Dublin, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The "Global Patient Engagement Solutions Market by Component (Hardware (Tablet)), Software (Integrated), Therapy (CVD, Diabetes), Functionality (Education, Scheduling), User (Provider, Payer (Public)), Unmet Need, Investment, Buying Criteria - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global patient engagement solutions market is projected to reach USD 41.8 billion by 2028 from USD 22.5 billion in 2023, at a CAGR of 13.2% during the forecast period. Factors such as the growing demand for patient engagement solutions and the increasing utilization of m-health apps are driving the market growth. However, high investment requirements for healthcare infrastructure and the scarcity of skilled IT professionals in the healthcare industry are expected to restrain the growth of this market during the forecast period.
Services segment is expected to grow at the highest rate from 2023 to 2028
By components, the patient engagement solutions market is divided into software, hardware, and services. The software segment holds the largest share of the global patient engagement solutions market in 2022. The hardware is further segmented into in-room televisions, integrated bedside terminals/assisted devices and tablets. The software market is further divided into standalone software and integrated software. In 2022, the integrated solutions segment holds the larger share of this market & is also projected to grow at the highest CAGR during the forecast period. Nevertheless, the services segment is projected to exhibit the highest CAGR from 2023 to 2028. The notable growth in the services segment can be attributed to factors such as the increasing investments in the development of innovative service models that offer value-based, patient-centered care, driving the market growth for services.
The on-premise solutions segment is anticipated to dominate the Patient Engagement Solutions market in 2023
When considering delivery modes, the patient engagement solutions market is categorized into on-premise and cloud-based/web-based modes. In 2023, it is projected that the on-premise solutions segment will command the largest share of the global patient engagement solutions market. However, the cloud-based/web-based mode segment is forecasted to exhibit the highest CAGR from 2023 to 2028. The substantial share of this segment can be attributed to the growth support provided by the flexibility, scalability, and affordability features inherent in cloud-based solutions within the patient engagement solutions market.
In 2022, the Health management segment accounted for the largest share of the global patient engagement solutions market, by applications
By application, the patient engagement solutions market is divided into health management, home health management, social and behavioral management, and financial health management. In 2023, the health management applications segment accounts for the largest share of the global patient engagement solutions market. Health management includes a wide range of patient engagement tools that help patients engage with their providers and take initiatives to improve or maintain their health status and increased awareness among patients about health conditions are the factors driving market growth.
In 2022, Chronic diseases accounted for the largest share of the global patient engagement solutions market by therapeutic area
By therapeutic area, the patient engagement solutions market is divided into chronic diseases (cardiovascular disease, diabetes, obesity and other chronic diseases), women's health, fitness, and other therapeutic areas. The chronic diseases segment dominated this market in 2022. In 2022, the cardiovascular diseases segment accounted for the largest share of the patient engagement solutions market for chronic diseases. However, the diabetes segment is projected to register the highest CAGR during the forecast period, owing to the high prevalence and incidence of diabetes worldwide.
Patient/client scheduling accounted for the largest share of the global patient engagement solutions market, by functionality
By functionality, the patient engagement solutions market is divided into E-prescribing, document management, telehealth, patient/client scheduling, patient education, billing & payments and other functionalities. The patient/client scheduling segment accounted for the largest share of the patient engagement solutions market, by functionality, in 2022. The large share of the patient/client scheduling segment is mainly attributed to increasing government initiatives to boost patient engagement software adoption to provide quality care by physicians to their patients at lower costs.
Providers' segment accounted for the largest share of the global patient engagement solutions market by end user in 2022
By end users, the patient engagement solutions market is divided into providers, payers, patients, and other end users. The providers are further bifurcated into hospitals and healthcare systems, ambulatory care centers, home healthcare, and other providers. Moreover, the payers are further divided into private and public. By end users, the providers segment accounted for the largest share of the global patient engagement solutions market in 2022. The large share of this segment is due to the increasing implementation of patient engagement solutions to curtail mounting healthcare costs, offer value-based care, and expand financial outcomes are factors that are driving the growth of this segment.
