Global Patient Engagement Solutions Market Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2020 – 2029

Patient Engagement Solutions: Overview

“The global Patient Engagement Solutions Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Patient engagement solutions are mainly used to maintain the patients’ information and allow access to the healthcare provider team to communication with their patients using patient portal online. The hardware, software, and services are used to collect about the patients. The process of patient engagement solution is about ensuring patient satisfaction.

Increasing government initiatives and regulations for promoting patient-centric care, increasing popularity of mobile health applications, rising healthcare expenditure, growing demand for high-quality of healthcare services, generation of large amount of data and integration of advanced technologies in healthcare sector are some of the major factors expected to drive growth of the global patient engagement solution market.

The rapidly growing medical tourism industry and growing demand and adoption of wearables with advanced technology are projected to present revenue opportunities for existing players in the global market. Favorable government regulations and initiatives to spread awareness regarding benefits of patient engagement is projected to drive growth of the global market.

For instance, Centers for Medicare and Medicaid Services (CMS) initiated a program –Readmission Reduction Program – in order to spread awareness and inspire healthcare providers to actively engage in patient engagement with an objective to increase potential and scope for readmission by providing enhanced inpatient services and improve patients’ experience.

However, dearth of skilled professionals, lack of health literacy among individuals and lack of skilled, trained, and qualified workers to operate the patient engagement operations are some major factors that could hamper growth of the global patient engagement solution market. In addition, security concerns related to cloud mode of solutions delivery is another factor that could challenge market growth to some extent.

Global Patient Engagement Solutions Market: Segment Analysis

Analysis, by Component:

Among the component segments, the software segment is expected to dominate in the global market, and is projected to register significantly higher CAGR over the next 10 years, as the software help to simplifying complex data and streamline the healthcare process. In addition, this can be attributable to requirement of software and timely upgradation and maintenance of the software.

Analysis, by Mode of Delivery:

Among the mode of delivery segments, the cloud-based segment is expected to record highest revenue share in the global market, and this can be attributed to affordability, flexibility, and scalability of the systems.

Analysis, by Application:

Among the application segments, the health management segment is projected to account for highest share in terms of revenue, and is projected to register higher CAGR over the 10-year forecast period.

Analysis, by Therapeutic Area:

Among the therapeutic area segments, the chronic disease segment is estimated to account for largest revenue share. This can be attributed to rising healthcare investments, concerns among healthcare providers about patient’s health and wellness, and patients’ willingness to actively participate in activities in order to keep themselves fit and maintain their health.

Analysis, by End User:

Among the three end user segments, the providers segment is expected to record largest revenue share and is projected to continue to maintain its dominance over the next 10 years.

Global Patient Engagement Solutions Market: Region Analysis

The market in North America is expected to account for major share in terms of revenue in the global patient engagement solution market, followed by Europe market. High demand for mobile healthcare, well-established healthcare infrastructure, higher healthcare spending among individuals, and increasing prevalence of chronic diseases are key factors driving growth of the North America market. The Europe patient engagement solutions market is projected to register substantially higher growth rate over the 10-year period, due to availability of advanced healthcare solutions and efficient healthcare service delivery.

Global Patient Engagement Solutions Market Segmentation

Segmentation by Component:

• Software
• Hardware
• Services

Segmentation by Mode of Delivery:

• Web based
• On premise
• Cloud based

Segmentation by Therapeutic Area:

• Chronic diseases
• Fitness
• Women's Health
• Mental Health
• Others

Segmentation by Application:

• Social Management
• Health Management
• Home Healthcare Management
• Financial Health Management

Segmentation by End User:

• Healthcare Providers
• Payers
• Individual End users

 Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa