How Has the Patient Engagement Solutions Market Evolved Historically and What is its Current Size?
The patient engagement solutions market has seen considerable growth due to a variety of factors.
• The size of the market for patient engagement solutions has seen a steep rise in the recent past. The projections indicate that it is anticipated to climb from $23.04 billion in 2024 to $26.01 billion in 2025, showcasing a compound annual growth rate (CAGR) of 12.9%.
The notable growth observed during the historical period can be ascribed to the shift towards prioritizing value-based healthcare, educating and empowering patients, concentrating on the prevention of diseases, customizing health plans and patient treatment paths, as well as employing strategies for managing population health.
What is the Forecasted Market Size and CAGR for the Patient Engagement SolutionsMarket?
The patient engagement solutions market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of patient engagement solutions is projected to experience speedy expansion in the forthcoming years. Its growth is estimated to reach $51.45 billion in 2029, with a compound annual growth rate (CAGR) of 18.6%.
The expansion during the predicted period can be credited to factors like remote patient observation, tailored medicine, patient-stated results, emphasis on health education, utilization of data analytics for managing population health, precision medicine drives, focus on health fairness, and advanced customization through predictive analytics. Noteworthy trends within the forecast period encompass the incorporation of telehealth and remote observations, data connectivity and amalgamation with EHRs, reciprocal communication and teleconsultation, emphasis on user-centered design, and initiatives for patient education and health literacy.
What Are The Primary Growth Drivers In The Patient Engagement Solutions Market?
The growth of the patient engagement solutions market is largely being propelled by the rising incidence of chronic illnesses. These solutions are pivotal in managing chronic diseases as those suffering from such conditions need to continually track their health and minor modifications in their bodies. Patient engagement solutions keep individuals abreast and involved in their healthcare program, ensuring they stick to the treatment regimens. This leads to patients who are more compliant, improved communication, preemptive interventions, decreased expenditure, and superior healthcare quality. For instance, the World Health Organization, an agency of the United Nations based in Switzerland, projected in February 2024 that the number of new cancer cases will exceed 35 million by 2050, an increase of 77% compared to the approximately 20 million cases estimated in 2022. As a result, the growing incidence of chronic illnesses is anticipated to spur the patient engagement solution industry in the upcoming period.
What Is The Segmentation Of The Global Patient Engagement Solutions Market?
The patient engagement solutions market covered in this report is segmented –
1) By Component: Software And Hardware, Services
2) By Delivery Type: Web And Cloud-Based, On-Premise
3) By Application: Health Management, Home Health Management, Social and Behavioral Management, Financial Health Management
4) By Therapeutic Area: Chronic diseases, Women’s Health, Fitness, Other Therapeutic Areas
Subsegments:
1) By Software And Hardware: Patient Portals, Mobile Health Applications, Remote Monitoring Devices, Wearable Devices, Telehealth Platforms, Electronic Health Records (EHR) Integration Tools
2) By Services: Consulting Services, Implementation And Integration Services, Training And Education Services, Technical Support And Maintenance, Data Analytics And Reporting Services
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What Emerging Trends Are Shaping The Patient Engagement Solutions Market Landscape?
The rise in technological advancements has emerged as a notable trend within the patient engagement solutions marketplace. Players in this industry are developing sophisticated solutions complete with innovative tools such as salesforce CRM, video API, text API, and comprehensive patient engagement driven by AI and ML to establish a stronger market footprint. A pertinent example would be the collaboration between UST, a digital transformation solutions provider based in the US, and Israeli startup Well-Beat in March 2022. Together, they developed a patient engagement SaaS solution that leverages on behavioral AI to add a more human touch to healthcare. By collating patient data from brief surveys, medical records, and connected devices, the solution can provide intelligent interventions and create individualized patient experiences.
Who Are the Key Players in the Patient Engagement Solutions Market?
Major companies operating in the patient engagement solutions market include:
• Cerner Corporation
• Epic Systems Corporation
• Allscripts Healthcare Solutions Inc.
• McKesson Corporation
• athenahealth Inc.
• International Business Machines Corporation
• Medecision Inc.
• Orion Health Ltd.
• GetWellNetwork Inc.
• Oneview Healthcare PLC
• Medical Information Technology Inc.
• IQVIA Holdings Inc.
• Computer Programs and Systems Inc.
• Cognizant Technology Solutions Corporation
• Harris Computer Corporation
• Kareo Inc.
• CureMD Healthcare Inc.
• eClinicalWorks LLC
• AdvancedMD Inc.
• WellSky Inc.
• CipherHealth Inc.
• drchrono Inc.
• Luma Health Inc.
• PatientPoint LLC
• Experian Health PLC
• Agilon Health Inc.
• Medtronic plc
• Physitrack Health Pty. Ltd.
What are the Regional Insights into the Patient Engagement Solutions Market?
North America was the largest region in the patient engagement solutions market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patient engagement solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
