PUBLISHER: The Business Research Company | PRODUCT CODE: 1392818
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392818
“Patient Engagement Solutions Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on patient engagement solutions market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for patient engagement solutions? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The patient engagement solutions market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Patient engagement solutions encompass passive or active electronic systems designed to interact with patients and assist in maintaining their health through health management software and hardware. Healthcare providers utilize various technologies, including wearables, mobile apps, and educational resources, to engage and reassure their patients. These solutions facilitate quick access to physicians, real-time monitoring of vital signs, and electronic record storage, enabling patients to make well-informed health decisions.
The main types of patient engagement solutions include software & hardware and services. The combination of software and hardware is utilized to provide comprehensive patient engagement solutions. This includes the use of electronic medical record (EMR) software and tablet devices in different health management scenarios. Deployment options include on-premise and web or cloud-based portals. Patient engagement solutions find application in the treatment of chronic diseases, women's health, fitness, and more. They are used for health management, home health management, social and behavioral management, as well as financial health management. End-users of patient engagement solutions include payers, providers, and other stakeholders in the healthcare ecosystem.
The patient engagement solutions market research report is one of a series of new reports from The Business Research Company that provides patient engagement solutions market statistics, including patient engagement solutions industry global market size, regional shares, competitors with a patient engagement solutions market share, detailed patient engagement solutions market segments, market trends and opportunities, and any further data you may need to thrive in the patient engagement solutions industry. This patient engagement solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The patient engagement solutions market size has grown rapidly in recent years. It will grow from $20. 65 billion in 2023 to $23. 55 billion in 2024 at a compound annual growth rate (CAGR) of 14. 0%. The growth observed in the historic period can be attributed to a shift towards value-based care, the empowerment of informed patients, a focus on preventive healthcare, the development of personalized health plans and care journeys, and the implementation of population health management strategies.
The patient engagement solutions market size is expected to see rapid growth in the next few years. It will grow to $42. 78 billion in 2028 at a compound annual growth rate (CAGR) of 16. 1%. The anticipated growth in the forecast period can be attributed to trends such as remote patient monitoring, personalized medicine, patient-reported outcomes, a focus on health literacy, data analytics for population health management, precision medicine initiatives, a focus on health equity, and enhanced personalization through predictive analytics. Major trends expected in the forecast period include the integration of telehealth and remote monitoring, data interoperability and integration with electronic health records (EHRs), two-way communication and teleconsultation, a focus on user-centric design, and initiatives for patient education and health literacy.
The substantial increase in the prevalence of chronic diseases is a major driving force behind the growth of the patient engagement solutions market. Patient engagement solutions are pivotal in managing chronic conditions, providing continuous monitoring for patients who need to closely track their health and respond to subtle changes in their well-being. These solutions keep patients informed and involved in their care programs, promoting adherence to treatment plans. This, in turn, leads to more compliant patients, enhanced communication, proactive interventions, reduced costs, and an elevated quality of care. An illustrative example is the study published by the National Council of Aging in 2021, revealing that approximately 85% of older adults in the United States are affected by at least one chronic disease, with 60% experiencing two or more chronic conditions. Consequently, the rising prevalence of chronic diseases is anticipated to drive the patient engagement solution industry in the forecast period.
The expansion of healthcare infrastructure is poised to drive the growth of the patient engagement solutions market. Healthcare infrastructure encompasses the physical and digital systems, facilities, and resources that support the delivery of healthcare services. Patient engagement solutions play a pivotal role in healthcare infrastructure by enhancing patient outcomes, boosting satisfaction, and facilitating communication between patients and healthcare providers. Supported by data from the 2021-2030 National Health Expenditure (NHE) report by the Centers for Medicare & Medicaid Services, forecasting an annual increase in national health spending averaging 5. 1% from 2021 to 2030, reaching approximately $6. 8 trillion by 2030, the expanding healthcare infrastructure is a significant driver for the patient engagement solutions market.
Technological innovation emerges as a prominent trend gaining traction in the patient engagement solutions market. Major companies in the sector are concentrating on delivering technologically advanced solutions, incorporating innovative features such as Salesforce CRM, video API, text API, and end-to-end patient engagement through AI and ML to fortify their market positions. For example, UST, a US-based provider of digital transformation solutions, and Well-Beat, an Israeli start-up, collaborated to introduce a digital patient engagement SaaS solution in March 2022. This solution utilizes behavioral AI, taking patient records from short surveys, medical records, and linked devices to provide intelligent interventions and personalized patient experiences, infusing a human touch into healthcare.
Key players in the patient engagement solutions market are directing their efforts toward introducing cutting-edge digital solutions to gain a competitive advantage. Advanced digital solutions encompass a spectrum of technologies and tools that empower healthcare providers to interact effectively with patients, encouraging improved communication, education, and participation in healthcare decision-making. WellSky, a US-based technology company, launched WellSky Patient in August 2023, a patient engagement platform designed to detect and address patient health risks. This platform aims to optimize health outcomes by fostering transparent communication between patients, families, and clinical care teams, addressing various aspects of physical, mental, and spiritual health.
In February 2022, YPrime, LLC, a US-based provider of cloud-based eClinical solutions, made an undisclosed acquisition of Tryl. This strategic move positions YPrime to develop the industry's first solution supporting patients' informed and engaged participation throughout the clinical trial process, particularly in the context of the industry's shift toward decentralized clinical trial models. Tryl, a US-based company, specializes in the development and commercialization of unique patient engagement solutions.
Major companies operating in the in the patient engagement solutions market report are Cerner Corporation, Epic Systems Corporation, Allscripts Healthcare Solutions Inc., McKesson Corporation, athenahealth Inc., International Business Machines Corporation, Medecision Inc., Orion Health Ltd., GetWellNetwork Inc., Oneview Healthcare PLC, Medical Information Technology Inc., IQVIA Holdings Inc., Computer Programs and Systems Inc., Cognizant Technology Solutions Corporation, Symphony Care LLC, Harris Computer Corporation, Kareo Inc., CureMD Healthcare Inc., eClinicalWorks LLC, Well-Beat Interactive Limited, AdvancedMD Inc., WellSky Inc., CipherHealth Inc., drchrono Inc., Luma Health Inc., PatientPoint LLC, Experian Health PLC, Agilon Health Inc., Medtronic plc, Physitrack Health Pty. Ltd.
North America was the largest region in the patient engagement solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patient engagement solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the patient engagement solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The patient engagement solutions market includes revenues earned by entities by providing appointment scheduling services, billing services, patient record, patient engagement, social media services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.