Executive Summary
The global patient engagement solutions market size is expected to grow from USD 11.31 billion in 2020 to USD 19.92 billion by 2026 at a CAGR of 9.9%.
The growth of this market is driven by the implementation of government regulations and programs to promote patient care, increased demand for patient engagement solutions, and increased use of mobile health services.
Due to the outbreak of COVID-19, treatments of all sizes are under great pressure, and health care facilities around the world are frustrated with the large number of patients who visit them daily. The prevalence of coronavirus has prompted the need for more accurate diagnosis of treatment devices in several countries around the world. The COVID-19 epidemic also increased the need for social isolation between physicians and patients, leading to the demand for remote patient monitoring and telehealth solutions as well as the need for accurate and timely exchange of patient health records. Various players in this market have introduced COVID-19-related features in their patient engagement solutions, which are available to users for free. This leads to an improved acceptance of solutions in modern times.
Governments around the world use various laws and regulations to promote patient-centered solutions. For example, by 2020, EU Health Ministers have signed a memorandum of understanding and set up a standard eHealth facility that will allow free access to electronic health records throughout Europe. The proclamation also calls for Health to be an integral part of Europe's 2020 strategy. patient involvement. Reimbursement rules for developing countries have been developed to drive market growth.
Concerns about the safety of patient health information create barriers to the transfer of this data to various stakeholders in the health care industry. This also affects patient participation programs in various health care organizations and limits the adoption of patient participation solutions among potential end-users.
There are many factors, such as the implementation of government programs that support the adoption of HCIT solutions, the increase in government health costs, and the availability of skilled IT professionals in developing Asian countries, such as China and India, are expected to support growth in the market for patient engagement solutions in Asia.
IT health systems are high-cost software solutions. In addition, the cost of maintaining and updating the software for these programs may be higher than the cost of the software. Support and maintenance services, which include software upgrades in line with changing user needs, represent recurring costs, accounting for approximately 30% of total ownership costs. The lack of internal IT technology in the healthcare industry requires the training of end-users to maximize the effectiveness of various IT healthcare solutions, thus adding to the cost of system ownership.
By component, the market for patient engagement solutions is divided into software, hardware, and services. The software segment is further divided into standalone and integrated solutions. The software segment is expected to hold the largest share of the market, however, the service segment is expected to grow with the highest CAGR because the service segment is critical to the implementation of the solutions used.
By delivery mode, the market for patient engagement solutions is divided into on-premise and cloud-based solutions. The on-premises-based solutions had the largest share in the market while the cloud-based solutions segment is expected to register the highest CAGR during the forecast period. The flexibility, scalability, and accessibility offered by cloud-based solutions support their growth in the market for patient engagement solutions. Cloud-based solutions enable health care organizations to share and integrate data from a variety of sources or programs in real-time.
By application, the market for patient engagement solutions is divided into health management, home health management, social and behavioral management, and financial health management. In 2020, the health management applications had the largest share in the market for patient engagement solutions. The large share of this segment can be attributed to the growing awareness of patients about the severity of their disease status and their willingness to play an active role in maintaining their health.
By end-user, the market for patient engagement solutions is divided into providers, payers, patients, and other end-users (including government bodies, employer groups, and pharmaceutical companies). In 2020, the providers segment had the largest share in the market for patient engagement solutions worldwide. Providers continue to adopt patient engagement solutions to reduce the rising cost of health care, provide value-based care, and improve financial outcomes.
By therapeutic area, the market for patient engagement solutions is divided into chronic diseases, women’s health, fitness, and other therapeutic areas. In 2020, the chronic diseases segment had the largest share in the market for patient engagement solutions. A large proportion of this phase can be attributed to the high burden of chronic diseases and the need to effectively manage these conditions while minimizing the cost of general health care.
Asia Pacific is expected to grow with the highest CAGR. The need for affordable and quality care, the growing population, and the growing epidemic of chronic diseases drive the growing market for patient engagement solutions in the Asia Pacific. In addition, the current outbreak of COVID-19 in the Asia Pacific has led to an increase in patient pools, particularly in China and India. The growing patient capacity, as well as the growing need for more accurate and timely treatment and treatment for the disease, will boost the market growth of patient engagement solutions in the Asia Pacific.
The major players of the patient engagement solutions market are IBM (US), McKesson Corporation (US), Allscripts (US), Cerner Corporation (US), Epic Systems Corporation (US), and AdvancedMD (US).
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