Rockville, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The market is growing gradually, attaining a valuation of over US$ 29 billion by 2022 and increasing at an 8.6% CAGR through 2032. The market is anticipated to reach US$ 66.4 billion by 2032.
The patients who are actively involved in their care are better equipped to weigh their options. Additionally, resources may be used more effectively if they are in line with patient priorities, which is essential for the survival of health systems around the world. Digitally literate patients make a key strength of this industry.
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Trends in industry
“Self-hosted health services a post-pandemic trend becoming new normal”
The surge in self-hosted platforms has attributed to giving an upward trajectory to the core market. the e- health apps are projected to grow and reach up to USD 1.84 billion by end of 2023. In comparison with other countries, China is anticipated to generate the majority of revenue in e-health apps in the forecast period. These applications are increasingly being adopted with a desire to become self-reliant for young to elder patients.
Key strategies for future growth
Cooperation is easier to achieve and there are more opportunities to understand each patient's particular health needs when there is a good patient-provider relationship. This enables healthcare professionals to more effectively link patients to the therapies and resources needed to enhance general health. Hence, manufacturers who improve on self-hosted and user-friendly engagement solutions which are highly secure and easy to access are likely to create differentiation and gain a competitive edge in this market.
“Rising Telemedicine and digital health to drive the market share”
With the rise in telemedicine and digital health applications, this market is anticipated to gain a major share in the forecast period. The global telemedicine market is anticipated to grow from USD 50 billion in 2019 to USD 460 billion by end of 2030. Many causes, such as rising traditional healthcare costs, funding for telemedicine, and an increase in consumers of digital health, have contributed to the market's expansion. Moreover, Patients who are involved in decision-making are more likely to follow the screening, diagnostic, and treatment regimens, express higher levels of satisfaction with their care and are more knowledgeable about their symptoms, tests, and treatments. The current report on patient engagement solutions ideally uncovers all aspects associated with patient care and changing market dynamics.
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Competitive Landscape
Major market players are investing heavily in developing and launching new products in order to gain competitive advantage and grow their customer base. Therefore, market players are increasing their R&D spending in order to launch new products in the market. Furthermore, both acquisitions & mergers, collaborations, and regulatory approvals are also crucial components of effective growth.
- In January 2022, Ashfielf Engage announced the acquisition of Medaxis, a company that provides healthcare professionals and patients with patient engagement services. In addition, the firm is adding 40 Medaxis employees to its workforce in Canada. Ashfield Engage and Medaxis have already collaborated on several projects and the strategic partnership will allow Ashfield Engage to provide tailored solutions to customers across the country.
- In March 2022, in collaboration with Well-Beat, an Israeli company bringing the human touch to healthcare using behavioral AI, UST and Well-Beat will launch a first-of-its-kind digital patient engagement SaaS platform. Digital solutions provide clinicians with personalized conversational guidelines that are tailored to the patient's motivational factors at the point of care. Over 1,400 factors are evaluated in this tool, including the progression of a disease state, in order to deliver direct and indirect behavioral nudges. Through short surveys, medical records, and connected devices, communication is dynamically adapted to facilitate intelligent interventions and provide customized experiences for patients.
Key Patient Engagement Solutions Providers
- McKesson Corporation
- Allscripts Inc.
- Medecision Inc.
- Cerner Corporation
- IBM Phytel
- Axial Exchange
- Orion Health
- Emmi Solutions LLC
- Athenahealth Inc.
- GetWellNetwork Inc.
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Key Market Segment Covered in Patient Engagement Solutions
- By Delivery Mode:
- Self-Hosted Patient Engagement Solutions
- Software-as-a Services Patient Engagement Solutions
- Application Managed Service Patient Engagement Solutions
- By End User:
- Hospitals and Providers
- Healthcare Payers
- Pharmaceutical Companies
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global patient engagement solutions market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
Growing demand for patient-centric healthcare is driving the adoption of patient engagement solutions. Major players in the patient engagement solutions market are focusing on partnerships and collaborations for expanding their product portfolios. The healthcare industry is increasingly adopting cloud-based solutions for better patient engagement. Growing implementation of innovative technologies such as AI and machine learning for enhanced patient engagement is propelling the market growth. Wearable devices are becoming increasingly popular for remote patient monitoring and engagement. Social media and mobile applications are becoming popular tools for patient engagement. Government support and the increasing adoption of telemedicine and mHealth are contributing to the growth of the patient engagement solutions market.
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