Patient Engagement Solutions Market: Current Analysis and Forecast (2021-2027)
$3500 – $6860
Emphasis on Components (Hardware, Software, Solution); Delivery Mode (Cloud-Based, On-premises, Web-Based); Applications (Health Management, Home Health Management, Social and Behavioral Health Management, Financial Health Management, Telemedicine, Others); Therapeutic Area (Chronic Diseases, Fitness, Women’s Health, Others); End-Users (Providers, Payers, Patients, Others), and Region & Country
Patient engagement solutions is concentrated on providers and patients working together to enhance healthcare service offerings. Patients want to be engaged in their healthcare decision-making procedure better results. For instance, Healthcare Information and Management Systems Society (HIMSS) equips healthcare providers to digitally connect with patients and families through patient portal acceptance, secure messaging, social media, and other emerging technologies. In 2019, participants came from 46 states and 34 countries come together. The virtual patient visits keep the promise of enhancing access to care and at the same time starting communication channels and boosting the doctor-patient relationship. For instance, according to Forbes, in 2020, 91% of consumers stated that telemedicine would help them stick to appointments, manage prescriptions and refills, and follow wellness routines as prescribed by their physicians. In just a short time, telemedicine has gone from a revolutionary healthcare buzzword to a popular form of the doctor visit. As per Amwell a U.S.-based company, before the pandemic in the U.S., only 8% of patients have ever had a virtual doctor’s appointment, but after the pandemic, 66% of consumers said that they were willing to opt for telehealth/telemedicine. The enhancements in telehealth policies and changes to compensation rates have resulted in a 57% increase in treatment, with around 20% of healthcare visits expected to be conducted via telemedicine in 2020.
Use of Digital Health among Physician’s 2016 and 2019 (%)
Insights Presented in the Report
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 as the demand of software is increasing owing to the rising adoption of latest technology enabled solutions.
“Cloud-Based delivery was the most preferred patient engagement delivery mode; the segment is anticipated to grow at the highest CAGR during the analyzed period.”
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. Companies such as Qualcomm Life Inc., Opzoon Technology Co., Ltd., and Fibocom Wireless Inc. are involved in the sales of wireless and cloud-based technology products used in the healthcare industry.
“Amongst Applications, Health Management segment holds the major share 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 Health Management segment accounted for the major revenue portion in 2020. 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.
“Patient engagement solutions were majorly used for patient with Chronic Diseases in 2020.”
Based on Therapeutic Area, the global patient engagement solutions market is fragmented into Chronic Diseases, Fitness, Women’s Health, and Others. The Chronic Diseases segment is anticipated to observe lucrative growth. As during Chronic conditions, the patients could connect with their healthcare providers from remote locations and allowing them to get the streamlined flow of information, patient feedback, and other health-related data.
“Amongst End-user, the Providers segment holds the major share in 2020.”
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. Healthcare service Providers are not only concentrating on growing their infrastructure but also trying to improve it. So, that Patients can get easy access to healthcare facilities in efficient manner.
“North America leads the adoption of Patient engagement solutions in 2020.”
For a better understanding of the market dynamics and adoption of patient engagement solutions, a detailed analysis was conducted for different regions including North America (US, Canada, and 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.
Medtronic, Allscripts Healthcare LLC, McKesson Corporation, IBM, Athena Health, Orion Health, Cerner Corporation, Harris Healthcare, OneView Healthcare, and Curemd Healthcare are some of the prominent players operating in the global Patient Engagement Solution market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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|Objective of the Study
|Currency Used in Report
|Scope of the Global Patient Engagement Solutions Market Study
|Research Methodology for the Global Patient Engagement Solutions Market
|Main Objective of the Global Patient Engagement Solutions Market
|Home Health Management
|Social and Behavioral Management
|Financial Health Management
|North America Patient Engagement Solutions Market
|Rest of North America
|Europe Patient Engagement Solutions Market
|Rest of Europe
|Asia Pacific Patient Engagement Solutions Market
|Rest of Asia Pacific
|Rest of World Patient Engagement Solutions Market
|Demand Side Analysis
|Supply Side Analysis
|Top Product Launches
|Top Business Partnerships
|Top Business Expansions, Investments and Divestitures
|Top Merger and Acquisitions
|Company Shares, By Revenue 2020
|Allscripts Healthcare, LLC
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Patient Engagement Solutions were the three major steps undertaken to create and analyze the adoption of Patient Engagement Solutions in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Patient Engagement Solutions sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Patient Engagement Solutions through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Patient Engagement Solutions market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Components, Delivery Mode, Applications, Therapeutic Area, and End-user. Further country-level analyses were conducted to evaluate the overall adoption of Patient Engagement Solutions in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis using dependent and independent variables such emergence of innovative digital mHealth platforms and higher patient satisfaction rates with better care efficiencies etc. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Patient Engagement Solutions industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Patient Engagement Solutions market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach was applied to arrive at the market forecast of about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the adoption rate of Patient Engagement Solutions across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Patient Engagement Solutions market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Patient Engagement Solutions market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Service, Specialty, Delivery mode, Modality, and end-user of the Patient Engagement Solutions market.
Main Objective of the Patient Engagement Solutions Market Study
The current & future market trends of Patient Engagement Solutions were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Patient Engagement Solutions in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of Components, Delivery Mode, Applications, Therapeutic Area, and End-user
- Define and analysis of the regulatory framework for the Patient Engagement Solutions industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Patient Engagement Solutions market for the major regions including North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and Rest of the World
- Company profiles of the prominent players in the Patient Engagement Solutions market and the growth strategies adopted by the market players to sustain in the fast-growing marke
- Deep dive regional level analysis of the industry