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Patient Engagement Solutions market Size
Increased awareness of mobile health & a focus on electronic health records (EHR) are set to drive the growth of the global patient engagement solutions market.
PORTLAND, OR, UNITED STATES, September 26, 2024 /EINPresswire / -- According to the report, the global patient engagement solutions market size generated $17 billion in 2022 and is anticipated to generate $50.5 billion by 2032, witnessing a CAGR of 11.5% from 2023 to 2032.
The notable factors positively affecting the patient engagement solutions market include rise in awareness regarding mobile health among people and growth in emphasis on electronic health record (HER) reports. However, extensive investments required for healthcare infrastructure and high complexity associated with the integration of advanced solutions with existing healthcare infrastructure components often hinder market growth. However, rise in significance of cloud computing technologies to deliver remote patient monitoring and assistance services offers lucrative market opportunities for the market players.
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COVID-19 Scenario
1. The patient engagement solutions market witnessed stable growth during the COVID-19 pandemic, owing to the dramatically increased dependence on digital devices. The surge in the online presence of people during the period of COVID-19-induced lockdowns and social distancing policies fueled the need for patient engagement solutions.
2. In addition, businesses needed to optimize their business operations and offerings to maximize their revenue opportunities while optimizing their operations to support the rapidly evolving business environment post the outbreak of the COVID-19 pandemic with the majority of the population confined in homes during the early stages of the COVID-19 pandemic.
Based on components, the software segment held the highest market share in 2022, accounting for less than two-fifths of the patient engagement solutions market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growth in need for a high level of personalization one of the primary reasons enterprises have increased their investment in the patient engagement solutions market.
Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than half of the patient engagement solutions market revenue, an increase in the need for secure and reliable data within the organization has fueled the market growth for on-premises-based patient engagement solutions. However, the cloud segment is expected to portray the largest CAGR of 12.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
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Based on functionality, the communication segment accounted for the largest share in 2022 contributing to more than one-fourths of the patient engagement solutions market revenue, owing to the growth in demand for patient engagement solutions for communication has fueled the market growth for the global market in these enterprises. However, the health tracking insight segment is expected to portray the largest CAGR of 14.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to several organizations.
Based on end user, the providers segment accounted for the largest share in 2022, contributing to more than two-fifths of the patient engagement solutions market revenue, owing to the development of digital technologies in the patient engagement solutions providers. However, the payers segment is expected to portray the largest CAGR of 13.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Payers use patient engagement solutions to improve communication, promote preventive care, and facilitate health monitoring, all of which contribute to overall population health.
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the patient engagement solutions market revenue. The increase in the usage of patient engagement solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 14.3% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.
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Competition Analysis:
Recent Product Launches in the Patient Engagement Solutions Market
1. In September 2023, Oracle Corporation launched a new generative AI healthcare assistant designed to save clinicians time by responding to voice commands.
2. In April 2023, athenahealth, Inc. launched athenahealth Patient Digital Engagement Index, a first-of-its-kind measurement capability for medical practices to understand how patients use digital tools when receiving care – and how to take the interaction to the next level.
Recent Partnerships in the Patient Engagement Solutions Market
1. In April 2023, Aetna partnered with Mae on improving maternal healthcare for black women. Under the partnership, members of Aetna are expected to be able to access the engagement platform of Mae that helps patients track physical, social, and emotional needs during pregnancy and postpartum.
2. In April 2023, Microsoft Corporation collaborated with Epic, to develop and integrate generative AI into healthcare by combining the scale and power of Azure OpenAI Service1 with Epic's industry-leading electronic health record (EHR) software.
The market players operating in the patient engagement solutions industry are Aetna Inc., Allscripts Healthcare Solutions, Inc. (Veradigm LLC), Athenahealth, Oracle Corporation, EPIC Systems Corporation, GetWellNetwork, Inc., IBM Corporation, IQVIA Inc., Lumeon Inc. and McKesson Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the patient engagement solutions market globally.
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The report provides a detailed analysis of these key players in the patient engagement solutions market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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