Market Research Report
Patient Engagement Solutions Market Size, Share & Trends Analysis Report By Delivery Type, By Component (Software, Services), By End-use, By Application, By Therapeutic Area, By Region, And Segment Forecasts, 2021 - 2028
|Published by||Grand View Research, Inc.||Product code||995274|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Patient Engagement Solutions Market Size, Share & Trends Analysis Report By Delivery Type, By Component (Software, Services), By End-use, By Application, By Therapeutic Area, By Region, And Segment Forecasts, 2021 - 2028|
|Published: February 25, 2021||Content info: 120 Pages||
Patient Engagement Solutions Market Growth & Trends
The global patient engagement solutions market size is expected to reach USD 70.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 21.4% from 2021 to 2028. The market is expected to register exponential growth due to the adoption of m-health; increasing prevalence of chronic conditions such as diabetes, asthma, and arthritis; improved healthcare services; enhanced patient education; patient data tracking; and diagnostic treatment.
In January 2021, the Biden-Harris administration opened a "Special Enrollment Period". Under this action, Americans to sign up for health coverage and roll back attacks on the Medicaid, Affordable Care Act, and access to reproductive health care. Hence, such orders meet the healthcare requirements formed by the COVID-19 outbreak, it will protect access to reproductive health care, and make health care system easier and more unbiassed. Such initiatives are anticipated to drive the demand for these services over the forecast period.
As healthcare providers were battling with the constant upsurge in numerous cases, patients were looking to digital technologies for the support which promoted the adoption of a product. The outbreak has resulted in the introduction of multiple COVID-19- related features patient engagement solutions by various players. The growing number of smartphone users around the globe expedited the adoption of mHealth across the sector both from providers and consumers which in turn, has augmented the dependability of patients on mHealth apps.
Moreover, in March 2019, the American Medical Association entered a collaboration with Patient Point with the aim to access point of care to help prevent the occurrence of cardiovascular diseases and type 2 diabetes. Using Patient Point technology, approximately 6,500 practicing doctors across U.S. are expected to educate individuals regarding disease prevention. Programs such as these are expected to drive market growth over the forecast period.
The necessity of social distancing resulted in the demand for remote patient monitoring solutions along with the prerequisite for the precise and timely exchange of patient wellbeing records. The pandemic has also made healthcare professionals look for alternate methods to traditional processes and systems. As a result, market participants had come up with COVID-19- related features into their existing patient engagement solutions. For instance, in 2020, Orion Health has established the first complete pandemic outbreak monitoring platform to control the spread of the coronavirus. Hence, it led to the adoption of the solutions.
Patient Engagement Solutions Market Report Highlights
The web-based/cloud-based emerged as the largest delivery type segment in 2020 and accounted for over 80.0% revenue share as it supports hassle-free information flow between patients and healthcare providers. Moreover, bulk data can be stored in these platforms and enable remote access
The software segment dominated the market in 2020, owing to continuous development in patient engagement solutions along with its increasing applications in consulting, education, and implementation. Software solutions are easy to install and use, enable quick access to specific drug information, and enable healthcare providers to digitally upload prescriptions
Rising prevalence of chronic diseases such as cardiovascular diseases, obesity, and diabetes, which require constant monitoring, is expected to drive the demand for these services in the coming years
The chronic diseases segment dominated the market in 2020 owing to the associated benefits of these solutions in chronic disease management. These solutions help patients connect with their healthcare providers from remote locations, thereby enabling streamlined flow of information, patient feedback, and other health-related data
North America dominated the market in 2020 owing to increased adoption of m-health and Electronic Health Record (EHR) and growing investments in patient engagement software by major companies
Companies are adopting various strategies to sustain competition. New product/solution development, partnerships, mergers, acquisitions, strategic collaborations, and geographical penetration are some of the key strategies adopted by market players