Benefits of patient engagement solutions, increasing adoption of mHealth apps, and rapid urbanization
Market Size – USD 11.97 billion in 2020 Market Growth – CAGR of 16.2%, Market Trends – Technological advancements in patient engagement solutions
The global Patient Engagement Solutions Market size is expected to reach USD 39.79 billion in 2028 and register a revenue CAGR of 16.2% over the forecast period, according to a latest report by Reports & Data. Major factors driving market revenue growth are increasing awareness regarding the benefits of patient engagement solutions, rapid urbanization and advancements in IoT (Internet of Things) and data analytics.
The mandatory social distancing and lockdowns during Covid 19 pandemic has made patient engagement solutions the safest interactive system between doctors and patients, both infected and uninfected globally. Patient engagement solutions provide educational resources, increased patient satisfaction, timely exchange of patient health records and lowers cost.
Ongoing research and development activities, government and private investments in the area of patient engagement solutions is expected to positively impact revenue growth of the market over the forecast period. Increasing investments in research in the field of telehealth and mHealth apps is resulting in the advent of additional opportunities for further advancements in remote patient monitoring tools.
However, increasing concerns surrounding data security, theft of sensitive patient information, absence of skilled professionals and lack of awareness on how to use health related solutions tools are some major factors expected to restrain global patient engagement solutions market revenue growth over the forecast period.
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Some major players in the market research report include, Allscripts Healthcare Solutions Inc., Lincor Solutions Ltd., Phytel Inc., Orion Health Ltd., McKesson Corporation, Cerner Corporation, Medecision Inc., Athena Health Inc., and YourCareUniverse Inc.
Some Key Highlights From the Report:
- On the basis of component type, the market report is segmented into hardware, software, and services. Among these, the software segment is expected to register a significantly rapid revenue CAGR during the forecast period due to fast and efficient data transfer of patient health.
- On the basis of delivery mode, the market report is segmented into on-premise, and cloud. The cloud segment is expected to register largest revenue share over the forecast period due to increasing need for real-time analytics, convenient accessibility and rapid digitalization.
- On the basis of end use, the market report is segmented into provider and payer. Among these, provider segment is expected to register robust revenue CAGR during the forecast period due to increasing adoption of patient engagement solutions to implement favorable financial solutions and reduce cost.
- On the basis of application, the market report is segmented into home healthcare management, health management, financial health and others. The home healthcare management segment accounted for the largest revenue share in the global market in 2020 due to rapid digitalization, increasing popularity if telehealth and online payments due to Covid-19 lockdowns.
- On the basis of therapeutic area, the market report is segmented into women’s health, chronic diseases, fitness and others. Among these, the chronic diseases segment is expected to register a significantly rapid revenue CAGR during the forecast period due to increasing need for better management of chronic illnesses.
- Asia Pacific patient engagement solutions market is expected to register fastest revenue growth rate over the forecast period due to government initiatives and investments for availability of basic health technologies owing to rapid urbanization in countries in the region.
- North America patient engagement solutions market revenue is expected to remain significantly larger and dominate other regional markets over the forecast period. This can be attributed to increasing adoption of mHealth apps, and growing awareness among patients in countries in the region.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/patient-engagement-solutions-market
Segments covered in the report:
For the purpose of this report, Reports & Data has segmented the global patient engagement solutions market on the basis of component type, delivery mode, end use, application, therapeutic area and region:
By Component Type (Revenue, USD Billion; 2018 – 2028)
By Delivery Mode (Revenue, USD Billion; 2018 – 2028)
By End Use (Revenue, USD Billion; 2018 – 2028)
By Application (Revenue, USD Billion; 2018 – 2028)
- Home Healthcare Management
- Health Management
- Financial Health
By Therapeutic Area (Revenue, USD Billion; 2018 – 2028)
- Women’s Health
- Chronic Diseases
Regional Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Report includes major TOC points:
- Patient Engagement Solutions market Overview
- Global Economic Impact on Industry
- Global Market Competition by Manufacturers
- Global Production, Revenue (Value) by Region
- Global Supply (Production), Consumption, Export, Import by Regions
- Global Production, Revenue (Value), Price Trend by Type
- Global Market Analysis by Application
- Manufacturing Cost Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Market Effect Factors Analysis
- Patient Engagement Solutions market Forecast
Conclusively, all aspects of the Patient Engagement Solutions market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.