USD 16.58 billion
Report ID: SQSG35A2087 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 181 | Figures: 79
Patient Engagement Solutions Market size was valued at USD 16.58 billion in 2021 and is poised to grow from USD 19.5 billion in 2022 to USD 70.2 billion by 2030, growing at a CAGR of 17.54% in the forecast period (2023-2030).
Some of the main factors driving this market include expanding technology advancements, the acceptance of EHR and mHealth solutions, the prevalence of chronic diseases, supportive activities by important market participants, and consumerism in healthcare.
When patients and doctors communicate online, both parties' interest levels rise, which helps with diagnosis accuracy. Interacting with doctors has become simpler and more effective for patients thanks to patient engagement tools.
The length of hospital stays has been decreased because to remote monitoring. By providing better patient outcomes and health outcomes, patient engagement services are revolutionising healthcare.
Regardless of the state of the economy, the company's expansion prospects will be impacted by the need to improve operational procedures. As the global healthcare business grows, hospitalisation rates are rising, which is putting a lot of strain on the medical community.
US Patient Engagement Solutions Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 16.58 billion
Largest Segment
Cloud Based
Fastest Growth
Cloud Based
Growth Rate
17.54% CAGR
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Patient engagement solutions market is segmented based on component, delivery mode, application, therapeutic area, functionality, end user and region. Based on component, the market is categorized into hardware, software, standalone software, integrated software, services. Based on delivery mode the market is bifurcated into premise and cloud based.
Based on application, the market is categorized into: health management, home health management, social, financial health management. Based on therapeutic area the market is categorized into chronic diseases, cardiovascular diseases (CVD), diabetes, obesity, other chronic diseases, women’s health, fitness, others.
Based on functionality, the market is segmented into introduction, e-prescribing, virtual consultation, patient/client scheduling, document management. Based on end user, the market is sub-segmented into providers, payers, patients, others. Based on region, the global patient engagement solutions market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Patient Engagement Solutions Market Analysis by Component
In 2021, the market for patient engagement solutions worldwide was dominated by the software and hardware sector in terms of revenue.
The global patient engagement solutions market is divided into software & hardware and service segments based on component. The sector for software and hardware had the biggest revenue share in 2021 and is anticipated to grow at the quickest CAGR throughout the forecast period. Due to their simple user interfaces and frequent product updates, patient engagement solutions are easy to set up, use, and retrieve records.
In order to improve patient health outcomes, patient engagement solution services assist in leveraging and optimising patient engagement solutions on-site or in the cloud, depending on the needs of the client.
Patient Engagement Solutions Market Analysis by Functionality
In terms of revenue, the communication segment led the market for patient engagement solutions globally in 2022.
The global patient engagement solutions market is divided into functional categories based on functionality, including communication, health tracking & analytics, billing & payments, administration, patient education, and others. In 2021, the greatest revenue share was in the communication sector. This sector's income is growing as a result of rising demand for and use of telehealth, mhealth, and other virtual communication options using voice, video, and text. The COVID-19 pandemic has sped up the adoption of virtual communication technologies, enabling their use in a range of applications, including remote patient monitoring, mental health, and others.
Due to the increasing use of data analytics, artificial intelligence, and machine learning to provide patients and their families with useful information, the health tracking & insights category is anticipated to experience the fastest revenue CAGR throughout the forecast period.
Patient Engagement Solutions Market Analysis by Delivery Mode
Over the projected period, the global patient engagement solutions market is anticipated to witness the fastest revenue CAGR in the cloud-based solution segment.
The global patient engagement solutions market is divided into on-premise and cloud-based solutions based on delivery mechanism. Throughout the projected period, the category for cloud-based solutions is anticipated to have the quickest revenue CAGR. Due to the flexibility, scalability, and affordability of cloud-based solutions, they are increasingly being used, which is driving this segment's revenue growth. Healthcare workers may become more efficient, streamline their processes, and communicate and integrate data in real time across several locations or systems with the help of cloud-based technologies. This is pushing industry participants to create creative cloud-based patient engagement solutions, which is anticipated to assist the segment's revenue growth.
Patient Engagement Solutions Market Analysis by Application
The home health management, population health management, outpatient health management, in-patient health management, and financial health management categories make up the applications sector of the global patient engagement solutions market. In 2022, the home health management segment represented the greatest revenue share. Patients can connect with home healthcare providers and keep a track of their appointments and payment schedules online thanks to home health management.
This segment's disproportionately high revenue share can be linked to patients' growing understanding of the complexity of their conditions and willingness to take an active role in maintaining their own health. Patients with chronic illnesses require ongoing observation and education on how to manage their conditions. Due to rising healthcare consumerism, consumers are now taking a more active role in their treatment planning, monitoring, and optimization.
Patient Engagement Solutions Market Analysis by Therapeutic Area
The COVID-19 pandemic, increasing elderly population in key cities, the frequency of chronic illnesses, and adoption of digital technologies all contributed to the chronic disease management category accounting for the greatest revenue share in the global patient engagement solutions market in 2021. Patient engagement solutions make it easier to prevent and diagnose diseases, as well as to treat them with a doctor's support or by using self-management techniques.
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Due to the presence of major market players in the region, growing acceptance of medical and electronic health records (EHR), and rising investments in patient engagement software by major corporations, the market for patient engagement solutions in North America accounted for the largest revenue share in 2022. Additionally, rising awareness is anticipated to support market revenue growth in the area, along with increased government investment in the healthcare sector and the advancement of contemporary technology.
Due to growing healthcare spending, increased healthcare awareness, the presence of advanced healthcare infrastructure in the region, along with publicly financed systems, such as the National Health Service (NHS) in the UK, and patient engagement solutions market in Europe accounted for a significantly large revenue share in 2022 following North America.
Over the course of forecast period, the Asia-Pacific patient engagement solutions market is anticipated to grow at a much positive CAGR. Growing desire for affordable, high-quality care, an aging population, and an increase in the prevalence of various chronic ailments are all driving factors in the Asia-Pacific patient engagement solutions market. Additionally, the current COVID-19 pandemic in Asia-Pacific has increased the patient pool, especially in China and India. Rising need for rapid and precise diagnosis and treatment of a variety of medical diseases, as well as an increase in patient volume, are anticipated to promote market revenue growth in Asia-Pacific.
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Patient Engagement Solutions Market Driver
Need for health tracking and information to empower the market growth
Patient Engagement Solutions Market Restraint
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Numerous businesses are actively working to increase their market share and diversify their product offerings on the worldwide market. By making investments in R&D, incorporating cutting-edge technology into their products, and releasing updated items for the market, the players continue to dominate the market. To gain a competitive edge and solidify their market positions, these industry actors are exploring a range of inorganic growth strategies.
Top Players in the Global Patient Engagement Solutions Market
Patient Engagement Solutions Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global patient engagement solutions market report analysis, by component, in terms of revenue, the global market was dominated by the software and hardware sector in 2022. The communication category accounted for the biggest revenue share, based on functionality. Over the course of the forecast period, the cloud-based solution sector is anticipated to experience a high CAGR, as per delivery mode.
Report Metric | Details |
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Market size value in 2021 | USD 16.58 billion |
Market size value in 2030 | USD 19.5 billion |
Growth Rate | 17.54% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Patient Engagement Solutions Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Patient Engagement Solutions Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Patient Engagement Solutions Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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