Yahoo Finance Patient Engagement Solutions Market to Reach USD 32 Billion by 2028 | BlueWeave Consulting
North America accounted for the largest market share in 2021, owing to the favorable government initiatives, abridged healthcare costs, the increasing prevalence of chronic diseases, and the presence of a high geriatric population in the region. Moreover, important market players functioning in the region are the crucial factors fuelling the growth of the patient engagement solutions market in North America. On the other hand, the Asia Pacific market is projected to register the highest CAGR over the forecast period.
New Delhi, Aug. 12, 2022 (GLOBE NEWSWIRE) -- The growth of the global patient engagement solutions market can be attributed to the rising adoption of mobile health apps coupled with the growing significance of the health tracking software. Moreover, rise in supportive government regulations and healthcare initiatives are also offer lucrative prospects for the market growth of the patient engagement solutions..
The global patient engagement solutions market was worth USD 16.4 billion in 2021, and it is further projected to reach USD 32 billion by 2028, exhibiting a CAGR of 10.2% during 2022-2028 (forecast period). The growth of the global patient engagement solutions market can be attributed to the rising adoption of mobile health apps coupled with the growing significance of health tracking software. Moreover, the rise in supportive government regulations and healthcare initiatives also offers lucrative prospects for the market growth of patient engagement solutions.
Rising Adoption of Mobile Health (Mhealth) Apps along with the Growing Importance of Health Tracking Software
A large number of new digital health apps were added to app stores in 2020. The COVID-19 pandemic further accelerated the adoption of digital health apps. Virtual consultation (telehealth) technologies have been deployed intensively to help clinicians diagnose, monitor, and care for patients remotely, contributing to a digital-first health care system. For instance, the National Health Service (NHS) app in England uses independent digital platforms that aid the users in accessing their medical records, conducting health assessments, arranging and conducting video appointments, and ordering repeat prescriptions. The app also delivers a collection of trusted health symptoms and diagnosis info and offers proof of vaccination (COVID-19 vaccine passport for travel). The growing adoption of mobile health apps is fuelling the patient engagement solutions market.
Also, health tracking is gaining prominence in recurrent times. Patients in today's technologically advanced world have access to information that can assist them in receiving tailored care and maintaining a healthy lifestyle. People are increasingly keeping track of their health data, and many of them share it with their health and fitness coaches and doctors to stay on top of things. These factors are playing an active role in propelling the growth rate of the global patient engagement solutions market.
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The Health Management Segment Accounted for the Largest Share in terms of application
Based on application, the global patient engagement service market has been segmented into Social Management, Health Management, Home, Healthcare Management, and Financial Health Management. Amidst the segmentation, the health management segment accounted for the largest market share owing to the rising awareness among the patients regarding the complexity of their disease conditions and their readiness to manage their own health. Patients with chronic diseases are getting progressively active in their tracking, care planning, and optimization as an outcome of increasing healthcare consumerism.
Moreover, patients employ patient engagement tools for connecting with their healthcare professionals from afar, which creates a need for a more efficient flow of information, and patient feedback, in addition to other health-related data. These factors have supported the health management segment in the global patient engagement solutions market.
Impact Of COVID-19 On the Global Patient Engagement Solutions Market
The emergence of the COVID-19 pandemic has significantly impacted the global patient engagement solutions market. The most commonly used patient engagement solutions and services are remote patient monitoring (RPM) for collecting crucial patient data, including heart rate and body temperature. This application of patient engagement services proved to be of great significance against the backdrop of the stringent social distancing norms and the requirement for the maintenance of a reasonable distance between the patient and the physician due to the sudden emergence of the COVID-19 pandemic.
Moreover, the demand for patient engagement solution software, Intelligent Virtual Assistant (IVA), as well as virtual consultations via various telehealth and patient engagement technologies has increased substantially during lockdowns. Several industry participants included COVID-19-related capabilities into their existing patient engagement solutions, which are being made available to consumers for free. Thus, the COVID-19 pandemic has played an important role in fueling the demand for patient engagement solutions, thereby driving the market growth.
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North America Dominated the Global Patient Engagement solutions Market in 2021
North America dominated the global patient engagement solutions market in 2021 with a considerable market share. The presence of significant players, augmented acceptance of m-health and EHR, besides expanding investment in patient engagement software by market giants are the factors responsible for the region's market growth. Moreover, the rising awareness, along with increased government funding in the healthcare industry, is likely to boost the growth in the forthcoming years.
On the other hand, the Asia-Pacific region is expected to exhibit the fastest growth rate over the forecast period 2022-2028, owing to the surge in the adoption of HCIT solutions and the rising prevalence of chronic diseases in the Asia-Pacific region. Other factors supporting growth in the region include increasing internet and smartphone penetration, a huge patient population along with improving healthcare infrastructure and care quality. The rise of this region is also aided by the emergence and adoption of cutting-edge technologies in countries such as India and China.
Competitive Landscape
Many local, regional, and global vendors characterize the global patient engagement solutions market. The key players operating in the global patient engagement solutions market are IBM, McKesson Corporation, Allscripts, Cerner Corporation, Epic Systems Corporation, Orion Health, Get Well Network, Athenahealth, Oneview Healthcare, Meditech, IQVIA, Get Real Health, Cognizant, Symphony Care, Harris Healthcare, Kareo, CureMD Healthcare, eClinical Works, Lincor Solutions, AdvancedMD, Well Stack other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global patient engagement solutions market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global patient engagement solutions market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
Recent Developments
July 2022: UST, a principal digital transformation solutions company, announced that it would strengthen its presence in the healthcare technology market by making a strategic investment in Well-Beat, a ground-breaking Israeli start-up that deals with patient-centered behavioral AI. This investment in Well-Beat is the newest example of UST fast-tracking the adoption of evolving tech solutions in healthcare.
April 2022: Reverba, one of the principal worldwide patient engagement companies, announced the launch of reverbaBRIDGE, an all-inclusive digital platform that influences patient engagement solutions for clinical teams in the biopharmaceutical industry. ReverbaBRIDGE allows technology- and data-driven solutions to address the most stimulating elements of patient engagement for positive clinical trials, from enlisting and notifying the right patients to create lasting relationships throughout the clinical development.
Scope of Report:
Attribute | Details |
Years Considered | Historical data – 2018-2021 |
Base Year – 2021 | |
Forecast – 2022 – 2028 | |
Facts Covered | Revenue in USD Million |
Market Coverage | United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa |
Product/Service Segmentation | By component, delivery mode, application, therapeutic area, functionality, end user and region |
Key Players | The key players operating in the global Patient Engagement Solutions Market are IBM, McKesson Corporation, Allscripts, Cerner Corporation, Epic Systems Corporation, Orion Health, Get Well Network, Athenahealth, Oneview Healthcare, Meditech, IQVIA, Get Real Health, Cognizant, Symphony Care, Harris Healthcare, Kareo, CureMD Healthcare, eClinical Works, Lincor Solutions, AdvancedMD, Well Stack other prominent players. |
By Component
Software
Service
Hardware
By Delivery Mode
Cloud Based
On Promise
By Application
Social Management
Health Management
Home Healthcare Management
Financial Health Management
By Therapeutic Area
Chronic Disease
Fitness management
Woman’s Health Management
Mental Health
Others
By Functionality
Communication
Health Tracking & Insights
Billing & Payments
Administrative
Patient Education
Others
By End User
Providers
Payer
Patients
By Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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