Global Patient Engagement Solution Market – Analysis and Forecast (2018-2024)
Patient engagement solution is patient-centric healthcare delivery to enhance healthcare outcome and communicates with the patient using an online patient portal. The global patient engagement solution market is growing at a significant rate, due to the implementation of government regulations and initiatives to promote patient-centric care, and expanding aging population is mounting the popularity of patient engagement solutions, Different components such as software, hardware, and services contributed to the patient engagement solution market size. The market has witnessed a high demand for software in the coming years due to its application in extending from healthcare organization to home healthcare. Market Segmentation Insight by Component On the basis of the component, the market is subdivided into software, hardware, and services. Of all components, software accounted the largest share in the market, due to its application in extending from healthcare organization to home health care. In addition, the services segment is expected to grow at the fastest rate in the market, due to an indispensable part of the effective operation of patient engagement solution. The software segment is further subdivided into integrated software and standalone software. Insight by Delivery Mode On the basis of delivery mode the market is subdivided into cloud-based, and on-premise. are some of the factors responsible for the growth of the on-premise segment. Of all the delivery mode, the on-premise accounted foremost share in the patient engagement solution market. In addition, the cloud-based segment is expected to grow at the fastest rate in the market, due to affordability, flexibility, and scalability. Insight by Application On the basis of application the market is subdivided into health management, social and behavioral management, home health management, and financial health management. Mounting awareness among patients about the complexity of their disease conditions is the factor responsible for the growth of the health management application. Of all the applications, the health management application accounted foremost share in the patient engagement solution market. In addition, the home health management is expected to grow at the fastest rate in the market due to escalating demand of home-based healthcare. Insight by Therapeutic Area On the basis of the therapeutic area, the market is subdivided into chronic diseases, fitness, womenu2019s health, and other therapeutic areas. The mounting occurrence of chronic diseases and escalating awareness among patients regarding fitness and self-care are some of the factors responsible for the growth of the chronic diseases segment. Of all the therapeutic area, the chronic disease segment accounted foremost share in the patient engagement solution market. The chronic disease segment is further subdivided into cardiovascular diseases, obesity, diabetes, and other chronic diseases. Insight by End User The different end users of the market are healthcare providers, patients, healthcare payers, and other end users. Larger need for these solutions to uphold the competitive edge is the factor growing the demand for patient engagement solution in healthcare providers. Among all end users, the health care provider accounted the largest share in the patient engagement solution market. In addition, patients segment is expected to grow at the fastest rate in the market, due to the mounting usage of mobile medical services. Industry Dynamics Growth Drivers Implementation of government regulations and initiatives to promote patient-centric care, expanding the aging population, the mounting occurrence of chronic diseases, implementation of incentives to shift the burden of risk from healthcare payers to providers, and escalating utilization of mobile health solutions are the primary growth drivers for patient engagement solution market. Growing medical tourism, cloud-based models, the surge in a number of accountable care organization, and wearable health technology are also facilitating the growth of the patient engagement solution market. Challenges The need of investments in infrastructure, lack of interoperability, lack of data privacy, lack of health literacy, and a dearth of skilled IT professionals in the healthcare industry, and the high price of deployment are the major challenges for the growth of patient engagement solution market. Industry Ecosystem Globally, the manufacturing companies trying to enter the patient engagement solution market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition. Geographic Overview Geographically, North America is the largest patient engagement solution market as in the region the investment in the healthcare IT sector is escalating. In addition, the mounting demand of mobile healthcare, the surge in a number of accountable care organization, expanding geriatric population, reduced hospital readmission, and mounting occurrence of chronic diseases are also up surging growth of the North American patient engagement solution market. Asia-Pacific is observed to witness the fastest growth in the market, due to mounting disposable income. In addition, expanding geriatric population, mounting demand for improved healthcare solution, and escalating occurrence of chronic diseases are also creating a positive impact on the patient engagement solution market growth in the region. Competitive Insight Key players in the patient engagement solution market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In May 2018, Allscripts signed an agreement to acquire HealthGrid Holding Company, in order to expand the Allscripts FollowMyHealth platform portfolio, the patient engagement solution. Mckesson Corporation, Athenahealth, Inc., Lincor Solutions, Get Real Health, Allscript, Welvu, IBM Corporation, Cerner, Getwellnetwork, Inc., and Oneview Healthcare are the key players offering patient engagement solution.
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