Over 1/3rd Patient Engagement Solutions Demand to be propelled by Health Management Endeavors: Fact.MR Report
Published : 26 Oct 2021 Industry: Healthcare
A recently published report by Fact.MR reveals that the global patient engagement solution market is projected to grow at an astronomical CAGR of 21% during the forecast period 2021-2031, surpassing US$ 168 Bn. Demand for has witnessed growth due to the rising demand for streamlining hospital workflows so as to reduce human burden.
From 2016 to 2020, deployment of patient engagement solutions registered a whopping 24% CAGR. Prospects further widened during the COVID-19 pandemic, as the highly contagious nature of the disease discouraged any direct contact with patients, prompting healthcare providers to leverage options such as robotic surgery, maintenance of EHRs and telemedicine.
Patient engagement solution plays an important role in cutting down the barrier between the patient and hospital management, it reduces and saves time for patients by providing current and previous health records, a patient does not need to stand in a queue in order to book their appointment. One of the key benefits of a patient engagement solution for patients is that they can access it from any remote location.
Key Takeaways from the Market Study
- Web/Cloud-based deployment of patient engagement solutions to expand at 22% CAGR
- Patient engagement solutions for health management to account for 35% revenue
- Around 1/4th of PE solutions demand to be stimulated by financial health management
- North America likely to generate absolute opportunity worth US$ 47 Bn until 2031
- Asia to emerge as the fastest growing market, registering a whopping 25% CAGR
- Global patient engagement solutions landscape to be worth US$ 25 Bn by 2021-end
“Increasing automation in the healthcare sector can lead to significant growth in demand for patient engagement solutions. Besides, growing governments’ role in pushing healthcare across developing nations is expected to increase deployment,” says a Fact.MR analyst.
Some of the key players in the market include Allscripts Healthcare Solutions, McKesson Corporation, Orion Health Ltd., Cerner Corporation, Phytel Inc., Medecision Inc., GetWellNetwork Inc., YourCareUniverse Inc., Lincor Solutions Ltd., and Athenahealth, Inc., among others.
- In April 2021, Orion Health, a leading provider of population health management solutions has signed a deal with SYNCRONYS to exchange data with each other. Together, SYNCRONYS and Orion Health will break down data-sharing barriers, increase interoperability, and enhance the functionality, data sets, reach, and overall value of the health information exchange.
- Earlier, in January 2021, the company also announced its collaboration with Amazon Web Services (AWS) to deploy Amazon HealthLake, a HIPAA (Health Insurance Portability and Accountability), and run machine learning to derive meaningful value from the newly normalized data. Amazon HealthLake will provide a complete view of the patient and population health, derive insights using analytics and machine learning, and discover previously obscured relationships and trends.
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the patient engagement solution market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of software type (standalone and integrated), deployment (web/cloud deployment and on-premise deployment), application (social management, health management, home healthcare management and financial health management) and end user (payers, providers and individual users) and across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant - Healthcare