Patient Engagement Solutions Market is Expanding at a CAGR of 23.0% by 2023

Global Patient Engagement Solutions Market: Snapshot
The global patient engagement solutions market has been witnessing a remarkable rise in its valuation as well as size. With the increasing prevalence of chronic diseases and a significant growth in the global geriatric population, the need for patient-oriented healthcare services has increased, leading to an augmented demand for patient engagement solutions, across the world. In addition to this, the rising uptake of IT in healthcare services is likely to aid this market considerably over the coming years.

In 2014, the overall opportunity in the global patient engagement solutions market was US$6.6 bn. Proliferating at a remarkable CAGR of 23.0% during the period from 2015 to 2023, the market is anticipated to reach US$34.9 bn by the end of 2023.

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Application-managed Services to Witness High-paced Growth

The global market for patient engagement solutions is analyzed on the basis of delivery mode and the end user. Based on the delivery mode, the market is classified into self-hosted services, application-managed services, and software as a service (SaaS). Among these, the demand for self-hosted solutions is higher than the other two at present. However, the application-managed services segment is projected to witness a high-paced growth over the next few years, thanks to the easy access and on-the-go services provided by this segment.

By the end user, the market is categorized into hospitals and healthcare providers, pharmaceutical companies, and medical and healthcare payers. Of these, hospital and healthcare providers have emerged as the key end user of patient engagement solutions and are expected to continue like this over the forthcoming years.

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Pharmaceutical companies, on the other hand, are anticipated to display promising growth opportunities over the next few years, as a large pool of pharma companies are expected to uptake patient engagement solutions in order to meet their research and development requirements and control the operational capital incurred. The tremendous increase in the interest of pharmaceutical companies in patient engagement solutions is due to the feedbacks from patients and physicians regarding the prescribed drugs from these solutions, which plays a crucial role for these companies in improving their existing and pipeline products.

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North America to Retain Dominance

The global market for patient engagement solutions reports its presence across the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Currently, North America is leading the global market due to the increasing number of government reforms and the rising demand for quality healthcare services. Researchers anticipate this regional market to remain on the top over the forthcoming years, thanks to the advent of incentive-based payment methods are their increasing adoption in healthcare organizations.

With a large pool of regional and multinational participants, the global market for patient engagement solutions is highly competitive and fragmented in nature. Athenahealth Inc., GetWellNetwork Inc., Emmi Solutions LLC, McKesson Corp., Cerner Corp., Medecision Inc., Phytel Inc., Axial Exchange, Orion Health, and Allscripts Inc. are the key players operating in this market. These players are focusing on expanding their businesses across various regions in order to strengthen their position in the global market.

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Patient Engagement Solutions Market Will be Worth US$34.94 Bn by 2023

The global patient engagement solutions market stood at US$6.66 bn in 2014 and is projected to reach US$34.94 Bn by the end of 2023. The market is expected to rise at a CAGR of 23.0% from 2015 to 2023.

Pharmaceutical Companies to Make Substantial Investment

On the basis of geography, the patient engagement solutions market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Of these, North America dominates the global market and is expected to remain so throughout the forecast period. The substantial growth of the regional market is attributed to a large number of government reforms to boost patient engagement and the focus of healthcare providers for quality care.

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Based on end user, the patient engagement solutions market is segmented into pharmaceutical companies, healthcare payers, and hospitals and providers. Currently, the hospitals and providers segment hold the major revenue share. However, the pharmaceutical companies segment is expected to grow at a stellar CAGR of 24.1% from 2015 to 2023. The growing popularity of patient-focused solution has spurred investment by pharmaceutical players.

Growing Demand for Empowering Patients to Take Control of their Health

The growing significance of patient engagement and the need to increase their involvement in the management of various diseases, especially chronic ailments, in a variety of critical care settings are the key factors driving the market. The imperative for holding a meaningful exchange between patient, provider, and clinicians is a key factor stimulating the demand for various patient engagement solutions. The increasing participation of patient populations with their providers is anticipated to enhance the quality care and boost clinical outcomes.

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The growing uptake of various self-management programs in hospitals and healthcare institutions has catalyzed the growth of the patient engagement solutions market. The increasing role of technology to empower patients in the control of their care is expected to boost the market. In addition, the growing demand for reducing hospital readmissions has boosted the uptake of patient-focused solutions. Furthermore, the growing popularity of personal digital assistants and the increasing prominence of point-of-care mobile apps to facilitate the delivery of healthcare services are the seminal factor expected to positively impact the growth of the patient engagement solutions market in the coming years.

The inclusion of IT in improving the quality of healthcare services is expected to bode well for the patient engagement solutions market. The growing adoption of electronic health record (EHR) systems is expected to boost the market.

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However, the mounting concern of preserving the privacy of patients’ data in IT-based solutions is likely to hinder the market to an extent. Nevertheless, the increasing inclination of healthcare providers and payers toward value-based reimbursement is expected to open up lucrative growth avenues for market players. Furthermore, favorable government regulations in various developing and developed nations, primarily focused at patient-centric services, have accentuated the global market.

Some of the leading players operating in the patient engagement solutions market athenahealth, Inc., Orion Health Ltd., GetWellNetwork Inc., Phytel, Inc., Medecision, Inc., Axial Exchange Inc., McKesson Corporation, and Allscripts Healthcare Solutions, notes Transparency Market Research (TMR). Key players are offering intuitive and innovative software and technology-based solutions focused on bolstering patient engagement, in order to gain a competitive edge over others.

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Patient Engagement Solutions Market - Latest Trends & Insights 2023

The leading players operating in the global patient engagement solutions market are Cerner Corporation, Mckesson Corporation, and Allscipts Healthcare Solutions, Inc., among others, as per Transparency Market Research (TMR). These players are adopting numerous competitive strategies in order to hold a better position in the market. Key players are integrating state-of-the-art and new features into their patient engagement solutions for making these systems more beneficial in enhancing the health of patients.
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The global patient engagement solutions market stood at US$6.66 bn in 2014 and is poised to touch US$34.94bn in 2023, rising at a whopping 23.0% CAGR between 2015 and 2023. On the basis of delivery mode, the market is dominated by the segment of self-hosted delivery mode and this segment represented a share of 43.6% in 2014. It is also predicted to lead the market in forthcoming years. This is due to the extensive employment of patient engagement portals by big hospitals globally. On the other hand, the segment of Software as a Service delivery mode is poised to experience the swiftest development during the forecast horizon due to the high adoption of cloud-based services globally.
Patient Engagement Solutions Experience Huge Deployment in Pharmaceutical Companies
In terms of end user, the segment of pharmaceutical companies will maintain a lead position in the market and will rise at the most exponential CAGR. The global patient engagement solutions market by pharmaceutical companies is anticipated to touch US$7.64 bn by 2023, expanding at a remarkable 24.1% between 2015 and 2023. This is due to the fact that patient engagement solutions help pharmaceutical companies in capturing data and tracking of responses from the consumed medicines of patients. This helps the pharmaceutical companies in redeveloping and innovating their development strategies and medicines accordingly.
In terms of geography, the North America patient engagement solution market is poised to experience the most rapid growth. This is due to the increasing support provided through government reforms and the rising demand for good quality healthcare services within this region. In North America, the U.S. held the most dominant share of 70.9% in 2014 and the U.S. patient engagement solutions market is predicted to reach a value of US$8.53 bn by 2023, rising at an extraordinary 20.20% CAGR between 2015 and 2023.
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Absence of IT Expertise may Restrain Growth of Patient Engagement Solutions Market
The global patient engagement solutions market is predicted to grow due to favorable reforms by governments in healthcare management services’ field, states a TMR analyst. In addition, the ease of access is also enabling numerous users to implement patient engagement solutions. On the other hand, factors such as absence of IT expertise may inhibit the development of the global patient engagement solutions market. “Lack of expertise is a key concern in emerging nations”, says a TMR analyst. The dearth of technological inputs and fragile technological base have also emerged as key factors that may inhibit the market for patient engagement solutions in emerging nations.
In addition, cloud computing features storing of data which is then processed at a third-party data center. The companies that prefer storing their data on public cloud, lack the physical means of accessing it. This may introduce a threat for that particular company and its clients. Hence, the maintenance of data security and privacy has also emerged as a key roadblock in the development of the global patient engagement solutions market.
This information is based on the findings of a report published by Transparency Market Research titled, “Patient Engagement Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”