Patient Engagement Solutions Market is Expected to Reach $41.8 Billion | MarketsandMarkets™

Chicago, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Patient Engagement Solutions market in terms of revenue was estimated to be worth $41.8 Billion in 2023 and is poised to reach $41.8 Billion by 2028, growing at a CAGR of 13.2% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The market's growth is fueled by an escalating demand for patient engagement solutions and a growing prevalence of collaborations and partnerships among stakeholders. Nevertheless, challenges such as insufficient interoperability among healthcare providers and concerns regarding the protection of patient information are anticipated to impede the market's growth throughout the specified forecast period.

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Patient Engagement Solutions Market Scope:

Report Coverage	Details
Market Revenue in 2023	$22.5 Billion
Estimated Value by 2028	$41.8 Billion
Growth Rate	Poised to grow at a CAGR of 13.2%
Market Size Available for	2021-2028
Forecast Period	2023–2028
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Component, Delivery Mode, Therapeutic Area, Application, Functionality, End User, And Region
Geographies Covered	North America (US, and Canada), Europe (Germany, France, UK, Italy, Spain, and the RoE), Asia Pacific (Japan, China, India, and RoAPAC), Latin America (Brazil, Mexico and Rest of Latin America) and Middle East & Africa (GCC Countries and Rest of MEA).
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Growth opportunities in emerging markets
Key Market Driver	Implementation of government regulations and initiatives to promote patient-centric care

Based on components, the patient engagement solutions market is bifurcated into software, hardware, and services. The software segment accounted for the largest share of the global patient engagement solutions market in 2022. The hardware is further divided into in-room televisions, integrated bedside terminals/assisted devices, and tablets. The software market is segmented into standalone software and integrated software. The integrated software segment accounted for the largest share of the market in 2022, and this segment is also anticipated to grow at the highest CAGR during the forecast period.

However, the services segment is anticipated to grow at the highest CAGR during the forecast period. The high growth of the services segment can be due to the services component being necessary for the application of deployed solutions. In addition, increasing investments in developing innovative service models that offer value-based patient-centered care also drive the market growth for services.

Based on delivery mode, the patient engagement solutions market is bifurcated into on-premise and cloud-based/web-based modes. The on-premise mode segment accounted for the largest share of the global patient engagement solutions market in 2022. However, the cloud-based/web-based mode segment is estimated to register the highest CAGR during the forecast period. The flexibility, scalability, and affordability provided by cloud-based solutions are supporting its increase in the patient engagement solutions market. The growing embrace of these solutions is driven by factors such as remote access to real-time data tracking, integrated features, seamless accessibility, minimal handling costs, and straightforward data backup. This has spurred companies to invest significantly in patient engagement solutions that are web-based and leverage the cloud for enhanced efficiency.

Categorized by application, the patient engagement solutions market is divided into health management, home health management, social and behavioral management, and financial health management. In 2022, the health management applications segment held the largest share of the global patient engagement solutions market. Factors such as increasing awareness among patients about the obstacles of their disease conditions and their willingness to participate in maintaining their health actively are a few factors driving market growth.

Based on therapeutic areas, the patient engagement solutions market is bifurcated into chronic diseases, women’s health, fitness, and other therapeutic areas. Chronic diseases are further divided into cardiovascular disease, diabetes, obesity, and other chronic diseases. The chronic diseases segment holds the largest share of the global patient engagement solutions market in 2022. Factors such as the high burden of chronic diseases, an increasing problem in the treatments, and the requirement to successfully manage these conditions while reducing overall healthcare costs are some of the key factors driving market growth.

Based on functionality, the patient engagement solutions market is bifurcated into E-prescribing, telehealth, patient/client scheduling, document management, patient education, billing & payments, and other functionality. The patient/client scheduling segment hold the largest share of the global patient engagement solutions market in 2022. Factors such as risen productivity through proper scheduling of appointments and digitization in the healthcare process are driving market growth.

Based on end users, the patient engagement solutions market is bifurcated into payers, providers, patients, and other end users. The providers are further divided into hospitals and healthcare systems, ambulatory care centers, home healthcare, and other providers. The payers are further divided into private and public. The providers' segment accounted for the largest share of the global patient engagement solutions market in 2022. Providers progressively adopt patient engagement solutions to curtail expanding healthcare costs, offer value-based care, and improve financial outcomes. Patient engagement solutions also help providers enhance the patient experience, meet the expanding demand for appropriate access to health information, and better serve patients to self-manage their care.

