NEW YORK, Nov. 4, 2023 /PRNewswire/ — The patient engagement solutions market size is estimated to grow by USD 26.37 billion from 2022 to 2027, growing at a CAGR of 17.83% during the forecast period. North America is estimated to account for 40% of the growth of the global market during the forecast period. Advanced benefits of patient engagement solutions notably drive the patient engagement solution market growth. These solutions help patients share health information in a secure manner. Some of the solutions include periodic healthcare tips, trigger-based appointment reminders, prescription refill reminders, and post-diagnosis notes. Furthermore, they offer various advantages to patients and providers. For instance, patient registration allows patients to record their health information, such as medication lists, health history, and immunization records. Also, an ideal patient engagement software is a combination of practice management software, customer relationship management (CRM) systems, medical billing software, marketing automation, and other features. Hence, such factors drive the market growth during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) – View Sample Report
The growth of the regional market can be attributed to the rise in demand for improved healthcare outcomes and the increasing incidence of chronic diseases such as heart disease, cancer, diabetes, and others. Furthermore, the need for better management of chronic illnesses such as diabetes or heart disease drives the market growth in the North American region. For instance, many clinical trial sponsors adopted patient engagement technology solutions to enable continuity in data collection, including COVID-19 cases during the pandemic. Hence, such factors drive the regional market growth during the forecast period.
Patient Engagement Solutions Market – Vendor Landscape
The patient engagement solutions market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products – The report provides a full list of key vendors, their strategies, and the latest developments. Buy The Report
Patient Engagement Solutions Market – Market Dynamics
Major Challenges-
Stringent regulations on patient engagement solutions are a major challenge hindering the growth of the market during the forecast period. The Health Insurance Portability and Accountability Act (HIPAA) has laid down requirements for safeguarding patient data from unauthorized access and to adhere to these requirements, healthcare providers should sign a contract with patient engagement software vendors before working with them. Stringent regulations such as HIPAA limit the capabilities of modern patient portals, which results in patient portals failing to meet the criteria for efficient patient engagement. Hence, such factors are expected to hinder the growth of the global patient engagement solution market during the forecast period.
Key Trends
The increasing adoption of mobile technology for patient engagement is an emerging market trend that is influencing the growth of the market. Healthcare providers adopt new solutions in order to enhance workflows and boost patient engagement. Furthermore, health-tracking apps help track the behavioral and vital signs of patients, which can track parameters such as heart rate, calories burnt, and sleep period. The adoption of mobile patient engagement technology is increasing because smartphones provide consumers with instant access to services. Hence, such factors will support market growth during the forecast period.
Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report
Company Profiles
The patient engagement solutions market report includes information on the product launches, sustainability, and prospects of leading vendors including Agilon health Inc., ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Athenahealth Inc., CipherHealth, Computer Programs and Systems Inc., DrChrono Inc., eClinical Works LLC, Epic Systems Corp., GetWellNetwork Inc., International Business Machines Corp., Lincor Inc., Luma Health Inc., McKesson Corp., Medical Information Technology Inc., Medtronic Plc, Oneview Healthcare Plc, Oracle Corp., Solutionreach Inc., Sonifi Solutions Inc., and Tebra Technologies Inc.
Patient Engagement Solutions Market – Competitive Analysis
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
Patient Engagement Solutions Market – Market Segmentation
This patient engagement solutions market report extensively covers market segmentation by delivery mode (on-premise solution, web, and cloud-based solution), end-user (providers, payers, and individual users), and geography (North America, Europe, Asia, and Rest of World (ROW)).
- The market share growth by the on-premise solution segment will be significant for the overall market growth during the forecast period. These solutions require the purchase of licenses or a software copy, and the entire software solution is stored on the company premises. Thus, they are more secure and protected than cloud computing infrastructure. Furthermore, healthcare data is located within onsite servers and IT infrastructure. Moreover, when any system breaks down or becomes inoperable, the expenditure to fix it is very high. Hence, such factors fuel the segment growth during the forecast period.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Delivery Mode
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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