Patient engagement solutions gather data and make choices about a patient’s symptoms, illnesses, and potential treatments. They enhance patient experiences at relatively lower costs, reduce hospitalizations, empower people to make educated healthcare decisions, and improve health outcomes. Patient engagement solutions are gaining much popularity worldwide since they provide patients with individualized experiences.
The market for patient engagement solutions in 2021 was worth USD 13.42 billion, and by 2030 it will reach USD 74.28 billion, growing at a 20.93% CAGR during the forecast period.
Government attempts to encourage patient-centric care, rising demand for patient engagement solutions, the adoption of laws, and the use of mobile health applications all significantly boost the market for patient engagement solutions. Additionally, the market for patient engagement solutions will expand due to rising senior populations, government incentives, and increased awareness of mobile health.
The growing utilization of mobile applications has stimulated the growth of this industry. Additionally, initiatives by the government to raise awareness about engagement solutions and the rise in the prevalence of chronic conditions have contributed to the expansion of this market during the forecast period. A major factor bo market expansion is government initiatives. For instance, in March 2020, France’s new healthcare act 2019, which is based on the government’s plan “My Health 2022,” will include telemedicine, which the public health system will fully cover, electronic health records (EHR), which will be implemented nationally and become essential to several e-Health platforms, and artificial intelligence (AI).
Risks to the security of patient data will impede the expansion of the global market for patient engagement solutions. Information could be taken from users of cloud computing.
The increasing utilization of new technology for improved patient involvement will contribute to market growth while cutting administrative costs. Increased digitization of some healthcare technologies, such as patient engagement services, might save an additional USD 24 billion to USD 48 billion annually through efficiency benefits.
By Delivery Type
In the year 2022, the web and cloud-based segment led the market with the largest revenue share of nearly 76%. Factors such as the convenience of remote access to real-time data tracking, built-in features, cheap handling costs, and data backup make web and cloud-based patient engagement solutions popular. Businesses are investing more money in web- and cloud-based patient engagement solutions, fueling the segment’s expansion.
The software segment maintained the maximum position in the market, with 60.5% of the revenue share in 2022. The software segment makes it easier for patients to use patient engagement solutions. Because of the basic user interfaces and regular product enhancements, it is easy to install and operate the software as a necessity. The software for patient engagement solutions makes it simple to obtain records.
The communication segment was the biggest market in 2021, with 35% of the revenue share. The largest market share is due to the increasing implementation of mhealth, telehealth, and other virtual communication solutions via audio, video, and text.
By Therapeutic Area
In 2021, the chronic disease management segment ruled the market with 40% of the revenue share. The significant share of the segment is due to the growing older population in important markets, the incidence of chronic conditions, and the uptake of digital technology spurred by the COVID-19 pandemic.
The outpatient segment led the entire market in 2021 with a revenue share of nearly 35.0%. Patients with chronic illnesses need to be examined and informed about managing their condition. Patients are becoming more involved in the planning, monitoring, and optimization of their medical care.
In 2021, the providers segment held the maximum position in the market, with a revenue share of nearly 45.0%. The majority of patients are served by providers, who are also the primary line of therapy for illnesses ranging from general to specialty health.
Regionally, North America is the biggest regional market, with 34% of the revenue share in 2022.
It is due to the presence of major market players, rising internet usage, growing adoption of mobile health and electronic health records, and rising investments by major market players in creating patient engagement software. The market will expand due to the rising awareness about the patient engagement solution among people and increasing investment by the government for the improvement of healthcare facilities.
Cerner Corporation (a subsidiary of Oracle Corporation)
Epic Systems Corporation Klara Technologies, Inc.
Allscripts Healthcare, LLC
Koninklijke Philips N.V.
Epic Systems Corporation
Experian Information Solution, Inc.
Nuance Communications, Inc.
NextGen Healthcare, Inc
The market for patient engagement solutions in 2021 was worth USD 13.42 billion, and by 2030 it will reach USD 74.28 billion, growing at a 20.93% CAGR during the forecast period. Rising technological advancements, implementation of mhealth solutions, and the growth rate of chronic disorders are a boosting the market growth rate.
Precision Medicine Market Report – The global precision medicine market will witness a robust CAGR of 11.5%, valued at $65.22 billion in 2021, and expected to appreciate and reach $175.6 billion by 2030, confirms Strategic Market Research.