Based on region, the patient engagement solutions market is bifurcated into five major regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the largest share of the global patient engagement solutions market in 2022. The growth of the patient engagement solutions market in North America is propelled by the increasing prevalence of chronic diseases, supportive government initiatives, reduced healthcare costs, and the presence of key market players in the region. In the Asia Pacific, the market is anticipated to achieve the highest Compound Annual Growth Rate (CAGR) during the forecast period, driven by the rising adoption of Healthcare Information Technology (HCIT) solutions and the increasing prevalence of chronic diseases in the region.

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Patient Engagement Solutions market major players covered in the report, such as:

• McKesson Corporation (US)
• Veradigm (US)
• Oracle Corporation (US)
• Merative (US)
• AdvancedMD (US)
• CureMD Healthcare (US)
• eClinicalWorks (US)
• Epic Systems Corporation (US)
• Oneview Healthcare (Ireland)
• Orion Health (New Zealand)
• GetWellNetwork (US)
• athenahealth (US)
• MEDITECH (US)
• IQVIA (US)
• Get Real Health (US)
• Cognizant (US)
• Harris Healthcare (US)
• Kareo (US)
• and Lincor Solutions (US)
• Luma Health Inc. (US)
• WellStack(US)
• Vivify Health (US)
• Medhost (US)
• MEDISYSINC (US)
• Patient point LLC (US)
• and Among Others

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This report categorizes the Patient Engagement Solutions market into the following segments:

Patient engagement solutions market, By component

• Hardware
  • In-room televisions
  • Integrated bedside terminals/Assisted devices
  • Tablets
• Software
  • Standalone Software
  • Integrated Software
• Services

Patient engagement solutions market, By Delivery Mode

• On-Premise Mode
• Cloud-Based Mode

Patient Engagement solutions market, by Application

• Health management
• Home health management
• Social & behavioral management
• Financial health management

Patient engagement solutions market, By Therapeutic area

• Chronic diseases
  • Cardiovascular diseases (CVD)
  • Diabetes
  • Obesity
  • Other chronic diseases
• Women’s health
• Fitness
• Other Therapeutic Areas

Patient engagement solutions market, By Functionality

• Introduction
• E-Prescribing
• Telehealth
• Patient/Client Scheduling
• Document Management
• Patient Education
• Billing & Payments
• Others Functionality

Patient engagement solutions market, By End user

• Providers
  • Hospitals and healthcare system
  • Ambulatory care centers
  • Home healthcare
  • Other Providers
• Payers
  • Private
  • Public
• Patients
• Other End users

Patient engagement Solution Market, By Region, 

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • Rest of Middle East & Africa

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Patient Engagement Solutions Industry Recent Developments:

• In June 2022, Francisco Partners (US), a leading global investment firm that specializes in partnering with technology businesses, completed the acquisition of healthcare data and analytics assets that were chunk of IBM Watson Health. Under the ownership of Francisco Partners, the new standalone company has been called Merative. The company combines market-leading products that deliver value across the global healthcare ecosystem, serving clients in life sciences, imaging, health plans, and government health & human service sectors.
• In 2021, McKesson (US) announced a strategic agreement with Merck (US) that provided the two healthcare leaders to connect the power of real-world evidence (RWE) regarding the common goal of enhancing patient outcomes and the quality of cancer care.
• In 2021, Humana (US) collaborated with Merative (US) to install Merative Watson Assistant for Health Benefits; it is an AI-enabled virtual agent built in the Cloud. This agent helps offer a beneficial member experience while supporting greater clarity and transparency on benefits and other related matters for Humana Employer Group members.
• In 2021, Allied Digestive Health (ADH) selected Athenahealth’s (US) cloud-based healthcare payments and patient engagement solutions to direct patient relations and revenue cycle excellence, thus maintaining the organization’s growth in the coming years.

Key Market Stakeholders:

• Healthcare institutes/providers (hospitals, medical groups, physician practices, diagnostic centers, pharmacies, ambulatory centers, and outpatient clinics)
• Healthcare insurance companies/payers
• Healthcare IT service providers
• Venture capitalists
• Government bodies
• Corporate healthcare entities
• Accountable care organizations

Report Objectives:

• To define, describe, and forecast the global patient engagement solutions market based on component, delivery mode, application, therapeutic area, functionality, end user, and region
• To provide detailed information regarding the major factors (such as drivers, restraints, opportunities, and challenges) influencing the market growth
• To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall patient engagement solutions market
• To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To strategically analyze the market structure and profile the key players of the patient engagement solutions market and comprehensively analyze their core competencies
• To forecast the size of the market segments with respect to five regions, namely, North America, Europe, Asia Pacific, Latin America and the Middle East & Africa.
• To track and analyze competitive developments such as product launches, acquisitions, partnerships, agreements, and collaborations in the patient engagement solutions market during the forecast period

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