DUBLIN–(BUSINESS WIRE)–The “Patient Engagement Solutions Market by Component (Software, Services), Delivery (On-Premise, Cloud), Therapy Area (CVD, Diabetes, Obesity, Fitness), Functionality (E-prescribing, Virtual care), End User (Provider, Payer, Patients) – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The patient engagement solutions market is projected to reach USD 27.9 billion by 2027 from USD 17.3 billion in 2022, at a CAGR of 10.0%
The growth of this market is driven by the adoption and changes in government regulations to promote patient-centric care and involve patients throughout the care journey, high demand for patient engagement solutions, and the growing utilization of m- health apps.
However, interoperability issues for patient engagement solutions and a dreadth of skilled IT professionals in the healthcare industry are expected to restrain the growth of this market during the forecast period.
Services segment is expected to grow at the highest rate during the forecast period
On basis of components, the patient engagement solutions market is segmented into software, hardware, and services. The software segment accounted for the largest share of the global patient engagement solutions market in 2021.
The software market is further segmented into standalone solutions and integrated solutions. In 2021, the integrated solutions segment has accounted for the larger share of this market & is also expected to grow at the highest CAGR during the forecast period.
However, the services segment is expected to grow at the highest CAGR during the forecast period. The high growth of the services segment can be attributed to the services being indispensable for the application of deployed solutions.
The On-premise solutions segment is estimated to account for the largest share of the Patient Engagement Solutions market in 2022
Based on delivery mode, the patient engagement solutions market is segmented into on-premise and cloud-based solutions. In 2021, the on-premise solutions segment accounted for the largest share of the global patient engagement solutions market.
However, the cloud-based solutions segment is expected to register the highest CAGR during the forecast period. The flexibility, scalability, and affordability are the features offered by cloud-based solutions that are supporting its growth in the patient engagement solutions market.
Health management segment in the applications accounted for the largest share of the global patient engagement solutions market
Based on application, the patient engagement solutions market is segmented into health management, home health management, social and behavioral management, and financial health management.
The health management applications segment accounted for the largest share of the global patient engagement solutions market in 2021. The large share of this segment can be attributed to the increased awareness among patients about the health conditions cause by severe diseases and their willingness to actively participate in maintaining their own health.
Chronic diseases among the therapeutic areas accounted for the largest share of the global patient engagement solutions market
Based on the therapeutic area, the patient engagement solutions market is segmented into chronic diseases, women’s health, fitness, and other therapeutic areas.
The chronic diseases segment accounted for the largest share of the global patient engagement solutions market in 2021. The large share of this segment can be attributed to the increase in various chronic diseases and the need to manage these conditions with reduced healthcare costs.
The E- Prescribing functionality is expected to grow with the highest CAGR during the forecast period
Based on functionality, the patient engagement solutions market is segmented into E-prescribing, virtual consultation, patient/client scheduling, and document management.
The patient/client scheduling segment accounted for the largest share of the global patient engagement solutions market in 2021. The large share of this segment can be attributed to the increasing productivity and efficient care through proper scheduling of appointments. The E- Prescribing segment is expected to grow with the highest CAGR during the forecast period
Providers’ segment accounted for the largest share of the global patient engagement solutions market
Based on end users, the patient engagement solutions market is segmented into providers, payers, patients, and other end users. The providers’ segment accounted for the largest share of the global patient engagement solutions market in 2021.
High adoption of patient engagement solutions to curtail rising healthcare costs, offer value-based care, and improve financial outcomes are factors that are supporting the growth of this segment. Patient engagement solutions also help providers to improve patient experience, meet the increasing demand for convenient access to health information, and better serve patients to self-manage their care.
North America to dominate the patient engagement solutions market in 2022
North America accounted for the largest share of the global patient engagement solutions market in 2021. Changing government initiatives and regulations in the region , the need to cut down on healthcare costs, the rising prevalence of chronic diseases, and the key market players operating in the region are the key factors driving the growth of the patient engagement solutions market in North America.
The Asia Pacific market is projected to register the highest CAGR during the forecast period, owing to the increasing adoption of HCIT solutions and the growing prevalence of chronic diseases in the region.
Premium Insights
- Rising Government Initiatives for Patient-Centric Care Drive the Market Growth
- Providers Accounted for the Largest Share of the Patient Engagement Solutions Market in 2021
- On-Premise Solutions Accounted for the Largest Share of the North American Market in 2021
- Asia-Pacific Market to Register the Highest Growth Rate During the Forecast Period
Market Dynamics
Drivers
- Implementation of Government Regulations and Initiatives to Promote Patient-Centric Care
- Increasing Adoption of Patient Engagement Solutions
- Rising Number of Collaborations and Partnerships Between Stakeholders
- Increasing Utilization of Mobile Health Apps
Restraints
- Large Investment Requirements for Healthcare Infrastructure
- Protection of Patient Information
- Inadequate Interoperability Across Healthcare Providers
- Shortage of Skilled It Professionals in the Healthcare Industry
Opportunities
- Growth Opportunities in Emerging Markets
- Wearable Health Technology
- Cloud-Computing Solutions
Challenges
- High Deployments Costs of Healthcare It Systems
- Low Levels of Healthcare Literacy
- Impact of COVID-19 on the Patient Engagement Solutions Market
Case Studies
- Focus on Reducing Readmission Rates and Improving Care
- Case 1: Need to Reduce Patient Hospital Stays
- Improve Outpatient Communication
- Case 2: Rising Need to Curb Miscommunication with Discharged Patients
- Patient Engagement Strategy
- Case 3: Post-Discharge Care
Ecosystem Analysis
- Technology Analysis
Regulatory Analysis
- Health Insurance Portability and Accountability Act of 1996 (Hipaa)
- Health Information Technology for Economic and Clinical Health Act of 2009 (Hitech)
- Consumer Privacy Protection Act of 2017
- National Cybersecurity Protection Advancement Act of 2015
- Cybersecurity Law of the People’s Republic of China
- Affordable Care Act, 2010
Industry Trends
- Rising Need for Interoperability & Integration of Hcit Solutions
- Gradual Shift of Accountability from Payers to Providers
- Growing Demand for Value-Based Healthcare
Company Profiles
Key Players
- IBM
- Mckesson Corporation
- Allscripts Healthcare Solutions Inc
- Athenahealth
- Orion Health
- Cerner Corporation
- Lincor Solutions
- Cognizant
- Harris Healthcare
Other Key Players
- Get Real Health
- Oneview Healthcare
- Advancedmd
- Epic Systems Corporation
- Meditech
- Kareo
- Eclinical Works
- Wellstack
- Iqvia
- Vivify Health
- Medhost
- Validic
- Curemd Healthcare
- Medisysinc.Com
- Patientpoint, LLC
For more information about this report visit https://www.researchandmarkets.com/r/faiiw0
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