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Patient Engagement Solutions Market

Patient Engagement Solutions Market

Patient Engagement Solutions Market Report By Software Type (Standalone, Integrated), By Deployment (Web/ Cloud-based, On-premise), By Application (Social Management, Health Management, Home Healthcare, Financial Health Management) & End User- Forecast to 2021–2031

Patient Engagement Solutions Market
FACT3078MR
  • Oct-2021
  • List of Tables : 96
  • List of Figures : 241
  • 170 Pages
  • Healthcare

Market Snapshot

According to Fact.MR’s recent study on the global patient engagement solutions market, the market is gaining traction steadily and is expected to ascend at around 21% CAGR through 2031, exceeding a valuation of around US$ 25 Bn by 2021. The market is projected to reach US$ 168 Bn by the end of 2031, with cloud-based solutions capturing 70% of overall revenue.

Key Points Covered in Patient Engagement Solutions Industry Survey

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • Assessment by Product Grade / Purity / Formulation Standards
  • Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
  • Certifications and Compliance Requirements
  • COVID-19 Impact on the Patient Engagement Solution Industry and How to Navigate
  • Recommendation on Key Winning Strategies

Revenue Analysis of Patient Engagement Solutions 2016-2020 Vs Market Outlook for 2021 to 2031

As per Fact.MR, historically, from 2016 to 2020, the market for patient engagement solution increased at around 24% CAGR, and the key factor assisting this growth were their advantages over traditional record-keeping and telephonic consultation on health problems.

Amid the COVID-19 pandemic, patient engagement solutions received massive stimulus, with major healthcare stakeholders relying on AI and cloud-based patient care solutions deployment, given the highly contagious nature of the disease. Approaches such as telemedicine, electronic health record keeping and virtual patient monitoring acquired tremendous importance.

Future expansion prospects will be reliant on the ever-unceasing need for streamlining operational workflows. With the ever expanding global healthcare industry, hospitalization rates are increasing, putting tremendous pressure on the medical fraternity. Hence, manual workflows are being replaced with smart ones, prompting the industry to register a CAGR of 21% from 2021 to 2031.

Emphasis on Improving Positive Outcomes Fueling PE Solutions Deployment?

In today’s time, patients and doctors are connected through the Internet which is leading to an increased interest level from both sides and improved diagnostic accuracy. Patient engagement solutions have made it easier and more efficient for patients to interact with doctors.

In response to the growing number of diseases like diabetes, cancer, and other chronic diseases, information & technology companies have started developing patient engagement solutions for hospitals and the healthcare sector. For instance, the Apollo Hospitals Group in India has developed a digital platform for patients and doctors to maintain proper records of data and files. It also helps patients to connect with doctors in emergency situations. Moreover, patients can directly chat with doctors regarding their health issues, without waiting in the queue.

Apart from its various advantages, patient engagement solutions help the government and healthcare sector to track patient details, which helps them understand medical history and prescribe appropriate treatment. Remote monitoring has helped a lot in reducing the length of hospital stay. Patient engagement services are redefining healthcare by ensuring improved health outcomes and increased patient outcomes.        

In the post COVID-19 scenario, patients are more concerned about their health conditions and treatment options. Therefore, improved health outcomes and increased patient outcomes are further proliferating the need for patient engagement solutions and driving the global market. In addition to this, the use of technologies such as patient engagement technology, IoT, artificial intelligence (AI), health information technology (HIT) solutions, and others are leading the development of patient engagement solution functionalities with their improved performance.

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Why are Solutions Providers Emphasizing on Health Tracking Software?

The increasing prevalence of health disorders is leading to increased health tracking. In this technologically driven world, patients have the access to information so as to facilitate personalized care for those suffering from chronic health conditions, and for efficient health monitoring. People have been increasingly tracking their health data, and many share data with their health coaches and doctors to monitor their health conditions.

Furthermore, fitness and health tracking devices are supporting market growth as they are high in demand. For instance, in October 2021, Apple announced the launch of its newest Apple Watch Series 7 which continues to offer indispensable tools for health and wellness, including an electrical heart sensor and ECG app, and a Blood Oxygen sensor and app. 

WatchOS 8 helps users stay healthy, active, and connected through new workout types, the new Mindfulness app, innovative accessibility features, greater access with Apple Wallet, and more capabilities with the Home app, along with enhancements to Messages and the Photos app. Thus, tracking health data is contributing to demand growth for patient engagement solutions. 

Region-Wise Analysis        

How are Advanced Nursing Technologies Widening Scope across North America?

According to Fact.MR, North America is likely to account for over 36% of the global share of the patient engagement solution market in 2021. The region is expected to offer over US$ 47 Bn absolute dollar opportunity in the forecast period 2021–2031.

As hospitalization rates continue to surge, demand for robust nursing care is prompting healthcare providers to leverage the latest monitoring technologies. As per a survey of over 600 professional nurses revealed that 82% agree that new technology and equipment innovation will positively benefit patient care. A combination of human and artificial intelligence is instrumental in disbursing good quality patient care.

Prominent examples of advanced nursing care documented in the American healthcare industry include use of automated IV pumps, portable monitors, smart beds, wearable devices and electronic health records among others. In May 2021, for instance, Syneos Health expanded its partnership with Komodo Health to provide better access to real-world data across patients and practitioners, allowing the former to better analyze clinical, real-world and commercial data.

