Patient Engagement Solutions Market to Grow at 17.54% CAGR During the Forecast Period 2023-2030

Posted on 2023-04-21 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 21, 2023 — /EPR Network/ —

Patient Engagement Solutions Industry Overview

The global Patient Engagement Solutions Market size is expected to reach USD 70.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 17.54% from 2023 to 2030. The key factors fueling the market growth include rising digitalization across healthcare, increasing prevalence of chronic conditions, and technological advancements. The COVID-19 pandemic boosted digitalization across healthcare. This, in turn, has fueled the awareness and adoption of patient engagement solutions, thus propelling the market growth.

As healthcare providers were battling with the constant upsurge in cases, patients were looking to digital technologies for care delivery and monitoring. This contributed to the market growth. Various key companies released multiple COVID-19-related features as part of their patient engagement lineup to enhance their offerings. In December 2020, athenahealth released new features to its athenaOne platform-such as scheduling, workflow, documentation, and reporting capabilities-to enable immediate administration of COVID-19 vaccines as and when they become available.

The necessity of social distancing resulted in the demand for remote patient monitoring solutions, along with the prerequisite for the precise and timely exchange of patient wellbeing records. The pandemic has also made healthcare professionals look for alternate methods to traditional processes and systems. As a result, market participants had come up with COVID-19-related features into their existing patient engagement solutions. For instance, in June 2020, Orion Health partnered with a network of more than 350 healthcare facilities called Keystone Health Information Exchange to enable real-time automated COVID-19 reporting for improved public health data collection across Pennsylvania and New Jersey.

As per a survey by Twilio, a provider of cloud communications and customer engagement, 68% of respondents reported accelerated digitalization in their organizations due to COVID-19. Companies reported easing of barriers at organization levels such as getting executive approvals, lack of clear strategy, and reluctance to replace legacy software. In fact, according to the Chief Product Officer at Mount Sinai Health System, their newly developed textâ€‘toâ€‘chat platform witnessed a 10x surge in volume due to the pandemic. The growing number of smartphone users around the globe expedited the adoption of digital health technologies across the sector both from providers and consumers, which, in turn, has augmented the dependability of patients on mHealth apps.

Moreover, in March 2019, the American Medical Association entered into a collaboration with Patient Point with the aim to access point of care to help prevent the occurrence of cardiovascular diseases and type 2 diabetes. Using PatientPoint technology, approximately 6,500 practicing doctors across the U.S. are expected to educate individuals regarding disease prevention. Programs such as these are expected to fuel the market growth over the forecast period.

Patient Engagement Solutions Market Segmentation

Grand View Research has segmented the global patient engagement solutions market on the basis of delivery type, component, functionality, therapeutic area, application, end user, and region:

Based on the Delivery Type Insights, the market is segmented into Web & Cloud-based and On-premise.

The web and cloud-based segment dominated the market in 2022. The segment is also anticipated to expand at the fastest rate over the forecast period. The adoption of these solutions is increasing owing to remote access to real-time data tracking, integrated features, easy accessibility, insignificant handling costs, and easy data backup.
On-premise services provide patient data security, easy retrieval, and ease of access. The inclination toward on-premise services is primarily due to the complete access to the information within the premises.

Based on the Component Insights, the market is segmented into Software & Hardware and Services .

The software and hardware segment accounted for the largest share in 2022 and is expected to grow at the fastest CAGR of about 17% over the forecast period. Patient engagement software and hardware form the core offering of the solution.
The services segment is one of the crucial parts of the effective operation of patient engagement solutions. It helps in leveraging and optimizing patient engagement solutions as per the customer needs and to maximize patient health outcomes.

Based on the Functionality Insights, the market is segmented into Communication, Health Tracking & Insights, Billing & Payments, Administrative, Patient Education and Others.

The communication segment accounted for the largest revenue share of over 35.0% in 2022 as it forms the core offering of any patient engagement solution. This large share is attributed to a surge in demand and adoption of telehealth, mhealth, and other virtual communication solutions via audio, video, and text.
The health tracking and insights segment is projected to grow at the fastest rate of 18.9% over the forecast period. This is owing to the increasing integration of data analytics, AI, and machine learning to present actionable insights to patients and their care providers.

Based on the Therapeutic Area Insights, the market is segmented into Health & Wellness, Chronic Disease Management and Others.

Chronic disease management dominated the market in 2022 with a revenue share of over 40.0%. The rising geriatric population in key markets, the prevalence of chronic diseases, and the adoption of digital technologies catalyzed by the COVID-19 pandemic have contributed to the large share of the segment.
The health and wellness segment is anticipated to expand at the fastest rate of 17.0% over the forecast period. This is owing to the initiatives by key companies, the expansion of product offerings to cover mental health, weight management, and pregnancy, and increasing research activities.

Based on the Application Insights, the market is segmented into Population Health Management, Outpatient Health Management, In-patient Health Management and Others.

The outpatient health management segment dominated the market and held a revenue share of over 35.0% in 2022. The others application segment, which includes R&D and preventive care, is anticipated to expand at the fastest rate of 17.0% over the forecast period.

Based on the Functionality Insights, the market is segmented into Payers, Providers and Others.

Providers held the largest revenue share of over 45.0% in 2022. Providers serve the largest volume of patients and are also the primary line of treatment for consultation from general to specialist health concerns. These end users are thus the largest adopters of patient engagement solutions.
The payers end-user segment is estimated to expand at the fastest rate of 17.8% over the forecast period. The growth of the payers segment can be attributed to the increasing adoption of patient and customer engagement solutions that promote widespread coverage and enable value-based care delivery.

Patient Engagement Solutions Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The market for patient engagement solutions has been characterized by intense competition owing to the presence of large and small businesses. Key participants are holding a significant share in the market. Major players are aiming at implementing new approaches such as geographic penetration, new product/solution development, mergers & acquisitions, partnerships, and strategic collaborations to expand their market footprint.

Some prominent players in the global Patient Engagement Solutions market include

Allscripts Healthcare, LLC
Orion Health
Cerner Corporation
McKesson Corporation
athenahealth, Inc.
IBM
Medecision
GetWellNetwork, Inc.
MEDHOST
Lincor
IQVIA and many others

Order a free sample PDF of the Patient Engagement Solutions Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Matched content

Editor’s pick