The Patient Engagement Solutions Market report further elucidates primary business obstacles and growth prospects within the forecasted timeline, while examining the current competition and key to hold an edge in the Patient Engagement Solutions Market.
Market Scope
The size of the global Patient Engagement Solutions Market is projected to cross USD 42,600 million at CAGR 18.90 per cent by 2025, according to a report by Market Research Future (MRFR). The market report contains a comprehensive analysis of patient care and the efforts spent by hospital chains in ensuring a smooth outpatient process. It contains projections and estimations for the period of 2019 to 2025 (forecast period).
Market Synopsis
Rising investments in the healthcare information technology (IT) industry, growing cases of chronic disorders, and rising acceptance of patient engagement solutions in the healthcare sector are expected to drive the market for patient engagement solutions over the forecast period. Patient engagement solutions are used for managing health care data and providing access to the medical staff for patient contact. However, patient participation does not require all technologies like a portal as well as automatic messaging. Also, the approach plays a key role in ensuring patient satisfaction. It is also expected that strategic mergers & acquisitions would fuel business growth with companies looking to enhance their business positions, broaden their product ranges and develop their brand images. For example, McKesson Corporation announced in December 2016 that it would acquire Rexall Health, a Canadian-based pharmacy chain company. Rexall Health’s acquisition has boomed McKesson’s business in Canada. It can now serve a wide array of pharmaceutical and healthcare services.
Market Influencer
Government policies and legislation for the introduction of patient-centred care programs and technology are anticipated during the forecast period to affect the growth of the patient engagement solution market.
Market Drivers
Increased use of the patient engagement approach in the healthcare industry as Patient Engagement Solutions is simple to use and helps in organizing patient data. Market growth is driven by the growing cases of chronic diseases and the growing number of health-care facilities. According to the MRFR Study, in June 2016, an estimated 117 million people in the USA are affected by chronic diseases such as heart disease, stroke, cancer, depression, type 2 diabetes, obesity and arthritis. Additionally, it is expected that technical innovations, a growing number of ambulatory services and favourablegovernment policies would have a synergistic impact on market growth. The growing investment by major players in the healthcare IT industry, along with rising demand from developing countries for patient engagement solutions, is expected to drive market growth during the forecast period.
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Market Restraints
High investment required in patient engagement infrastructure along with risks related to patient data security is likely to hinder the growth of the patient engagement solution market during the forecast period
Market Segmentation
The segmentation of global market for patient engagement solutions based on the therapeutic sector, applications, delivery mode, end-users, and regional outlook.
In the therapeutic segment, increase in the cases of chronic diseases and growing understanding of patient interaction providesfavourable conditions for the growth of this segment and it is expected to retain its highest market share. Fitness management under the therapeutic segment is the fastest-growing segment and is expected to register the highest CAGR during the forecast period. Also, women’s health management is concerned with and explicitly planned for, diagnosis and care. In the application segment, social management is used to protect patient records to facilitate the continuous exchange of records between the healthcare provider and the patient. Health management is expected to hold the largest market share due to growing investment in the healthcare IT sector. Home health management is expected to register the highest CAGR during the forecast period due to the growing acceptance of patient engagement solutions. On the other hand, financial health management deals with the financial aspect of healthcare facilities and allows healthcare providers and payers to retain patient records. In the end-user segment, hospitals and health care providers are considered to be the largest category as hospitals and health care providers are typically the main areas for the diagnosis, treatment, and recovery of individuals. Individual users are limited in this segment and are expected to have the least market share in the patient engagement solution market. Other categories include small and medium-sized health centres, government departments, and emergency centres. In the regional segment, the global market is divided into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). North America has the largest market share and dominates the market for patient engagement solutions worldwide due to the growing demand for quality care, rising healthcare costs, rising chronic diseases, Affordable Care Act regulatory demands, and an increase in the geriatric population in the country. While the APAC region is expected to show a high rate of growth in the global market for patient experience solutions in the forecast years. China and India are the major countries in the region and are expected to be the fastest-growing markets in the Asia Pacific region. Improving healthcare infrastructure, increasing healthcare information technology adoption, a large pool of patients, increasing awareness of diseases, increasing medical tourism are some of the factors driving Asia Pacific region upwards.
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Key Players Key players in the global market for patient engagement solutions include Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Cerner Corporation, IBM, Aetna Inc., Lincor Solutions, McKesson Corporation, Medecision, Inc., Orion Health Ltd, Welvu, Oneview Ltd, and Get Real Health (US).
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