Patient Engagement Solution Market Report - Industry Size and Global Share 2021: Business Expansion Strategies, Growth Dynamics, Opportunities and Challenges Forecast to 2027
A comprehensive overview of the Patient Engagement Solution Market is recently added by UnivDatos Market Insights to its humongous database. The Patient Engagement Solution market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Patient Engagement Solution market. The Patient Engagement Solution market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Patient Engagement Solutions market at the global and regional level. Global Patient Engagement Solution Market is expected to grow at a CAGR of 16.2% during 2021-27 to reach US$ 46.9 billion by 2027.
Market Overview
Patient
engagement is the procedure of patient and healthcare service providers working
collectively to improve the overall healthcare services. The solution helps in increasing
user engagement, customer retention, and lowering healthcare costs. For patient
engagement, mostly virtual and digital platforms are used to provide healthcare
services. For instance, As per Pew Research Centre,
over 85% of US residents own a smartphone and 50% of all
surfing happens on mobile devices. Also, around 72% of internet users search
for health information online, 47% of users search for doctors online, and 38%
of users search for hospitals and medical facilities online. The Healthcare industry also encourages value-based care for the
engagement of patients as it is a type of payment model that rewards providers
for delivering high-quality care at reduced prices. They serve at the front for
piloting the future of the healthcare sector across the world. For
instance, according to Health payer intelligence, Nearly, 80% of payers stated
improvements in care quality from providers in obtaining value-based
settlements. Besides, 64% of payers stated enhancements in provider
relationships and 73% of payers stated that patient engagement with
beneficiaries improved by using value-based care.
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COVID-19 Impact
COVID-19 pandemic has sparked profound changes in societies around
the world, pushing the global society to constantly adapt to new challenges set
by the crisis. The impact of Covid-19 on the healthcare sector is evident, as
hospitals and clinics have transformed to triage and care for COVID-19 patients.
Therefore, regularly scheduled visits, surgeries, and treatments for other
disease areas have been rearranged as telehealth or telemedicine visits. In
April 2020, GE Healthcare has announced an advanced cloud-based remote-monitoring
tool proposed to assist physicians to look after ventilated COVID-19 patients
for their proper care. Another key aspect to patient engagement that
has witnessed exponential growth in broad applicability during the COVID-19
crisis is the use of video software for real-time, remote patient interactions
with physicians or other health professionals.
Global Patient Engagement Solutions Market report is studied
thoroughly with several aspects that would help stakeholders in making their
decisions more curated.
By Components, the market is primarily bifurcated into
·
Software
·
Solutions
The Software segment generated the highest revenue in 2020 as the demand for software is increasing owing to the rising adoption of the
latest technology-enabled solutions.
By Delivery Mode, the market is primarily segmented into
·
Cloud-Based
·
On-Premises
·
Web-Based
Amongst Delivery Mode, the Cloud-Based segment dominated the market in 2020.
By Application, the market is primarily bifurcated into
·
Home Health Management
·
Social and Behavioral Health
Management
·
Financial Health Management
·
Telemedicine
·
Others
The Health Management segment accounted for the major revenue portion in 2020. The sector is
anticipated to observe significant growth in the upcoming years, as it provides rapid response
and improved patient obedience for providing healthcare facilities.
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By Therapeutic Area, the market is primarily
bifurcated into
· Fitness
· Women's Health
· Others
The Chronic Diseases segment is anticipated to observe lucrative
growth. During Chronic conditions, the patients
could connect with their healthcare providers from remote locations and
allowing them to get the streamlined flow of information, patient feedback, and
other health-related data.
By End-user, the
market is primarily bifurcated into
· Providers
· Payers
· Patients
· Others
The Providers segment is anticipated to observe lucrative growth. Providers
are not only concentrating on growing their infrastructure but also trying to
improve it. So, that Patients can get easy access to healthcare facilities in an
effective manner.
Patient Engagement Solutions Market Geographical Segmentation
Includes:
·
North America (the United States,
Canada, and Rest of North America)
·
Europe (Germany, United Kingdom,
Italy, France, Spain, and Rest of Europe)
·
Asia-Pacific (China, Japan, India,
Australia, and
Rest of Asia-Pacific)
·
Rest of the World
Based
on the estimation, North America constitutes a major market for the Patient
Engagement Solutions industry and generated maximum
revenue in 2020 owing to the highest healthcare
spending, adding more than USD 3.5 trillion annually.
The
major players targeting the market includes
·
Allscripts Healthcare LLC
·
McKesson Corporation
·
IBM
·
Athena Health
·
Orion Health
·
Cerner Corporation
·
Harris Healthcare
·
OneView Healthcare
·
Curemd Healthcare
Competitive Landscape
The degree of competition among prominent global companies has been
elaborated by analyzing several leading key players operating worldwide. The
specialist team of research analysts sheds light on various traits such as
global market competition, market share, most recent industry advancements,
innovative product launches, partnerships, mergers, or acquisitions by leading
companies in the Patient Engagement Solutions market. The major players have
been analyzed by using research methodologies for getting insight views on
global competition.
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Key questions resolved through this
analytical market research report include:
·
What are the latest trends, new
patterns, and technological advancements in the Patient Engagement Solutions market?
·
Which factors are influencing
the Patient Engagement Solutions market over the forecast period?
·
What are the global challenges,
threats, and risks in the Patient Engagement Solutions market?
·
Which factors are propelling
and restraining the Patient Engagement Solutions market?
·
What are the demanding global
regions of the Patient Engagement Solutions market?
·
What will be the global market
size in the upcoming years?
·
What are the crucial market
acquisition strategies and policies applied by global companies?
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