Patient engagement Solutions helps patients to handle their health information and improve communication with the medical staff. Healthcare workers engage their patients using various technology, including smartphone apps, wearables, and educational materials. These technologies provide patients with immediate access to clinicians and real-time monitoring of critical body signals so they may make informed health decisions.
The market worth of patient engagement solutions in 2021 was USD 13.42 billion, and it will be worth USD 74.28 billion by 2030, growing at a 20.93% CAGR during the forecast period.
The growing interest in mobile health, an aging population, and government incentives drive demand for patient engagement solutions. The low level of health literacy has significantly hindered the expansion of the market for patient engagement solutions. Furthermore, there will be greater opportunities for value-based medications as a result of heightened peer pressure and a radical change toward patient-specific solutions.
Market Dynamics
Drivers
Information sharing amongst patients, individualized care for those with chronic conditions, and effective health monitoring are all made possible by technology. More patients are keeping track of their health information, and many are prepared to share it to keep tabs on their condition. Patients are willing to perform a blood test at home to screen for things like inflammation, blood sugar, and cholesterol. These checks are carried out by connecting to a component that keeps track of these parameters. As a result, the growing need for patient engagement solutions is being driven by the tracking of health data.
Restraints
The growing worries about the security of patient health data are hampering data transfer between the many players in the healthcare industry. As a result, patient engagement initiatives in numerous healthcare organizations face challenges, and potential end users are less likely to accept patient engagement solutions.
Opportunity
In addition to reducing administrative expenses, the increased adoption of new technology for improved patient interaction will contribute to market growth. Per McKinsey estimates, if widely adopted, innovations that make it possible to offer healthcare at a lower cost could reduce administrative costs by between USD 175 billion and USD 220 billion annually. Through productivity benefits, the increased digitization of specific healthcare instruments, such as patient engagement services, could lower these costs by an extra USD 24 billion to USD 48 billion yearly.
Market Segmentation
Component Insights
In 2022, the software segment led the entire market with the largest revenue share of nearly 55%. The software segment makes it simpler for patients to use patient engagement solutions. It is simple to install and utilize the program as needed because of the clear user interfaces and ongoing product upgrades. The software for patient engagement solutions makes it simple to obtain records.
End-user Insights
There are three categories of end users: providers, patients, and others. The provider segment is anticipated to expand at the fastest CAGR of 23.5% during the projection period. Most patients are looked after by providers, who are also the first individuals patients consult for any medical illnesses and issues. Northwell Health introduced a patient engagement tool developed by Playback Health in the US in December 2021 at a few clinical sites.
Delivery mode insights
With a market share of roughly 58% in 2022, the web-based & cloud-based sectors held the majority of the market share. The convenience of remote access to real-time data tracking, built-in features, simple access, cheap handling costs, and data backup make web-based and cloud-based patient engagement solutions increasingly popular. Due to the aforementioned factors, businesses are investing more money in web- and cloud-based patient engagement solutions, fueling the segment’s expansion.
Regional Insights
With a 34% revenue share in 2022, North America overtook Europe as the largest market for patient engagement solutions globally.
Due to the presence of major market players, rising internet usage, growing adoption of mobile health and electronic health records, and rising investments by major market players in creating patient engagement software, North America currently dominates the market for patient engagement solutions. The market will expand due to rising public awareness of patient engagement solutions and rising government spending on healthcare facility renovation.
Key Players
- Epic Systems Corporation Klara Technologies, Inc.
- Allscripts Healthcare, LLC
- Cerner Corporation (a subsidiary of Oracle Corporation)
- MEDHOST
- McKesson Corporation
- Reed
- IBM
- Experian Information Solution, Inc.
- Koninklijke Philips N.V.
- Epic Systems Corporation
- athenahealth, Inc.
- NextGen Healthcare, Inc
- Solutionreach, Inc.
- CPSI
- Nuance Communications, Inc.
The market worth of patient engagement solutions in 2021 was USD 13.42 billion, and it will be worth USD 74.28 billion by 2030, growing at a 20.93% CAGR during the forecast period. Government attempts to encourage patient-centric care, rising demand for patient engagement solutions, the adoption of laws, and the use of mobile health applications are all contributing to the growth of the market for patient engagement solutions.
