Patient Engagement Solutions Market | Exactitude Consultancy Reports
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Exactitude Consultancy Latest Published Patient Engagement Solutions Market Research Report 2022 By Component (Hardware, Software, Services), Delivery Mode (On Premise Solution, Cloud Based Solution), End User (Provider, Payer, Patients, Others), Application (Health Management, Home Health Management, Social & Behavioral Management, Financial Health Management), Therapeutic Areas (Chronic Diseases, Women’s Health, Fitness, Others) And By Region (North America, Europe, Asia Pacific, South America, Middle East And Africa), Global Trends And Forecast From 2023 To 2028
The Global #PatientEngagementSolutions Market is expected to grow at more than 18.3% CAGR from 2023 to 2028. It is expected to reach above USD 21.58 billion by 2028 from a little above USD 14.49 billion in 2022.
Patient engagement can be defined as the desire and capability to actively choose to participate in care in a way uniquely appropriate to the individual, in cooperation with a healthcare provider or institution, for the purposes of maximizing outcomes or improving experiences of care. It is a broader concept that combines patient activation with interventions designed to increase activation and promote positive patient behavior, such as obtaining preventive care or exercising regularly.
Based on component, the global patient engagement solutions market has been segmented into hardware, software and services. The software and hardware segment accounted for the largest share of market in 2021 and is expected to expand at the fastest CAGR over the forecast period. Patient engagement software and hardware form the core offering of the solution. It is simple to install, use, and retrieve records owing to intuitive user interfaces and continuous product upgrades. It is used by providers, hospitals, and health systems to drive the quality of care and increase patient satisfaction.
The services segment is one of the vital parts of the effective operation of patient engagement solutions. It helps in leveraging and enhancing patient engagement solutions as per the customer needs and to maximize patient health outcomes. These include consulting, implementation and training, support and maintenance, and other services such as interoperability and access to the data.
Based on delivery mode, market can be classified as on-premise solutions and cloud-based solutions. The cloud-based segment dominated the market in 2021 with a revenue share of over 75.0%. The segment is also anticipated to expand at the fastest rate over the forecast period. Adoption of these solutions is increasing due to remote access to real-time data tracking, integrated features, easy accessibility, insignificant handling costs, and easy data backup hence companies are investing in web and cloud-based patient engagement solutions.
Based on end user segment, market can be classified as provider, payer, patients and others (including government bodies, employer groups, and pharmaceutical companies). The providers segment accounted for the largest share of the global patient engagement solutions market. Providers are increasingly adopting patient engagement solutions to restrict rising healthcare costs, offer value-based care, and improve financial outcomes. The payer segment is estimated to expand over the forecast period. The growth of the payer segment can be attributed to the increasing adoption of patient and customer engagement solutions that promote extensive coverage and enable value-based care delivery. To enhance growth, the payers are intending to manage patient care and connect patients at each stage of the treatment.
Key players include McKesson Corporation, Allscripts, IBM, AdvancedMD, Cerner Corporation, Epic Systems Corporation and many more.
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