Patient Engagement Solutions Market

Global Patient Engagement Solutions Market

Patient Engagement Solutions Market- By Component, Delivery Mode, Application, End-Users, Therapeutic Area, and Region

Market Synopsis:

Global Patient Engagement Solutions Market is valued at USD 18.66 Billion in the year 2022 and is projected to reach a value of USD 63.77 Billion by the year 2030. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 16.60% over the forecast period.

The Patient Engagement Solutions Market is witnessing growth owing to the implementation of government regulations, increasing demand for patient engagement solutions, government initiatives to promote patient-centric care, and the growing utilization of mobile health applications. Moreover, the increasing awareness about mobile health, growth in incentives provided by the government, and increasing geriatric population are driving the growth of the Patient Engagement Solutions Market during the forecast period.

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Additionally, the demand for value-based drugs owing to growth in the peer pressure and the dramatic shift in the specific solution of the patient could further generate the growth opportunities for the patient’s engagement solutions market in the upcoming years. Furthermore, the rising technological developments, the incidences of chronic diseases, the adoption of EHR and mhealth solutions, and the supportive initiatives by the major shareholders in the market are some of the other factors expected to fuel the growth of the Patient Engagement Solutions in the years to come. Additionally, the increase in wearable health technology and increasing adoption of cloud-based models in developing countries is projected to provide significant growth opportunities for the Patient Engagement Solutions Market in the upcoming years. Besides, the absence of health literacy and the dearth of skilled IT professionals in the healthcare industry are expected to hamper the growth of the Patient Engagement Solutions Market during the forecast period.

Market Segmentation:

The Patient Engagement Solutions Market is segmented as a Component, Delivery Mode, Application, End-Users, and Therapeutic Area. Based on Components, the market is segmented as Hardware, Software, and Services. On the basis of Delivery Mode, the market is segmented as Cloud Based, and On-Premise. Based on Application the market is segmented as Health Management, Home Health Management, Social and Behavioural Management, and Financial Health Management. Based on End-User, the market is segmented as, Providers, Payers, Patients, and Other End Users. Based on Therapeutic Areas the market is segmented into Chronic diseases, Women’s health, Fitness, and other therapeutic areas.

The Service segment is estimated to grow at the highest rate during the forecast period

Based on Components, the Service segment is accounted to grow at the highest rate during the forecast period. The growth of the service segment is attributed to the fact that the service component is essential in the application of organized solutions and which are expected to drive the growth of this segment in the upcoming years.

The cloud-based segment is projected to acquire the largest market share during the forecast period

Based on delivery mode, the cloud-based segment is predicted to hold the largest share of the patient engagement solution market during the forecast period. The scalability, flexibility, and affordability provided by cloud-based solutions are contributing to the growth of the on-premise segment during the forecast period. Moreover, the cloud-based solutions help in sharing information among the healthcare organizations and integrate information from the different locations which are expected to boost the growth of the market in coming years.

North America is projected to hold the largest revenue share during the forecast period

North America is expected to acquire the highest revenue share of the patient engagement solution market during the forecast period. The growth of the market is attributed to increasing awareness levels and rising government spending on the healthcare sector. Moreover, the increasing investment in patient engagement software by the prime companies, increasing adoption of health, and she is the other factors driving the growth of the patient engagement solution in North America in the years to come.

The Asia Pacific is expected to record the fastest growth during the forecast period

Asia Pacific region is predicted to grow at the fastest rate during the forecast period. The increasing penetration of the smartphone, and internet users, improving healthcare infrastructure and the care quality, and an increase in the large patient population are the major factors for the growth of the Patient Engagement Solutions Market in the Asia Pacific region during the forecast period. The economic development in the emerging countries such as China, and India is contributing in the growth of the Asia Pacific in the coming future.

Competitive Landscape:

The Patient Engagement Solutions Market is fragmented in nature due to the presence of key players in the market. The key players in the market are applying various strategies for the development of the market and to stay competitive during and after the forecast period. Some of the major key players in the market are McKesson Corporation, Allscripts, IBM, AdvancedMD, Cerner Corporation, Epic Systems Corporation, ResMed, Koninklijke Philips N.V., Klara Technologies Inc., CPSI, Experian Information Solutions Inc., Athenahealth Inc., Solutionreach Inc. and others.

Segmentation of the Global Patient Engagement Solutions Market: