Dublin, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The "Patient Engagement Solutions Market: Distribution by Deployment Option, Type of Solution Offered, Application Area, End-user, and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035" report has been added to ResearchAndMarkets.com's offering.
The global patient engagement solutions market is estimated to be worth over USD 11 billion in 2023 and expected to grow at compounded annual growth rate (CAGR) of 18.2% to 2035
Patient engagement solutions are pivotal in involving patients in their healthcare journey, enhancing outcomes and experiences. These solutions, including patient engagement software and digital platforms, empower patients to access medical information, schedule appointments, and communicate with healthcare providers, facilitating remote monitoring and shared decision-making.
Studies indicate that engaged patients are more likely to seek timely care and have fewer unmet medical needs. Recent advancements like AI, machine learning, telemedicine, and remote monitoring devices have revolutionized healthcare, leading to comprehensive patient engagement services.
The COVID-19 pandemic has accelerated the adoption of patient experience solutions and telehealth, driving the growth of the patient engagement solutions market. North America currently dominates this market, and it is projected to grow at an annualized CAGR of 18.2% from 2023 to 2035.
Key players in this industry, such as athenahealth, are continually innovating to enhance patient access and satisfaction.
Key Advantages and Growing Demand for Patient Engagement Strategies
Patient engagement solutions have emerged as a promising alternative to the conventional in-person visits to healthcare providers owing to their multiple benefits, including ease of access, virtual consultations, patient education, scheduling and appointment management, real-time data management, prescription refills, chatbots / messaging options, and remote access to healthcare services.
Considering the advantages offered by patient engagement solutions and growing demand for virtual healthcare across the world, specifically post the COVID-19 pandemic, companies have started implementing different patient engagement strategies that are anticipated to drive market growth during the forecast period.
Patient Engagement Solution Providers Market
The current patient engagement solution providers landscape features around 420 large, mid-sized and small companies. It is worth mentioning that 98% of the solution providers offer solutions for home health management and more than 75% of the solution providers offer cloud-based deployment options. Cloud-based solutions feature patient portals that offer convenient access to medical information.
Notably, digital patient engagement encompasses the use of digital technologies and platforms, such as patient portals and mobile applications, to actively involve patients in their own treatment process. In fact, in January 2023, CipherHealth partnered with SADA to integrate socioeconomic data into its platform with Google Cloud to enhance patient engagement experience.
Key Drivers in the Patient Engagement Solutions Market
The pharmaceutical industry is developing novel drugs as well as improving the existing treatment modalities for various disease indications. Hence, there has been a significant increase in the number of clinical trials conducted worldwide, requiring enrollment of several participants. Conducting a multi-site, multi-state clinical trial is a time-consuming process, wherein majority of the effort goes into clinical trial patient recruitment / enrollment.
Finding the right set of patients is challenging as the drugs are becoming more complex in nature and treatment approach is moving towards personalized therapy. In fact, over the years, the time taken for patient recruitment has increased to over 18 months. Several pharmaceutical companies are now using patient engagement software and platforms to improve the patient retention rates in clinical studies.
The COVID-19 pandemic has emphasized the significance of virtual patient participation, leading to a shift from conventional approaches to adoption of virtual modes for patient involvement in clinical trials and healthcare delivery. To enhance communication and foster effective relationship between patients and physicians, numerous healthcare facilities have adopted patient engagement software.
Concurrently, there has been a notable increase in the prevalence of chronic diseases, such as diabetes and cardiovascular disorders, impacting a significant portion of the population. In fact, according to the WHO, over 420 million individuals, worldwide, are currently suffering from some form of diabetes. In addition, cardiovascular diseases have emerged to be the cause of nearly 18 million deaths, each year.
This has created the need for innovative solutions in order to engage patients suffering from chronic diseases. As healthcare access continues to improve with the establishment of new healthcare facilities in remote areas, the demand for patient engagement solutions is becoming even more imperative. Further, the evolving regulatory standards has created lucrative opportunities for companies offering patient engagement services. All these factors are anticipated to drive growth of the patient engagement solutions market.
Recent Trends in the Patient Engagement Solutions Market
The growing applications of patient engagement solutions have garnered significant interest of investors, which has resulted in a strong spur in investment activity in this domain. In addition, various big players have undertaken several initiatives in order to strengthen their patient engagement solution portfolio, entering into strategic deals and making noteworthy financial investments.
For instance, players, including Care Angel (offering web-based solutions), HealthPlix (offering cloud-based and web-based solutions) and Carium (offering web-based solutions) have raised funding during the recent years in order to enhance their patient engagement strategies.
OpenAI's ChatGPT is Likely to Revolutionize the Chatbot Experience for Patients
Implementation of ChatGPT is emerging as one of the key patient engagement strategies being adopted by patient engagement service providers. According to a study conducted by researchers at the University of Maryland School of Medicine (UMSOM), ChatGPT's AI chatbot exhibits an impressive accuracy rate of approximately 88% when responding to patient queries.
