USD 5.09 billion
Report ID:
SQMIC45B2116 |
Region:
Country |
Published Date: February, 2024
Pages:
278
|Tables:
90
|Figures:
76
US Patient Engagement Solutions Market size was valued at USD 5.09 billion in 2022 and is poised to grow from USD 5.87 billion in 2023 to USD 17.64 billion by 2031, growing at a CAGR of 15.28% in the forecast period (2024-2031).
The market for patient engagement solutions is made up of companies (organisations, partnerships, and sole proprietors) that sell passive or active electronic systems intended to interact with patients in order to maintain their health through health management software and technology. Wearables, smartphone apps, educational tools, and other technologies are used by healthcare providers to reassure and engage their patients. In order to make educated health decisions, these technologies give patients instant access to doctors, real-time monitoring of important bodily signs, and electronic record preservation. Some of the main growth drivers of this market include the rising acceptance of digital health technology, supportive government initiatives, the prevalence of chronic diseases, and stakeholder investments. The COVID-19 pandemic had a major impact on market expansion. In response to the COVID-19 epidemic, market companies launched new products and features, and the government and regulatory agencies encouraged the use of these products by enacting favourable regulations.
Growing public awareness of patient engagement programmes funded by government agencies like the Office of the National Coordinator for Health Information Technology and the Agency of Healthcare Research and Quality is anticipated to boost industry expansion. Additionally, it is anticipated that over the course of the forecast period, demand for patient engagement solutions will rise as a result of improved reimbursement policies and government and non-government organisations providing funding for the implementation of health information exchange systems.
US Patient Engagement Solutions Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.09 billion
Largest Segment
Cloud Based
Fastest Growth
Cloud Based
Growth Rate
15.28% CAGR
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US Patient Engagement Solutions Market is segmented by Delivery Type, Component, Type, Service Type, Functionality, Therapeutic Area, Application, End User and region. Based on Delivery Type, the market is segmented into Web & Cloud based, On-premise. Based on Component, the market is segmented into Software & Hardware, Services. Based on Type, the market is segmented into Standalone, Integrated. Based on Service Type, the market is segmented into Consulting, Implementation & Training, Support & Maintenance, Others. Based on Functionality, the market is segmented into Communication, Health Tracking & Insights, Billing & Payments, Administrative, Patient Education, Others. Based on Therapeutic Area, the market is segmented into Health & Wellness, Chronic Disease Management, Others. Based on application, the market is segmented into Population Health Management, Outpatient Health Management, In-Patient Health Management, Others. Based on end user, the market is segmented into Payers, Providers, Others.
US Patient Engagement Solutions Market Analysis by Delivery Type
In terms of revenue, the web-based solutions category had more than 75% of the market for patient engagement solutions in the United States in 2021. Over the projection period, the segment for cloud-based solutions is expected to grow at the quickest CAGR. The expansion is predicted to be fueled by government programmes like the Electronic Health Record Incentive Program, which intends to increase patient engagement in the United States with the aid of patient portals. Icon plc released a web-based clinical trial platform in May 2019 to connect patients with the closest investigative site and provide them with study-related data. Due to increasing demand for cloud-based healthcare technology among healthcare providers, the cloud-based segment is predicted to have a significant growth by the conclusion of the analysis timeframe. These tools aid healthcare personnel in overcoming a variety of obstacles, increasing efficiency, and streamlining processes. This is motivating market participants to introduce cutting-edge cloud-based patient interaction solutions that will support the market's further expansion. Contrarily, in September 2020, Elsevier introduced PatientPass, a cloud-based platform for patient education.
US Patient Engagement Solutions Market Analysis by Component
Software and hardware as well as services make up the primary categories of patient engagement solutions. For patient involvement, a software and hardware to software and hardware solution is deployed. The EMR software and tablet devices utilised by various health management are just two examples of patient engagement solutions that are made simple to use by a combination of hardware and software.
Since software is a major component of patient engagement solutions, the software category held a 49% revenue share in 2021. It is also anticipated that the increasing use of mHealth apps and remote monitoring tools would aid in the segment's expansion.
From 2022 to 2028, the services sector is anticipated to grow at the fastest CAGR of 17%. The growing use of digital health solutions by hospitals, clinics, and other healthcare facilities is anticipated to boost demand for training, consulting, and implementation services and propel the market's expansion. For instance, educational services assist doctors in informing and involving patients to improve the effectiveness of treatment. It assists in keeping track of patient data, assisting doctors in scheduling patient appointments, and keeping track of dietary and prescription information. Patient portals can record and save the doctor-patient conversations for further analysis and interpretation. This makes it easier for patients to participate and lowers the rate of readmission.
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In terms of geography, North America dominates the market for patient engagement solutions. This is ascribed to a rise in the availability of high-quality healthcare services, as well as to more extensive legislative changes and innovative incentive-based payment systems.
In the following years, Canada is likewise anticipated to show a high CAGR. This is partly attributable to the healthcare industry's growing adoption of digital technologies. Additionally, the business growth is being aided by the supportive government measures aimed at digitising healthcare services. The development of novel solutions that may successfully match customer requests and give them a competitive edge in the market is where they are mostly concentrating their efforts.
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US Patient Engagement Solutions Market Driver
US Patient Engagement Solutions Market Restraint
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The existence of several international players defines the market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our US Patient Engagement Solutions market reports, some of the leading quality US Patient Engagement Solutions manufacturers are as follows: IBM (US), McKesson Corporation (US), Allscripts (US), Cerner Corporation (US), Epic Systems Corporation (US), GetWellNetwork (US), athenahealth (US), MEDITECH (US), IQVIA (US), Get Real Health (US), Cognizant (US), Symphony Care (US), Harris Healthcare (US), Kareo (US), CureMD Healthcare (US), eClinicalWorks (US), Lincor Solutions (US), AdvancedMD (US), WellStack(US), IQVIA (US), Vivify Health (US), Medhost (US), Validic (US) MEDISYSINC (US), Patient point LLC (US)
US Patient Engagement Solutions Market Top Players Company Profiles
US 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 our analysis, based on delivery type, the web-based category held the largest market share in 2021 for patient engagement solutions globally. Healthcare organisations can share and integrate data in real time across several systems or locations thanks to cloud-based technologies. In the market for patient engagement solutions in 2021, North America held the biggest market share. The adoption of mHealth and electronic health records (EHR) as well as the major firms' growing investment in patient engagement software are credited as crucial reasons in this development. Additionally, the North American region's market for global patient engagement solutions is anticipated to grow faster than other regions due to rising public awareness and greater government investment in the healthcare sector.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 5.09 billion |
Market size value in 2031 | USD 17.64 billion |
Growth Rate | 15.28% |
Base year | 2023 |
Forecast period | 2024-2031 |
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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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 US 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 US 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.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the US Patient Engagement Solutions Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Report ID: SQMIC45B2116
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