How has the COVID-19 Pandemic Outbreak Accelerated Advanced PE Solutions Uptake across Asia?

Asia is witnessing a notable spike in patient engagement solutions, where Japan, China, Indian and Australia are attractive regions. Growing focus on enhancing the health care facilities to accommodate effective treatment for chronic and infectious diseases, such as the COVID-19 pandemic, has significantly increased uptake of advanced patient engagement solutions.

Attributed to the highly infectious nature of the disease, deployment of robots and AI to offer in-house patient care has registered a massive spike in the past year alone. In December 2020, for instance, Singapore-based NCS has deployed AI-powered thermal cameras across the country, to reduce the need for manpower required to carry out manual, one-to-one temperature measurements with handheld scanners.

Likewise, in China, Hangzhou Join Health Technology Co. Ltd. developed an AI tracking platform during the height of the pandemic, to trace people who were most vulnerable to the infection. It provides self-registration and crowd management modules for high-risk populations, such as people who flew out of Wuhan and were in close contact with an infected person, isolated at home, or those with a fever.

Similarly, in India, 3M Company announced that it would continue assisting healthcare providers in the country to constantly improve clinician-patient engagement to better improve healthcare outcomes. The company will effectively deploy its iOn PROGRESS Remote Therapy Monitoring System, which remotely transmits data from a cellular-enabled ACTIV A.C Therapy System to shed light on non-clinical elements inhibiting at-home adherence to prescribed negative pressure wound therapy. Based on these trends, the market in Asia will climb at around 25% CAGR.

patient engagement solution market by Fact.MR

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Category-wise Insights

Why are Web/Cloud-based Deployment Patient Engagement Solutions Preferred?

According to projections by Fact.MR, web/cloud patient engagement solutions deployment will contribute the highest revenue share in the market, amounting to around 70%. The reason includes its real-time access to files and other medical documents. Furthermore, it provides direct and remote access to both patients and doctors.

The web/cloud-based deployment in the patient engagement system market is expected to grow even further in the forecast period, expanding at the CAGR of around 22%.

Health Management Applications to Reign Supreme?

As the digital revolution continues to penetrate the global healthcare landscape, significant improvements in patient health management have come to the fore. As hospitals and other commercial settings continue to expand, disbursing adequate in-house care is becoming a major challenge, given the increased inflow of patients.

Consequently, artificial intelligence and blockchain technology to maintain and secure patient electronic health records, scheduling appointments and monitoring medicine dosage have become important. As per Fact.MR’s estimates, the segment is forecast to account for over 35% revenue until 2031.

Competitive Landscape  

Key players involved in the market are rigorously investing in the development and launches of new products to gain a competitive advantage and expand their consumer base. Some notable developments are as under:

  • 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.
  • Recently, in October 2021, Allscripts Healthcare Solutions introduced the Allscripts Guided Scheduling software. This is in line with its Allscripts Practice Management portfolio diversification, aimed at streamlining clinical and operational metrics. It will do so by deploying an AI scheduling program using real-time provider, practice and industry data. This will enable users to appropriately schedule each patient visit.

Report Scope

Report Attribute

Details

Market Size Value in 2021

USD 25 Billion

Market Size Value in 2031

USD 168 Billion

Growth Rate

21% CAGR

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

 US$ Mn for Value 

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • BENELUX
  • Nordics
  • China
  • Japan
  • South Korea
  • India
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Brazil
  • Mexico
  • GCC
  • Turkey
  • South Africa

Key Market Segments Covered

  • Software Type
  • Application
  • Deployment
  • End User
  • Region

Key Companies Profiled

  • Allscripts Healthcare Solutions
  • McKesson Corporation
  • Orion Health Ltd.
  • Cerner Corporation
  • Phytel Inc.
  • Medecision Inc.
  • GetWellNetwork Inc.
  • YourCareUniverse Inc.
  • Lincor Solutions Ltd.
  • Athenahealth, Inc.

Pricing

Available upon Request

Key Segments Covered

  • Software Type

    • Standalone Patient Engagement Solutions
    • Integrated Patient Engagement Solutions
  • Deployment

    • Web/ Cloud-based Patient Engagement Solutions
    • On-premise Patient Engagement Solutions
  • Application

    • Patient Engagement Solutions for Social Management
    • Patient Engagement Solutions for Health Management
    • Patient Engagement Solutions for Home Healthcare Management
    • Patient Engagement Solutions for Financial Health Management
  • End User

    • Patient Engagement Solutions for Payers
    • Patient Engagement Solutions for Providers
    • Patient Engagement Solutions for Individual Users

- FAQs -

As of 2021, the market for patient engagement solutions will likely reach US$ 25 Bn

From 2021-2031, patient engagement solutions demand will likely surge at 21% CAGR

From 2016 to 2020, patient engagement solutions demand surged at a CAGR of 24%

The global market for patient engagement solutions is envisaged to account for over US$ 168 Bn by 2031

North America is likely to account for 36% revenue share by 2021-end

Asia is likely to be the fastest growing market, clocking a CAGR worth 25% from 2021-2031

Prominent players providing patient engagement solutions include Allscripts Healthcare Solutions, McKesson Corporation, Orion Health Ltd., Cerner Corporation, Phytel Inc., Medecision Inc., and GetWellNetwork Inc.

Presently, web/cloud deployment contributes around 70% market share

Health management will remain the dominant patient engagement solutions application area, accounting for 35% revenue

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

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