This is indicative of the potential of ChatGPT to transform the way patients seek medical information and engage with healthcare providers. This breakthrough technology has created lucrative opportunities for patient engagement solution providers. These patient engagement solutions can seamlessly integrate into ChatGPT's intelligent platform, enabling providers to enhance communication, empower patients, and deliver personalized care.
This transformative synergy between ChatGPT and patient engagement solutions is likely to position providers as industry leaders, offering comprehensive and innovative solutions for improved patient outcomes and enhanced healthcare experience. Embracing this AI-driven patient engagement solution is anticipated to drive the market growth during the forecast period.
Scope of the Report
- An executive summary of the key insights captured during our research, offering a high-level view on the current state of the patient engagement solutions market and its likely evolution in the short to mid and long term.
- A brief introduction to important concepts related to patient engagement solutions, featuring information on various types of patient engagement solutions and their applications.
- An overview of the current market landscape of patient engagement solution providers
- An insightful analysis, highlighting the contemporary market trends in the patient engagement solutions domain through different representations
- A detailed competitiveness analysis of patient engagement solution providers, based on company strength and company competitiveness, taking into consideration product portfolio and funding strength.
- Elaborate profiles of prominent players (shortlisted based on our proprietary company competitiveness analysis) offering patient engagement solutions. Each company profile features a brief overview of the company (including information on its year of establishment, number of employees, location of headquarters and key members of the executive team), details related to product portfolio, recent developments and an informed future outlook.
- An analysis of funding and investments received by companies engaged in this domain, during the period 2018-2023
- A comprehensive fine-grained sentiment analysis of patients' experience with patient engagement solutions, highlighting valuable insights on the key pain points, features, and suggestions for improvement.
- A detailed market forecast analysis in order to estimate the existing market size and future opportunity for patient engagement solution providers over the next decade.
Key Topics Covered:
1. PREFACE
2. EXECUTIVE SUMMARY
3. INTRODUCTION
3.1 Chapter Overview
3.2. Overview of Patient Engagement Solutions
3.3. Key Features of Patient Engagement Solutions
3.4. Types of Patient Engagement Solutions
3.5. Applications of Patient Engagement Solutions
3.6. Challenges Associated with Patient Engagement Solutions
3.7. Recent Trends in Patient Engagement
3.8. Future Perspectives
4. MARKET LANDSCAPE
4.1. Chapter Overview
4.2. Patient Engagement Solution Providers: Overall Market Landscape
5. KEY INSIGHTS
5.1. Chapter Overview
5.2 Patient Engagement Solution Providers: Key Insights
6. COMPANY COMPETITIVENESS ANALYSIS
6.1. Chapter Overview
6.2. Assumptions and Key Parameters
6.3. Methodology
6.4. Patient Engagement Solution Providers: Company Competitiveness Analysis
7. COMPANY PROFILES
7.1. Chapter Overview
7.2. athenahealth
7.2.1. Company Overview
7.2.2. Recent Developments and Future Outlook
7.3. Coviu
7.4. GetWellNetwork
7.5. Health Catalyst
7.6. MediBuddy
7.7. Mocero Health
7.8. Orion Health
7.9. Physitrack
7.10. SolvEdge
7.11. Veradigm
7.12. Well-Beat
7.13. Wolters Kluwer
8. FUNDING AND INVESTMENT ANALYSIS
8.1. Chapter Overview
8.2. Types of Funding Models
8.3. Patient Engagement Solutions: Funding and Investment Analysis
8.4. Concluding Remarks
9. FINE GRAINED SENTIMENT ANALYSIS
9.1. Chapter Overview
9.2. Key Assumptions and Methodology
9.3. Fine-Grained Sentiment Analysis: Patient Engagement Mobile Applications
9.4. Conclusion
10. MARKET FORECAST AND OPPORTUNITY ANALYSIS
10.1. Chapter Overview
10.2. Key Assumptions and Methodology
10.3. Global Patient Engagement Solutions Market, Historical (2017-2022) and Forecasted Estimates (2023-2035)
11. CONCLUSION
12. EXECUTIVE INSIGHTS
12.1. Chapter Overview
12.2. UbiCare
12.2.1. Company Snapshot
12.2.2. Interview Transcript: Debra Zalvan, Chief Executive Officer
12.3. pCare
12.4. Mytonomy
12.5. C3LX
12.6. Clearstep
12.7. SolvEdge
12.8. Physitrack
12.9. OneStep
13. APPENDIX I: TABULATED DATA
14. APPENDIX II: LIST OF COMPANIES AND ORGANIZATIONS
For more information about this report visit https://www.researchandmarkets.com/r/fjzrqg
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