Patient Engagement Solutions Market Size to Worth USD 85.1 Billion by 2029

The patient engagement solutions market will register a tremendous growth at CAGR 20.3% and the valuation is expected to reach US$ 85.1 billion by the year 2029.

The patient engagement solution is software which is an electronic system designed in order to communicate with the patients, to provide educational resources or in order to manage the patient provider relationship.

In order to improve the diagnosis accuracy, the patients and doctors are connected through the Internet. This becomes more efficient and easier for patients to interact with the doctor. Patients are more informed about their health conditions as the doctors are easily available.

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All the medical practitioners were under immense pressure during the COVID-19 outbreak. Learning increased number of patients visiting the doctors on the daily basis and the prevalence of coronavirus disease demanded accurate diagnosis and treatment but due to the social norm of social distancing the physicians and the patients have driven the demand for remote patient monitoring. Many systems had provided COVID-19 related features in the already existing solutions.

Regional snapshot

US is expected to have a great share in the North American market. These platforms in US are offering custom digital patient engagement platforms in order to assist the health provider in the clinical trials. In order to facilitate hospital and patient data management, the health care providers in USR rapidly adopting these platforms. The Patient engagement solutions market is expected to grow well in the North American market during the forecast. In Europe, Germany is expected to dominate the market share. Germany is projected to show significant growth. In the use of this technology there are many major policies and public funding systems that contribute to the growth in the market. In the Asia Pacific Market, India is expected to rapidly grow and offer a favorable market for this technology. The solution plays a very important role in a country like India so it will help in ensuring better patient engagement.

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Market Dynamics

Drivers

Many governments across the world are encouraging the adoption of the patient engagement technologies by implementing various regulations. In order to make this platform accessible across Europe the European Union Health Ministry signed an agreement to work and establish an E health platform. In the developing nations, the use of this platform has helped in improving the reimbursement regulations. So the market revenue is expected to grow during the forecast.

Restraints

The Patient engagement solutions systems are expensive software solutions. The upgrades and the maintenance of the system is also expensive. Depending upon the needs of the user, it requires upgrades which are chargeable. Also, there's a training needed in order to handle the platform, so all of these reasons are making it difficult for adoption. The patient engagement initiatives are affected due to the security issues on transfer of the data.

Opportunities

Many governments across the globe are adopting initiatives in order to implement these systems as they are convenient. The government initiatives are supporting in the health care expenditure. As there are many skilled IT experts in many emerging Asian countries like India and China it is expected to have a good growth during the forecast. These emerging Asian countries are providing good opportunities for the system.

Challenges

These softwares are high priced and also the maintenance and the update costs are high.The costs may also change due to customized user preferences are recurring expenses. The lack of expertise in the usage also poses a challenge to the growth of this market. The high cost of deployment of these systems poses a great challenge.

Report Highlights

• On the basis of the components, the services segment is expected to grow during the forecast. The various components are services, software and hardware. The Services segment is expected to have the highest growth rate due to its indispensable application of deployed solutions followed by the services segment the software segment is also expected to grow.
• On the basis of the delivery, the patient engagement solutions market can be cloud based or on premise the cloud based Solutions segment is expected to grow with a good during the forecast. Although the on premise based solutions had good share in the recent years. The flexibility, affordability and the scalability which is provided by the cloud based solutions is helping in the growth of the segment. The cloud based solution helps in accumulating information from various locations in the system.
• On the basis of the application, the market can be segmented into the social, behavioral, health management, home Health management and financial health management. The health Management segment is expected to have a good global growth, due to the complexity of the disease conditions the patients are well aware of the use of these platforms and have a willing participation in maintaining their own health.
• On the basis of the area of therapy, the segment in the Chronic diseases is expected to grow. The high burden of chronic diseases and the effective management of these conditions along with the reduced costs has helped in the growth of the market of this segment.

Recent Developments

In order to curb the spread of COVID-19 virus, Orion health developed a monitoring platform. It helps in facilitating communication between quarantined patients and healthcare service providers and it also helps in maintaining the records of those that are recently discharged. The Coronavirus outbreak solution was launched in 2020.

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