Patient Engagement Solutions Market by Component (Hardware, Software, Services), Delivery Mode (On Premise, Cloud), End User (Provider, Payer), Applications (Home Health, Financial Health), Therapeutic Area – Analysis and Global Forecast to 2025

2020-08-13
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Published : Aug-2020
No. of Pages : 170

“The patient engagement solutions market is projected to grow at a CAGR of 10.1% due to the 5.2.1.1  Implementation of government regulations and initiatives to promote patient-centric care.”

The global patient engagement solutions market is projected to reach USD 19.3 billion by 2025 from USD 11.9 billion in 2020, at a CAGR of 10.1% during the forecast period. The growth of this market is driven by the implementation of government regulations and initiatives to promote patient-centric care, increasing demand for patient engagement solutions, and the increasing utilization of mobile health apps. However, a lack of interoperability of PES and a dearth of skilled IT professionals in the healthcare industry are expected to restrain the growth of this market during the forecast period.

The COVID-19 outbreak has created immense pressure on the medical practices of all sizes and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and tele health solutions and the need for the accurate and timely exchange of patient health records. Various players in this market have introduced COVID-19- related features into their existing patient engagement solutions, which are being made available to users free of cost. These has led to the growth in adoption of the Patient Engagement Solutions Market.

“Services component is expected to increase during the forecast period.”

On the basis of component, the patient engagement solutions market is segmented into software, hardware, and services. The services segment is said to grow at the highest rate due to the fact that the service component is indispensable in the application of deployed solutions. Additionally, increasing investments in the development of innovative service models that provide value-based patient-centered care is also driving the market for services.

The cloud based delivery ode of solutions is expected to grow at the highest CAGR in 2019.

On the basis of delivery mode, the patient engagement solutions market is segmented into on-premise and cloud-based solutions. The cloud-based solutions segment is expected to register the highest CAGR during the forecast period. The flexibility, scalability, and affordability offered by cloud-based solutions are supporting their growth in the patient engagement solutions market. Cloud-based solutions help healthcare organizations share and integrate information from different locations or systems in real-time.

Health management application of patient engagement solutions accounts for the largest share in 2019.

The patient engagement solutions market is segmented into health management, home health management, social and behavioral management, and financial health management. In 2019, the health management applications segment accounted for the largest share of the global patient engagement solutions market. The large share of this segment can be attributed to the increasing awareness among patients about the complexity of their disease conditions and their willingness to actively participate in maintaining their own health.

Providers account for the largest end user market in the patient engagement solutions market in 2019.

On the basis of end users, the patient engagement solutions market is segmented into providers, payers, patients, and other end users (including government bodies, employer groups, and pharmaceutical companies). In 2019, the providers segment accounted for the largest share of the global patient engagement solutions market. Providers are increasingly adopting patient engagement solutions to curtail rising healthcare costs, offer value-based care, and improve financial outcomes. Patient engagement solutions also help providers to improve patient experience, meet the increasing demand for convenient access to health information, and better serve patients to self-manage their care.

Chronic disease account for the largest therapeutic use market in the patient engagement solutions market in 2019.

Based on the therapeutic area, the patient engagement solutions market is segmented into chronic diseases, women’s health, fitness, and other therapeutic areas. In 2019, the chronic diseases segment accounted for the largest share of the global patient engagement solutions market. The large share of this segment can be attributed to the high burden of chronic diseases and the need to effectively manage these conditions while reducing the overall healthcare costs.

North America dominates the patient engagement solutions market during the forecast period.

The global patient engagement solutions market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the global patient engagement solutions market. Favorable government initiatives and regulations, the need to reduce healthcare costs, the rising prevalence of chronic diseases, and the presence of key market players in the region are the key factors driving the growth of the patient engagement solutions market in North America.

A breakdown of the primary participants referred to for this report is provided below:

  • By Company Type: Tier 1 (41%), Tier 2 (31%) and Tier 3 (28%)
  • By Designation: C-level: 44%and Managers and other level: 56%
  • By Region: North America: 46%, Europe: 26%, Asia: 23%, and the RoW: 5%

McKesson Corporation (US), Allscripts (US), IBM (US), Advanced MD (US), Cerner Corporation (US), Epic Systems Corporation (US) are a few dominant players in the Patient Engagement Solutions Market.

Research Coverage:

The report segments the patient engagement solutions market and forecasts its size, by volume and value, based on region (Asia Pacific, Europe, North America, and RoW), airbags type (frontal, knee, and side & curtain), seat belts type (2-point and 3-point), vehicle (PC, LCV, Buses, and Trucks), electric vehicle (BEV, HEV, FCEV, and PHEV), by component (Airbag Inflator, ACU and Airbag).

The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the patient engagement solutions market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

Key Benefits of Buying the Report:

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the patient engagement solutions market and provides them information on key market drivers, restraints, challenges, and opportunities.

Filed in: Pharmaceuticals and Healthcare
Publisher : marketsandmarkets
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