
- Health Management
- Home Healthcare Management
- Financial Health Management
By Therapeutic Area
- Chronic Diseases
- Fitness
- Women’s Health
- Mental Health
- Others
By Functionality
- Communication
- Health Tracking & Insights
- Billing & Payments
- Administrative
- Patient Education
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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