Patient Engagement Solutions Market Analysis, By Type of Delivery (Web-based, Cloud-Based, On-premise), By Component (Software, Services, Hardware), By End-use (Payers, Providers, Individual Users), By Application (Social Management, Health Management, Home Healthcare Management, Financial Health Management), By Therapeutic Area (Chronic Diseases, Women’s Health, Mental Health, Fitness) And Segment Forecasts To 2024
The global patient engagement solutions market is expected to reach USD 39.3 billion by 2024, according to a new report by Grand View Research, Inc. The supportive government initiatives and the rising usage and awareness of mobile healthcare services are expected to impel the market growth.
The rising prevalence of chronic conditions is the preliminary factor that is expected to advance the market growth. The mortality rate of diabetic patients was over 1.0 million in 2012, as stated by the WHO. This hike in the death rate of diabetic patients reflects the lack of knowledge about the causes, symptoms, and the preventive measures of the disease. The present patient engagement systems aid in furnishing patients with educative information; thus, empowering them to make better healthcare decisions.
The patient engagement solutions cater to the hospitals in providing financial solutions for effective utilization of the allocated healthcare budget. Furthermore, the market players are actively volunteering in obtaining patient feedback regarding the existent solutions to develop better patient engagement plat forms with enhanced quality.
Moreover, the favorable government initiatives and the funding efforts undertaken to promote the incorporation of patient engagement solutions in the healthcare sector help in boosting the market growth. For instance, in the U.S., under the Health Information Technology for Economic and Clinical Health (HITECH) act, the government spends around USD 20 billion annually on hospitals for the installation of Electronic Health Records (EHRs), which is expected to help in improving the workflow and the quality of treatment delivery.
Further key findings from the study suggest:
The web-based delivery segment is expected to be the largest delivery mode growing at a lucrative CAGR over the forecast period.
North America is expected to dominate over the forecast period with a revenue share of over 40.0% in 2024. Favourable government initiatives, such as the Affordable Care Act (ACA) initiated by President Obama and the Health Information Technology for Economic and Clinical Health (HITECH) act, are anticipated to drive the market growth.
Asia Pacific is anticipated to emerge as the fastest growing region with a CAGR of over 20.0% over the forecast period. The increasing investments in the healthcare sector, rising awareness with regard to the varying types of patient engagement portals, and the escalating geriatric population base are estimated to catapult the demand.
Some key players of the market include Allscripts Healthcare Solutions, Inc., Cerner Corporation, Phytel, Inc., Athenahealth, Inc., McKesson Corporation, and MEDecision, Inc.
In order to curtail the competition, the key industry players are actively involved in the development of new solutions that facilitate the workflow of the existing platforms. For instance, Allscripts Healthcare Solutions, Inc. provides revenue cycle management solutions, which help in maintaining the financial health of the medical systems.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook