United States, Rockville MD, May 11, 2022 (GLOBE NEWSWIRE) -- Fact.MR published a recent report estimating that the global market for patient engagement solutions is forecast to grow at an astronomical rate of 8.6% during 2022-2032, surpassing $66.4 Billion. Streamlining hospital workflows in an effort to reduce human burden has led to an increase in demand for patient engagement solutions in the market. The demand for Patient Engagement Solutions Market is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 29 Billion by the end of 2022.
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Implementation of patient engagement solutions increased at an impressive pace of 20.3% from 2015 to 2021. With the COVID-19 pandemic, healthcare providers were forced to leverage options such as robotic surgery, electronic medical records, and telemedicine to more easily reach patients. The highly contagious nature of this disease discouraged any direct contact with patients.
Healthcare providers are continuously reinventing themselves to adapt to a rapidly changing market characterized by constant changes in consumer lifestyles, financial pressures, and technological advancements. Organizations are getting better at understanding their existing and prospective patients from a relationship-based approach instead of a transactional approach, as the industry has evolved. Patient engagement solutions offer the benefit of being accessible from any remote location. This is one of the principal benefits of such solutions in the market.
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How is Japan expected to contribute to the Growth of Patient Engagement Solutions Services?
The Japanese market for patient engagement solutions is expected to grow at the fastest CAGR of 14.6% during the forecast period. Japan's Patient Engagement Solutions have progressed steadily over the past few years. Drug companies and patients who hadn't realized its value have now had more chance to have discussions about clinical trials, and DIA is helping to foster those discussions in the market. In order to increase patient insight into their protocols, pharmaceutical companies have been trying to integrate informed consent forms into their databases. Meanwhile, there are still a number of challenges that must be overcome in order to promote these activities.
With the COVID-19 pandemic causing the environment to change, pharmaceutical companies and patients have had the opportunity to communicate. It is common in Japan for medical institutions to have their own template for informed consent forms (ICFs). Consequently, it is essential that all clinical sites explore ideas for implementing patient-friendly ICFs.
For instance, as part of their new patient engagement strategy, Japan's Agency for Medical Research and Development (AMED) has published their Patient and Public Involvement (PPI) Guidebook, which details communication methods. COVID-19 has also led to increasing online interaction between rural/remote patients or patients with mobility problems, increasing opportunities to engage in these activities. Consequently, patient and pharmaceutical company communication opportunities have increased, which in turn leads to some more effective pharmaceutical industries in this region.
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Key Segments Covered in the Patient Engagement Solutions Services Industry Survey
- Patient Engagement Solutions by Delivery Mode :
- Self-Hosted Patient Engagement Solutions
- Software-as-a Services Patient Engagement Solutions
- Application Managed Service Patient Engagement Solutions
- Patient Engagement Solutions by End User :
- Patient Engagement Solutions for Hospitals and Providers
- Patient Engagement Solutions for Healthcare Payers
- Patient Engagement Solutions for Pharmaceutical Companies
- Patient Engagement Solutions by Region :
- North America Patient Engagement Solutions Market
- Europe Patient Engagement Solutions Market
- Asia Pacific Patient Engagement Solutions Market
- Latin America Patient Engagement Solutions Market
- Middle East & Africa Patient Engagement Solutions Market
Competitive Landscape
Increasing production and meeting consumer demand through cooperation between manufacturers results in higher profits and market shares. Top-of-the-line management services and software are provided by major suppliers of passenger services systems. Companies associated with these industries have collaborated with several governmental agencies.
- YPrime, LLC, a leader in cloud-based eClinical solutions, has acquired Tryl, a software development company with a unique patient engagement solution. Tryl brings clinical data analytics together with dynamic personalization and behavioral science to boost patient engagement, reduce dropouts, and deliver outcomes. YPrime is acquiring all its staff, and its development capabilities, as well as its intellectual property, and those will integrate with its Patient Engagement Technologies.
- On March 20, 2022, Microsoft announced enhancements to its Azure Health Data Services and updates to its Microsoft Cloud for Healthcare and life sciences. Combined with the recent close of its acquisition of Nuance Communications, Microsoft is uniquely positioned to amplify an organization’s ability to help others by leveraging trusted AI to address the biggest challenges transforming the future of healthcare for all.
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Key players in the Patient Engagement Solutions Market
- McKesson Corporation
- Allscripts Inc.
- Medecision Inc.
- Cerner Corporation
- IBM Phytel
- Axial Exchange
- Orion Health
Key Takeaways from the Patient Engagement Solutions Market Study
- Self-hosted delivery mode of patient engagement solutions to expand at 8.9% CAGR
- Revenue generated by patient engagement solutions for health management is expected to grow by 35%
- Around one-fourth of the PE solutions require investments in financial health management in order to stimulate growth in the market
- The North American market is predicted to generate an absolute opportunity of US$ 47 Billion by 2031
- Japan to emerge as the fastest growing market, registering a whopping 14.6% CAGR
- Global patient engagement solutions landscape to be worth US$ 29 Billion by 2022-end
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