Patient Engagement Solutions Market: Massive Participation of the Patients-Doctor Drives Growth

Patient Engagement Solutions Market - Snapshot

Patient engagement solutions comprise various services, associated hardware, and healthcare information technology solutions. These services are utilized for engaging patients with their own health. These platforms make use of patient centric healthcare delivery system to improve health outcome and ensure value-based care, which is estimated to bolster the global patient engagement solutions market in near future.

Patient engagement solutions make an offering of a platform for better reach and engagement of patients, improved communication between healthcare providers and patients, building trust, and augmenting patient compliance through automated reminders. There has been a rise in the demand for patient centric care across the globe, which plays an important role in the expansion of the global patient engagement solutions market over the years of projection. Regulations and initiatives by governments to implement various patient-centric care and solutions together with extensive adoption of mobile health solutions is likely to widen the scope of growth for the global patient engagement solutions market in near future.

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Growing Popularity of Medical Wearable is estimated to Accelerate Market Growth

The growth of the global patient engagement solutions market is primarily influenced by the increased awareness about mobile health together with expanding geriatric population. Apart from that, there has been a rise in the spending on healthcare together with favorable legislations. This factor is expected to support the growth of the market in the upcoming years.

There has been a rise in the utilization of wearable healthcare trackers together with the increased use of mobile health applications. These applications are encouraging customers to gain access to their personal healthcare records, which is likely to drive the demand for patient engagement solutions in the years to come.

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On the other hand, lack of expert healthcare professionals and absence of healthcare literacy in many of the developing nations is likely to impede the growth of the market.

Global Patient Engagement Solutions: Snapshot

Patient engagement solutions helps patients manage their healthcare data. It also provides improvised interaction among the patients and medical team. This factor will lead to rise of global patient engagement solutions market globally. The advancement in technology has helped the healthcare sectors to provide necessary tools to their patients so that they can actively participate and manage their own health. This provision helps patient to effectively deliver self-care. These drivers will show significant rise in the coming years. The service ensures improved and safe service quality. Thus, leading to increased satisfaction among the patients. The rise in aging populations is one of the major factors for the rise of market. Increased awareness among people regarding health and healthcare facilities have fueled the market growth. Government across the globe is also engaging in providing subsidies and incentives to its citizens thus, increasing the demand for global patient engagement solutions market. Increased need for engagement and involvement of patients in the management of various diseases is one of the prime factors boosting the global market since, patient’s involvement is importantly required in chronic illness. The meaningful relationship and exchange between the doctors and patients is anticipated to drive the global market for patient engagement solutions during the forecast period. Development and advancement in technologies over the years have helped built this relationship between doctors and their patients. Self-management programs conducted in various healthcare organizations around the globe is also leading to the rise of global patient engagement solutions market.

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The global patient engagement solutions market is anticipated to rise at a staggering CAGR of 23.0% during the forecast period of 2015 to 2023. The global market revenue valued at US$6.6 bn during 2014 and is estimated to reach value worth US$34.9 bn by the end of the forecast period.

Hospitals and Healthcare Sectors Rising Due to Increased Demand from Patients

The global patient engagement solutions market according to end user is segmented in to healthcare and medical payers, pharmaceutical companies, hospitals, and healthcare providers. Among these, healthcare providers and hospitals are anticipated to rise as the leading players in comparison to other end users in the global market during the forecast period. On the other hand, Pharmaceutical companies are expected to witness significant growth opportunities in the coming years owing to various pharmaceutical enterprises implementing the patient engagement solutions to manage the incurred capital to meet their research requirement demands.

North America Contributing the Largest Share Owing to Government Reforms

The global patient engagement solutions is spread across regions such as Europe, Asia pacific, North America, South America, and Middle East & Africa. Among these, North America is currently leading the global market owing to increasing numbers of quality healthcare services and rising governmental reforms along with changed incentive based payment methods. This region is anticipated to remain dominant during the forecast period.

Some of the leading companies operating in the global patient engagement solutions are McKesson Corp, Phytel Inc., Orion Heath, Allscripts Inc., Athenahealth Inc., Axial Exchange, Medecision Inc., GetWellNetwork Inc., Cerner Corp., and Emmi Solutions LLC.

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Spurt in Demand for Patient-centric Healthcare widens Revenue Streams in Patient Engagement Solutions Market

Patient engagement solutions is a bundle of various healthcare services, healthcare information technology solutions, and associated hardware for improved communication and improved exchange of information between health caregiver and patients. At their core, patient engagement solutions use patient centric healthcare delivery system to ensure value-based healthcare and to improve patient outcomes.

At present, the deployment of patient engagement solutions is related to a number of tangible benefits. Patient engagement solutions enable better reach and engagement of patients, building trust, improved communication between health caregiver and patients, and augmenting patient compliance via automated reminders.

Factors such as increasing awareness of mobile health, rising spending on healthcare, and favorable regulatory frameworks are creating opportunities in the patient engagement solutions market. Besides this, the increasing use of wearable healthcare trackers along with increasing use of mobile health apps are expanding the horizon of patient engagement solutions market. This manifests whopping growth in the patient engagement solutions market, and is anticipated to continue in the coming years.

Key segments of the patient engagement solutions market based on end user are healthcare and medical players, hospitals, pharmaceutical companies, and healthcare providers. Of them, healthcare providers and hospitals are anticipated to witness leading growth in the patient engagement solutions market in the coming years. On the other hand, pharmaceutical end user is expected to witness significant growth opportunities in the patient engagement solutions market in the years ahead. This is mainly because a number of pharmaceutical companies are now implementing patient engagement solutions for effective use of resources and funds for continued clinical research initiatives.

North America is at the forefront among other key regions in the patient engagement solutions market. The prominence of the region is mainly because of notable increase in the number of healthcare centers that offer technology-driven patient care and governmental reforms for incentive-based payment methods.

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