PUBLISHER: Roots Analysis | PRODUCT CODE: 1319261
PUBLISHER: Roots Analysis | PRODUCT CODE: 1319261
The global patient engagement solutions market is estimated to be worth over USD 11 billion in 2023 and expected to grow at compounded annual growth rate (CAGR) of 18.2% during the forecast period.
Patient engagement solutions play a vital role in empowering patients to actively participate in their healthcare journey, fostering better patient outcomes and experiences. These patient engagement software and digital patient engagement platform enable patients to access their medical information, schedule appointments, and communicate with healthcare providers, thereby allowing remote patient monitoring and encouraging shared decision-making. Studies have shown that patients who participate in their treatment processes are three times less likely to have unmet medical needs and twice as likely to seek prompt care, as compared to those who are not actively engaged. Recent advancements in patient engagement technology, including artificial intelligence (AI), machine learning, personalized care, telemedicine and remote monitoring devices, have revolutionized the healthcare landscape, digitizing various aspects of care delivery. In fact, leading patient engagement software companies are engaged in offering comprehensive patient engagement services and platforms to facilitate seamless interaction between patients and healthcare providers. The COVID-19 pandemic has further accelerated the adoption of such patient experience solutions, telehealth and virtual care, transforming patient centric care. Driven by the increasing patient awareness and ongoing pace of innovation in this field, the patient engagement solutions market size is likely to witness significant growth during the forecast period, offering a wide range of software platforms and services to enhance patient outcomes and overall healthcare experience.
The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this industry, across different geographies. Amongst other elements, the report features:
A detailed market forecast analysis in order to estimate the existing market size and future opportunity for patient engagement solution providers over the next decade. Based on multiple parameters, likely adoption trends and through primary validations, we have provided an informed estimate on the evolution of the market for the period 2023-2035. The report also features the likely distribution of the current and forecasted opportunity within the patient engagement solutions market across various segments, such as deployment option (cloud-based solutions, on-premise solutions and web-based solutions), type of solution offered (appointment management solutions, electronic health record integration solutions, patient education solutions, remote patient monitoring solutions and other solutions), application area (financial health management, fitness and wellbeing, home health management, research and development and social health management), end-user (healthcare providers, individuals, payers, and other end-users), and key geographical regions (North America, Europe, Asia, Middle East and North Africa and Rest of the World). In order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry's growth.
The opinions and insights presented in the market report were influenced by discussions held with stakeholders in the industry. The report features detailed transcripts of interviews held with the following industry stakeholders:
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.
The Patient Engagement Solutions Market: Distribution by Deployment Option (Cloud-based Solutions, On-Premise Solutions and Web-based Solutions), Type of Solution Offered (Appointment Management Solutions, Electronic Health Record Integration Solutions, Patient Education Solutions, Remote Patient Monitoring Solutions and Other Solutions), Application Area (Financial Health Management, Fitness and Wellbeing, Home Health Management, Research and Development and Social Health Management), End-user (Healthcare Providers, Individuals, Payers and Other End-users), and Key Geographical Regions (North America, Europe, Asia, Middle East and North Africa, and Rest of the World): Industry Trends and Global Forecasts, 2023-2035 report features an extensive study of the current market landscape, market size and future opportunities within the patient engagement solutions market during the forecast period. The report highlights efforts of several stakeholders engaged in this rapidly emerging segment of the pharmaceutical industry. Key takeaways of the patient engagement solutions market are briefly discussed below.
Patient engagement solutions have emerged as a promising alternative to the conventional in-person visits to healthcare providers owing to their multiple benefits, including ease of access, virtual consultations, patient education, scheduling and appointment management, real-time data management, prescription refills, chatbots / messaging options, and remote access to healthcare services. Considering the advantages offered by patient engagement solutions and growing demand for virtual healthcare across the world, specifically post the COVID-19 pandemic, companies have started implementing different patient engagement strategies that are anticipated to drive market growth during the forecast period.
The current patient engagement solution providers landscape features around 420 large, mid-sized and small companies. It is worth mentioning that 98% of the solution providers offer solutions for home health management and more than 75% of the solution providers offer cloud-based deployment options. Cloud-based solutions feature patient portals that offer convenient access to medical information. Notably, digital patient engagement encompasses the use of digital technologies and platforms, such as patient portals and mobile applications, to actively involve patients in their own treatment process. In fact, in January 2023, CipherHealth partnered with SADA to integrate socioeconomic data into its platform with Google Cloud to enhance patient engagement experience.
The pharmaceutical industry is developing novel drugs as well as improving the existing treatment modalities for various disease indications. Hence, there has been a significant increase in the number of clinical trials conducted worldwide, requiring enrollment of several participants. Conducting a multi-site, multi-state clinical trial is a time-consuming process, wherein majority of the effort goes into patient recruitment / enrollment. Finding the right set of patients is challenging as the drugs are becoming more complex in nature and treatment approach is moving towards personalized therapy. In fact, over the years, the time taken for patient recruitment has increased to over 18 months. Several pharmaceutical companies are now using patient engagement software and platforms to improve the patient retention rates in clinical studies.
