Emergence Of Global Patient Engagement Solutions With The Introduction Of Advanced Technological Tools By The Key Players. North America To Witness The Highest Growth
Global Patient Engagement Solutions Market is expected to reach US$ 47 Billion by the year 2027 expanding at a CAGR of 16.2% during the forecast period (2021-2027). Patient engagement is progressively recognized as an essential part of health care and a vital component of secure patient-centered services. Engaged patients are better able to make knowledgeable decisions about their care possibilities. It also encourages mutual liability and understanding between the patients and health care service providers. In most countries, primary care is often the first point of interaction of patients with the health care system. Therefore, primary care presents a good starting point for help engaging patients throughout the system.
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The various factors driving the Patient Engagement Solutions market include the emergence of innovative digital mHealth platforms and higher patient satisfaction rates by receiving better care efficiencies. Furthermore, Reducing the pressure on patients and lowering the healthcare expenditure is also anticipated to drive the market. It is the goal of all healthcare providers to guarantee the best treatment results possible for the patient, patient engagement solution have emerged as best possible option for healthcare service providers. According to a study conducted by a top technology consulting firm, 70% of physicians consider patient engagement solution as a top priority for their organization in 2017, compared to 60% in 2016.
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The sudden outburst of the COVID-19 has raised the whole world to a slowdown. But the COVID-19 pandemic has shifted the focus of Physicians on the importance of delivering patient-centered care. As the patients want virtual engagement with physicians to get more information about their health and assist themselves in case of any disease care. The American Medical Association (AMA) survey reveals that the physician’s incentives and necessities for adopting digital health have increased to 32% in 2019, compared to 26% in 2016. Furthermore, Adoption of digital health tools has grown significantly among all the physicians regardless of gender, specialty or age to increase patient engagement. Also, the use of tools for measuring fitness and health improvement goals jumped from 17% in 2013 to 42% in 2018. Furthermore, according to BlueCross BlueShield Patient-Centered Medical Home program commencement 2017, patients had 21.3% fewer hospital admissions, 22.5% fewer emergency department visits, and 8% fewer days in the hospital.
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Based on Components, the global patient engagement solutions market is fragmented into Hardware, Software, and Solution. The Software segment generated the highest revenue in 2020. Based on Delivery Mode, the global patient engagement solutions market is fragmented into Cloud-based, On-premises, and Web-Based. The Cloud-Based segment accounted for the major revenue portion in 2020. Based on Applications, the global patient engagement solutions market is fragmented into Health Management, Home Health Management, Social and Behavioral Health Management, Financial Health Management, Telemedicine, and Others. The sector is anticipated to observe significant growth in the upcoming years as it provides rapid response and improved patient obedience for providing healthcare facilities. Based on Therapeutic Area, the global patient engagement solutions market is fragmented into Chronic Diseases, Fitness, Women’s Health, and Others. Based on End-user, the global patient engagement solutions market is fragmented into Providers, Payers, Patients, and Others. The Providers segment is anticipated to observe lucrative growth.
Additionally, the report provides detailed initiatives that are being taken in the field of Patient Engagement Solutions. The market is analysed into distinct regions including North America (US, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, UK and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World. North America leads the overall adoption of patient engagement solutions market in 2020, owing to the presence of key companies and healthcare infrastructure with the highest spendings on healthcare. Some of the major players operating in the market include Medtronic, Allscripts Healthcare LLC, McKesson Corporation, IBM, Athena Health, Orion Health, Cerner Corporation, Harris Healthcare, OneView Healthcare, and Curemd Healthcare. Several M&As along with partnerships have been undertaken by these players to develop Value Based Care Market.
Global Patient Engagement Solutions Market Segmentation
Market Insight, by Components
Market Insight, by Delivery Mode
Market Insight, by Applications
- Health Management
- Home Health Management
- Social and Behavioral Health Management
- Financial Health Management
Market Insight, by Therapeutic Area
- Chronic Diseases
- Women’s Health
Market Insight, by End-user
Market Insight, by Region
- North America Patient Engagement Solutions Market
- United States
- Rest of North America
- Europe Patient Engagement Solutions Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Patient Engagement Solutions Market
- Rest of Asia-Pacific
- Rest of World Patient Engagement Solutions Market
Top Company Profiles
- Allscripts Healthcare LLC
- McKesson Corporation
- IBM Corporation
- Athena Health
- Orion Health
- Cerner Corporation
- Harris Healthcare
- OneView Healthcare
- Curemd Healthcare