Patient Engagement Solutions Market to Reach $50.5 Billion, by 2032 at 11.5% CAGR: Allied Market Research
Tuesday, January 16, 2024
Rise in awareness regarding mobile health among people and a growing emphasis on electronic health record (HER) reports is expected to drive the global patient engagement solutions market growth.
NEW CASTLE, Del., Jan. 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Patient Engagement Solutions Market by Component (Hardware, Software, and Service), by Deployment Mode (On-premise and Cloud) by Functionality (Communication, Health Tracking, and Insight, Billing, and Payments, Administrative, and Others), and End User (Providers, Payers, and Patients): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the patient engagement solutions industry generated $17 billion in 2022 and is anticipated to generate $50.5 billion by 2032, witnessing a CAGR of 11.5% from 2023 to 2032.
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Prime Determinants of Growth
The notable factors positively affecting the patient engagement solutions market include rise in awareness regarding mobile health among people and growth in emphasis on electronic health record (HER) reports. However, extensive investments required for healthcare infrastructure and high complexity associated with the integration of advanced solutions with existing healthcare infrastructure components often hinder market growth. However, rise in significance of cloud computing technologies to deliver remote patient monitoring and assistance services offers lucrative market opportunities for the market players.
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Report Coverage & Details:
Report Coverage
Details
Forecast Period
2023-2032
Base Year 2022
Market Size in 2022
$17 Billion
Market Size in 2032
$50.5 Billion
CAGR 11.5 %
No. of Pages in Report 320
Segments Covered
Component, deployment mode, functionality, end user and region.
Drivers
Rise in awareness regarding mobile health among people
Growth in emphasis on electronic health record (HER) reports
Opportunity Rise in significance of cloud computing technologies to deliver remote patient monitoring and
assistance services
Restraints
Extensive investments required for healthcare infrastructure
High complexity associated with the integration of advanced solutions with existing healthcare
infrastructure components
COVID-19 Scenario
-- The patient engagement solutions market witnessed stable growth during
the COVID-19 pandemic, owing to the dramatically increased dependence on
digital devices. The surge in the online presence of people during the
period of COVID-19-induced lockdowns and social distancing policies
fueled the need for patient engagement solutions.
-- In addition, businesses needed to optimize their business operations and
offerings to maximize their revenue opportunities while optimizing their
operations to support the rapidly evolving business environment post the
outbreak of the COVID-19 pandemic with the majority of the population
confined in homes during the early stages of the COVID-19 pandemic.
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The software segment to maintain its leadership status throughout the forecast period
On the basis of component, the software segment held the highest market share in 2022, accounting for less than two-fifths of the patient engagement solutions market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growth in need for a high level of personalization one of the primary reasons enterprises have increased their investment in the patient engagement solutions market.
The on-premise segment to maintain its lead position during the forecast period
On the basis of deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than half of the patient engagement solutions market revenue, an increase in the need for secure and reliable data within the organization has fueled the market growth for on-premises-based patient engagement solutions. However, the cloud segment is expected to portray the largest CAGR of 12.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
The communication segment to maintain a significant growth rate over the forecast period
On the basis of functionality, the communication segment accounted for the largest share in 2022 contributing to more than one-fourths of the patient engagement solutions market revenue, owing to the growth in demand for patient engagement solutions for communication has fueled the market growth for the global market in these enterprises. However, the health tracking insight segment is expected to portray the largest CAGR of 14.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to several organizations.
The providers segment is anticipated to grow significantly during the forecast period
On the basis of end user, the providers segment accounted for the largest share in 2022, contributing to more than two-fifths of the patient engagement solutions market revenue, owing to the development of digital technologies in the patient engagement solutions providers. However, the payers segment is expected to portray the largest CAGR of 13.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Payers use patient engagement solutions to improve communication, promote preventive care, and facilitate health monitoring, all of which contribute to overall population health.
North America region held a major share in 2022 and is projected to grow significantly over the forecast period
On the basis of region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the patient engagement solutions market revenue. The increase in the usage of patient engagement solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 14.3% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.
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Competition Analysis:
Recent Product Launches in the Patient Engagement Solutions Market
-- In September 2023, Oracle Corporation launched a new generative AI
healthcare assistant designed to save clinicians time by responding to
voice commands.
-- In April 2023, athenahealth, Inc. launched athenahealth Patient Digital
Engagement Index, a first-of-its-kind measurement capability for medical
practices to understand how patients use digital tools when receiving
care - and how to take the interaction to the next level.
Recent Partnerships in the Patient Engagement Solutions Market
-- In April 2023, Aetna partnered with Mae on improving maternal healthcare
for black women. Under the partnership, members of Aetna are expected to
be able to access engagement platform of Mae that helps patients track
physical, social, and emotional needs during pregnancy and postpartum.
-- In April 2023, Microsoft Corporation collaborated with Epic, to develop
and integrate generative AI into healthcare by combining the scale and
power of Azure OpenAI Service1 with Epic's industry-leading electronic
health record (EHR) software.
Leading Market Players: -
-- Aetna Inc.
-- Allscripts healthcare solutions (Veradigm LLC)
-- Athenahealth
-- Oracle Corporation
-- Epic Systems Corporation
-- GetWellNetwork, Inc.
-- IBM Corporation
-- IQVIA Inc
-- Lumeon Inc.
-- McKesson Corporation
The report provides a detailed analysis of these key players in the patient engagement solutions market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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