The global patient engagement solutions market is all set for an impressive double-digit growth rate by the end of 2030. The report would offer an insightful view of what is driving the market ahead and will the growth unfold in future.
Market Analysis in Brief
This study intends to analyse diverse aspects of the global patient engagement solutions market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline. In 2022, the market reflected modest growth and per industry figures, it stood at around US$15 Bn in terms of value. According to preliminary study carried out by Fairfield Market Research, the market will demonstrate growth at a strong double-digit CAGR in the years to come.
Key Report Findings
Rising Demand for Tracking Health Status
Health tracking has gained significant traction with growing prevalence of health disorders worldwide. With technological advancements in the medical field, it has become possible to monitor health of patients remotely. The access to information in the present technologically driven world continues to provide optimum personalized care to patients alongside providing efficient health monitoring to patients suffering from chronic diseases. This has resulted in an increase in the number of people tracking health data which they share with their personal health coaches, physical trainers, and physicians for gaining deep dive about their health.
The scenario has led to the development of new wearable devices that monitor and track health parameters of individuals. For instance, in 2021, release of Apple Watch Series 7 was announced by Apple. This device features an ECG application along with electrical heart sensor and blood oxygen sensor. Health tracking software also helps in gauging the occurrence of critical issues related to body parts, organs, and other vital components. This has accelerated the adoption of health tracking software, which in turn is expected to complement the growth of the patient engagement solutions market.
Improved Positive Outcome via Remote Monitoring
Emergence of internet technology has enabled both physicians and patients to remain in continuous communication. This has resulted in enhanced level of diagnosis accuracy through efficient and monitoring. By leveraging patient engagement solutions, it has become possible to reduce the time of diagnosis and delayed treatment thus improving patient outcome. Moreover, with the proliferation of technology, companies can develop advanced patient engagement solutions that facilitate proper engagement and management of patients within healthcare facilities and hospitals.
Moreover, in wake of increasing prevalence of chronic diseases such as cancer, diabetes and other cardiovascular diseases owing to lifestyle problems it has become necessary to track body vitals, which in turn is expected trigger use of patient engagement solutions. Furthermore, by using patient engagement solutions, patients can have a direct access to physicians to get opinion on health related issues without needing to wait in queue in medical facilities. In addition, remote patient monitoring has gained high traction and has reduced hospital stays, thus reducing the risk of hospital acquired infections. This factor is expected to bolster the growth of the patient engagement solutions market in the forthcoming years.
Overview of Key Segments
Web- and Cloud-based Patient Engagement Solutions Gain Traction
The web and cloud based segment from delivery standpoint is expected to account for a major share in the patient engagement solutions market. The demand for web and cloud based patient engagement solutions is increasing owing to availability of real time access, health data tracking, easy accessibility, easy data backup and minimal handling costs. This has pushed companies to invest in web based and cloud based patient engagement solutions.
Growth Opportunities Across Regions
North America Leads, Asia Pacific Develops a Hotspot
North America patient engagement solutions market is expected to grow at a steady pace and is likely to account for a significant revenue share from a global standpoint. The initiatives taken by private and public organizations to improve patient care and promote healthcare services in the region is one of the factors contributing towards market growth. For instance, according to the 2021 report by Congressional Research Service, in 2020, the population of the United States was around 320 million of which majority of the individuals received healthcare service under federal program.
In addition, strong economic growth, presence of large technology providers and healthcare facilities, favourable healthcare infrastructure and rising GDP per capita are of the macro aspects driving the growth of the patient engagement solutions market in North America.
On the other hand, the market in Asia Pacific is witnessing a notable spike across emerging economies. This can be attributed towards increasing cases of chronic disorders coupled with high patient pool backed by growing population. In addition, acceptance towards new technologies and their adoption has favoured the growth of the patient engagement solutions market in Asia Pacific. Providers of patient engagement solutions are leveraging the potential of Asian countries and eyeing to expand their business across nations such as China, India, Australia, Japan, and South Korea.
Moreover, technology providers are also penetrating the Asian soil to establish their footprint. These factors are expected to complement the growth of the market in the region making it a lucrative hotbed for key players.
Patient Engagement Solutions Market: Competitive Landscape
A few of the major players in the patient engagement solutions market include Allscripts Healthcare Solutions Inc., Cerner Corporation, IBM, Athenahealth Inc., McKesson Corporation, and Orion Health.
Regional Classification of the Global Patient Engagement Solutions Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Patient Engagement Solutions Market
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