Rise in geriatric population and growing burden of chronic diseases such as obesity and diabetes worldwide are among the key factors driving the global Patient Engagement Solutions market revenue growth.
Rise in geriatric population and growing burden of chronic diseases such as obesity and diabetes worldwide are among the key factors driving the global Patient Engagement Solutions market revenue growth.
Emergen Research has published its latest report titled “Patient Engagement Solutions Market, By Component (Software, Hardware, Services), By Delivery (Online, Offline), By Therapeutic Area (Chronic Diseases, Women’s Health, Mental Health, Fitness, Others), By Application (Social Management, Health Management, Home Healthcare Management, Financial Health Management), By End-use (Payers, Providers, Individual Users), By Region Forecast to 2028”
According to Emergen Research, the global patient engagement solutions market size was USD 13.54 billion in 2020 and is expected to reach USD 47.42 billion in 2028 and register a revenue CAGR of 15.1% during the forecast period, 2021-2028.
Market Dynamics:
The global patient engagement solutions market revenue growth is majorly driven by factors such as increasing geriatric population around the globe, rising burden of chronic diseases such as obesity, diabetes, and cardiovascular disorders, rising focus of healthcare providers on patient health management, and growing demand for self-management or engagement solutions among patients. Growing trends of e-health and mobile health (mHealth), growing acceptance of telehealth and telemedicine, increasing adoption of healthcare IT solutions such as electronic health records (EHRs)/ electronic medical records (EMRs), and growing need for improved patient care quality are among the other major factors expected to drive the global market revenue growth over the forecast period.
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Patient engagement solutions make patients more informed and empowered, enabling them to show healthy behavior patterns, adhere to treatments, view test results, receive critical immunizations, and attend regular screenings and check-ups. Some of the most innovative patient engagement solutions include online patient portals, patient messaging, and mobile health apps, which enable patients to get direct access to their health information and encourage them to interact better with their physicians. Key benefits of patient engagement solutions include lower rate of hospital readmissions, lesser healthcare costs, enhanced quality of healthcare, and increased patient awareness and outreach. Rising awareness of patient engagement services, rise in demand for these services amid the ongoing pandemic, growing trend of home healthcare, and increasing government initiatives such as the ‘Patient and Caregiver Connection’ program conducted by the FDA in 2018, and Self-management Support services offered by the Agency for Healthcare Research and Quality (AHRQ), are the other factors further driving revenue growth of this market.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Chronic Diseases Segment Accounted for Largest Revenue Share in 2020:
The chronic diseases segment dominated other segments in terms of revenue share in the global market in 2020. Growing geriatric population worldwide, rising burden of chronic diseases including diabetes, obesity, cardiovascular diseases, and cancer, and increasing use of patient engagement solutions in home healthcare settings are some of the primary factors driving revenue growth of this segment.
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Health Management Segment to Account for Fastest Revenue CAGR:
The health management segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rising prevalence of chronic diseases, increasing patient pool, growing awareness of patient engagement solutions & services, and rising focus of healthcare providers on improving patient care and management drive this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America patient engagement solutions market accounted for the largest revenue share in the global market in 2020. Rise in geriatric population, growing prevalence of various chronic diseases, rising need for high-quality and cost-effective care, rapid adoption of advanced healthcare IT solutions, and presence of highly advanced healthcare infrastructure in the region majorly drive the North America market revenue growth.
Major Companies in the Global Patient Engagement Solutions Market Include:
- Orion Health Ltd.
- Allscripts Healthcare Solutions
- McKesson Corporation
- Cerner Corporation
- GetWellNetwork Inc.
- Phytel Inc.
- Medecision Inc.
- Lincor Solutions Ltd.
- YourCareUniverse Inc.
- Athenahealth, Inc.
- Allen Technologies
- Onyx Healthcare, Inc.
- eVideon
- Hospedia Ltd.
- Remedi Technology
- i3solutions, Inc.
- Advantech Co., Ltd.
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For the purpose of this report, Emergen Research has segmented the global patient engagement solutions market based on component, delivery, therapeutic area, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Software
- Hardware
- Services
Delivery Outlook (Revenue, USD Billion; 2018-2028)
- Offline
- Online
Therapeutic Area Outlook (Revenue, USD Billion; 2018-2028)
- Chronic Diseases
- Women’s Health
- Mental Health
- Fitness
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Social Management
- Health Management
- Home Healthcare Management
- Financial Health Management
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Payers
- Providers
- Individual Users
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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