North America to dominate the patient engagement solutions market in 2022
In 2022, North America dominated the global patient engagement solutions market by region. Factors such as favorable government initiatives and regulations, the imperative to reduce healthcare costs, the increasing prevalence of chronic diseases, and the presence of key market players contribute significantly to the growth of the patient engagement solutions market in North America. The Asia Pacific market is expected to achieve the highest CAGR during the forecast period from 2023 to 2028. This growth is attributed to the escalating adoption of Healthcare Information Technology (HCIT) solutions and the increasing prevalence of chronic diseases in the region. The rising patient volume and the growing need for accurate and timely diagnosis and treatment further contribute to the anticipated growth of the patient engagement solutions market in the Asia Pacific region.
Research Coverage
- The report studies the Patient Engagement Solutions market based on component, delivery mode, therapeutic area, application, functionality, end user, and region.
- The report analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth.
- The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.
- The report studies micro-markets with respect to their growth trends, prospects, and contributions to the total patient engagement solutions market.
- The report forecasts the revenue of market segments with respect to five majors regions.
Market Dynamics
- Drivers
- Implementation of Government Regulations and Initiatives to Promote Patient-Centric Care
- Increasing Adoption of Patient Engagement Solutions
- Rising Number of Collaborations and Partnerships Between Stakeholders
- Increasing Utilization of Mobile Health Apps
- Rising Geriatric Population and Subsequent Increase in Prevalence of Chronic Diseases
- Restraints
- Large Investment Requirements for Healthcare Infrastructure
- Protection of Patient Information
- Inadequate Interoperability Across Healthcare Providers
- Shortage of Skilled IT Professionals in Healthcare Industry
- Opportunities
- Growth Opportunities in Emerging Markets
- Wearable Health Technology
- Cloud-Computing Solutions
- Challenges
- High Deployment Costs of Healthcare IT Systems
- Low Levels of Healthcare Literacy
Industry Trends
- AI-Driven Digital Transformation to Drive Next Wave of Patient Engagement
- Real-Time Remote Diagnosis to be Integral Part of Patient Engagement
- Role of mHealth in Patient Engagement
- Growing Adoption of Telemedicine
- Rise of Smart Hospital Rooms and Bedside Tablets
- Growing Demand for Value-based Healthcare
- Ecosystem Analysis
Value Chain Analysis
- Research and Development
- Material Components
- Manufacturers and Developers
- Distribution and Sales
- End-user Industries
- Post-Sale Services
Technology Analysis
- Artificial Intelligence (AI) and Machine Learning (ML)
- Virtual Reality (VR) and Augmented Reality (AR)
- Remote Monitoring Devices and Wearables
Patient Engagement Solutions Business Models
- Subscription-based Model
- Licensing Model
- Hybrid Model
- Freemium Model
- Value-based Pricing Model
- Data Monetization
- Custom Development/Consulting Model
- Integration with Existing Systems
- Partnerships with Healthcare Providers
- White-Label Solutions
- Open-Source Software
Use Cases/Case Studies
- Focus on Reducing Readmission Rates and Improving Care
- Use Case 1: Need to Reduce Patient Hospital Stays
- Improve Outpatient Communication
- Case 2: Rising Need to Curb Miscommunication with Discharged Patients
- Patient Engagement Strategy
- Use Case 3: Post-Discharge Care
- An EMR-Agnostic Patient Engagement Platform with Comprehensive Built-In Capabilities
- Use Case 4: to Improve Patient Engagement, Giving Patients Ability to Access All Their Medical Information in One Place
Companies Profiled
- McKesson Corporation
- Oracle Corporation
- Veradigm LLC
- AthenaHealth
- Orion Health
- GetWellNetwork, Inc.
- Lincor Inc.
- Cognizant Technology Solutions Corporation
- Get Real Health
- Oneview Healthcare
- AdvancedMD, Inc.
- Epic Systems Corporation
- Harris Healthcare
- Medical Information Technology, Inc.
- Kareo, Inc.
- eClinical Works
- Wellstack
- Iqvia Holdings Inc.
- Vivify Health
- Medhost
- Luma Health
- CureMD Healthcare
- Sonifi Health
- Advantech Co. Ltd.
- Barco
Key Attributes
| Report Attribute | Details |
| No. of Pages | 438 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $22.5 Billion |
| Forecasted Market Value (USD) by 2028 | $41.8 Billion |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/4dlg9l
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