Patient-centric government reform drives huge growth in global patient engagement solutions market
According to a new market report published by Transparency Market Research, Patient Engagement Solutions Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023, “the global patient engagement solutions market was worth $6.66 billion in 2014 and is expected to reach $34.94 billion by 2023, expanding at a CAGR of 23.0% from 2015 to 2023.
North America was the largest market for patient engagement solutions in 2014. Growth in this region is expected to be driven by patient-centric government reforms and augmented demand for quality healthcare services. Along with this, rising awareness about self-care will be the key driver for the market’s growth.
Patient engagement solutions are the need of the hour for the healthcare industry. The rising incidences of chronic diseases and an aging population in most parts of the world have raised the demand for patient-oriented healthcare services. Patient engagement solutions are methods to engage patients monitoring their own health. These tools help patients to take better care and improve of their health even outside the hospitals and clinics. Patient engagement solutions result in overall effective healthcare management and reduces re-admissions in hospitals. Also, these solutions help mitigate the financial burden from healthcare payers. The rising trend of using smartphones and other personal digital assistants such as wearables and tablets has provided ease of access to patient engagement solutions. The inclusion of IT in healthcare services (HCIT – Healthcare IT) has refined the working trend in hospitals and other healthcare organizations.
For instance, the adoption of electronic health record systems instead of paper-based health records can be seen as the effective involvement of IT in healthcare services. Furthermore, government regulations, which are primarily aimed at patient-centric services, have boosted the patient engagement solutions market. Further, improving healthcare infrastructure globally can be foreseen as an emerging opportunity for patient engagement solutions providers.
The patient engagement solutions market can be segmented on the basis of delivery mode and end-users. On the basis of delivery mode, the patient engagement solutions market is further segmented into self-hosted, software as a service (SaaS), and application managed services. In 2014, self-hosted solutions were the most preferred patient engagement solutions, and accounted for around 43.6% of the revenue of the global patient engagement solutions market. SaaS is expected to expand at the highest CAGR of 23.6% from 2015 to 2023. The most significant factor driving the market for self-hosted solutions is the rising adoption of HCIT services by hospitals and healthcare providers. Furthermore, the hospital-specific customization that is possible with self-hosted solutions is further accelerating its market penetration.
In terms of end-users, the patient engagement solutions market is segmented into hospitals and providers, healthcare payers, and pharmaceutical companies. In 2014, the hospitals and providers segment held the largest revenue share, 42.4%, of the overall patient engagement solutions market. However, investment by pharmaceutical companies is expected to drive market growth, with pharmaceuticals segment alone expected to record CAGR of 24.1% from 2015 to 2023.
Geographically, North America is the largest market for patient engagement solutions and is anticipated to dominate the global patient engagement solutions market during the forecast period. In 2014, North America accounted for approximately one-third of the global patient engagement solutions market’s revenue. The key players of the patient engagement solutions market are McKesson Corporation, Axial Exchange Inc., Medecision, Inc., Phytel, Inc. (An IBM Company), Emmi Solutions, LLC, Allscripts Healthcare Solutions, GetWellNetwork Inc., Orion Health Ltd., and Athena Health, Inc.
Click for additional information on the Global Patient Engagement Solutions Market.