The COVID-19 pandemic has emphasized the significance of virtual patient participation, leading to a shift from conventional approaches to adoption of virtual modes for patient involvement in clinical trials and healthcare delivery. To enhance communication and foster effective relationship between patients and physicians, numerous healthcare facilities have adopted patient engagement software. Concurrently, there has been a notable increase in the prevalence of chronic diseases, such as diabetes and cardiovascular disorders, impacting a significant portion of the population. In fact, according to the WHO, over 420 million individuals, worldwide, are currently suffering from some form of diabetes. In addition, cardiovascular diseases have emerged to be the cause of nearly 18 million deaths, each year. This has created the need for innovative solutions in order to engage patients suffering from chronic diseases. As healthcare access continues to improve with the establishment of new healthcare facilities in remote areas, the demand for patient engagement solutions is becoming even more imperative. Further, the evolving regulatory standards has created lucrative opportunities for companies offering patient engagement services. All these factors are anticipated to drive growth of the patient engagement solutions market.
The growing applications of patient engagement solutions have garnered significant interest of investors, which has resulted in a strong spur in investment activity in this domain. In addition, various big players have undertaken several initiatives in order to strengthen their patient engagement solution portfolio, entering into strategic deals and making noteworthy financial investments. For instance, players, including Care Angel (offering web-based solutions), HealthPlix (offering cloud-based and web-based solutions) and Carium (offering web-based solutions) have raised funding during the recent years in order to enhance their patient engagement strategies.
Implementation of ChatGPT is emerging as one of the key patient engagement strategies being adopted by patient engagement service providers. According to a study conducted by researchers at the University of Maryland School of Medicine (UMSOM), ChatGPT's AI chatbot exhibits an impressive accuracy rate of approximately 88% when responding to patient queries. This is indicative of the potential of ChatGPT to transform the way patients seek medical information and engage with healthcare providers. This breakthrough technology has created lucrative opportunities for patient engagement solution providers. These patient engagement solutions can seamlessly integrate into ChatGPT's intelligent platform, enabling providers to enhance communication, empower patients, and deliver personalized care. This transformative synergy between ChatGPT and patient engagement solutions is likely to position providers as industry leaders, offering comprehensive and innovative solutions for improved patient outcomes and enhanced healthcare experience. Embracing this AI-driven patient engagement solution is anticipated to drive the market growth during the forecast period.
Presently, close to 40% of the market is captured by companies based in North America. Driven by the rising interest in digital and virtual health solutions, the market for patient engagement solutions is anticipated to grow at an annualized CAGR of 18.2%, during the forecast period, 2023-2035.
Examples of key players (which have also been profiled in this report) engaged in patient engagement industry include (in alphabetical order) athenahealth, Coviu, GetWellNetwork, Health Catalyst, MediBuddy, Mocero Health, Orion Health, Physitrack, SolvEdge, Veradigm, Well-Beat and Wolters Kluwer. It is interesting to note that, in May 2023, athenahealth inked an agreement with LCH Health and Community Services to provide athenaOne® and athenaOne® Dental in order to improve patient access and drive patient satisfaction.
The data presented in this report has been gathered via secondary and primary research. For all our projects, we conduct interviews with experts in the area (academia, industry, medical practice and other associations) to solicit their opinions on emerging trends in the market. This is primarily useful for us to draw out our own opinion on how the market will evolve across different regions and technology segments. Where possible, the available data has been checked for accuracy from multiple sources of information.
While the focus has been on forecasting the market over the coming 12 years, the report also provides our independent view on various technological and non-commercial trends emerging in the industry. This opinion is solely based on our knowledge, research and understanding of the relevant market gathered from various secondary and primary sources of information.
Answer: Patient engagement refers to the active involvement of patients in their own healthcare journey. It encompasses various strategies and technologies that empower patients to participate in decision-making, enabling them to access their medical information, schedule appointments, and communicate with healthcare providers. Effective patient engagement improves patient outcomes and enhances the overall healthcare experience.
Answer: Patient engagement solutions are technological tools used to enhance communication between patients and healthcare providers.
Answer: These solutions offer features, such as appointment management, medication adherence, patient education, electronic health record integration, remote patient monitoring, medical billing and prescription refills to improve health outcomes.
Answer: The global patient engagement solutions market is expected to be worth around USD 82 billion by 2035.
Answer: The global patient engagement solutions market revenue is anticipated to grow at a compound annual growth rate (CAGR) of 18.2%, during the forecast period 2023-2035.
Answer: Currently, North America and Europe collectively hold 65% of the market share. However, in the long run, market in Asia is expected to grow at a relatively faster pace.
Answer: Owing to the lucrative market opportunity associated with patient engagement solutions, several investors have collectively invested over USD 5.7 billion, during the period 2018-2023.
Answer: At present, home health management segment captures the largest market share (45%) of the overall patient engagement solutions market. This trend is unlikely to change during the forecast period.
Answer: Patient engagement solutions that offer most features include Digiteum, GetWellNetwork. and Wolters Kluwer.
Answer: Patient engagement solutions play a crucial role in delivering value-based care to patients, leading to improved health outcomes. By actively involving patients in their healthcare journey, especially those suffering from chronic conditions, these solutions have created a significant impact on reducing the need for costly emergency procedures and enhancing patient retention.