As per SNS Insider’s research, the patient engagement solutions market is experiencing robust growth due to a confluence of factors, including the shift towards value-based care, digital transformation, regulatory initiatives, and the increasing importance of patient-centric care.
The SNS Insider report indicates that the patient engagement solutions market achieved a valuation of USD 19.45 billion in 2022, and it is projected to attain USD 69.25 billion by 2030, with a forecasted compound annual growth rate (CAGR) of 17.2% during the period from 2023 to 2030.
Market Report Scope
Patient engagement solutions refer to a range of strategies, technologies, and practices employed by healthcare providers and organizations to actively involve patients in their healthcare journey. These solutions aim to enhance the patient experience, improve health outcomes, and foster better communication and collaboration between patients and their healthcare providers. Patient engagement solutions often leverage digital health tools like mobile apps, patient portals, and wearable devices. These tools enable patients to monitor their health, access medical records, and receive personalized health information and reminders.
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Market Analysis
The patient engagement solutions market has been experiencing significant growth in recent years, driven by various factors that are reshaping the healthcare landscape. Escalating healthcare costs have put pressure on healthcare providers to find ways to improve operational efficiency and reduce expenses. Patient engagement solutions help in streamlining processes, reducing administrative overhead, and optimizing resource allocation, thereby contributing to cost containment. The shift from fee-for-service to value-based care models emphasizes the importance of patient outcomes and satisfaction. Patient engagement solutions play a pivotal role in improving patient experiences, adherence to treatment plans, and overall health outcomes, which are central to the success of value-based care initiatives. The healthcare industry is undergoing a digital transformation, with the adoption of electronic health records (EHRs), telehealth, and wearable devices.
Major Players Listed in the Report are as Follows:
Allscripts Healthcare, LLC, Cerner Corporation (Oracle), Epic Systems Corporation, Koninklijke Philips N.V., Klara Technologies, Inc., McKesson Corporation, NextGen Healthcare Inc., ResMed, and other players.
Patient Engagement Solutions Market Segmentation as Follows:
By Delivery Type
- On-premise
- Cloud-based
By Component Type
- Software & Hardware
- Integrated
- Standalone
- Services
- Consulting
- Support & Maintenance
- Implementation & Training
- Others
By Functionality
- Health Tracking & Insights
- Patient Education
- Communication
- Administrative
- Billing & Payments
- Others
By Therapeutic Area
- Chronic Disease Management
- Health & Wellness
- Others
By Application
- Population Health Management
- In-patient Health Management
- Outpatient Health Management
- Others
By End-user
- Providers
- Payers
- Others
Impact of Recession
A recession can indeed have a significant impact on the patient engagement solutions market. While budget constraints, delayed adoption, and shifting priorities may pose challenges, opportunities still exist for solutions that can demonstrate their value, efficiency, and cost-effectiveness. Companies in this space will need to adapt their strategies to navigate the evolving healthcare landscape during economic downturns.
Impact of Russia-Ukraine War
While the direct impact of the Russia-Ukraine war on the patient engagement solutions market may not be readily visible, the indirect consequences of economic instability, supply chain disruptions, regulatory changes, and healthcare system strain can collectively influence the market’s dynamics. Monitoring the evolving situation and adapting strategies to mitigate potential risks will be essential for businesses operating in this space.
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Key Regional Development
North America, particularly the United States and Canada, has been at the forefront of adopting patient engagement solutions. The region has a robust healthcare infrastructure and high levels of healthcare IT adoption. Many European countries have universal healthcare systems, which prioritize patient-centered care. Patient engagement solutions play a vital role in enhancing the patient experience within these systems. The Asia-Pacific region is experiencing a surge in the adoption of patient engagement solutions due to countries like India, China, and Singapore are investing heavily in healthcare digitization. Patient engagement solutions are seen as tools to bridge the gap between healthcare providers and patients in these rapidly evolving healthcare ecosystems.
Key Takeaway from Patient Engagement Solutions Market Study
In an era of data-driven healthcare, the Health Tracking & Insights segment is gaining prominence as patients and healthcare providers increasingly recognize the value of real-time health monitoring. This segment encompasses a wide range of technologies and tools, including wearable devices, mobile apps, and remote monitoring systems, designed to track and analyze patient health data.
Chronic diseases, such as diabetes, hypertension, and cardiovascular conditions, pose a significant healthcare challenge globally. The Chronic Disease Management segment focuses on delivering comprehensive solutions to help patients manage these conditions effectively.
Recent Developments Related to Patient Engagement Solutions Market
TeleVox, a leading player in the healthcare technology industry, has recently made a strategic move by acquiring the Odeza Patient Engagement Business from Ensemble Health Partners. This acquisition marks a significant development in the healthcare technology sector and has the potential to reshape patient engagement solutions.
NextGen Healthcare and Luma Health have joined forces in a strategic alliance that promises to revolutionize the healthcare industry by offering cutting-edge AI-enhanced solutions for patient care.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Patient Engagement Solutions Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Patient Engagement Solutions Market Segmentation, By Delivery Type
Chapter 9 Patient Engagement Solutions Market Segmentation, By Component Type
Chapter 10 Patient Engagement Solutions Market Segmentation, By Functionality
Chapter 11 Patient Engagement Solutions Market Segmentation, By Therapeutic Area
Chapter 12 Patient Engagement Solutions Market Segmentation, By Application
Chapter 13 Patient Engagement Solutions Market Segmentation, By End-user
Chapter 14 Regional Analysis
Chapter 15 Company profile
Chapter 16 Competitive Landscape
Chapter 17 Use Case and Best Practices
Chapter 18 Conclusion
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