Patient Engagement Solutions Market To Surpass USD 37,267.1 Million Value by 2030: P&S Intelligence

NEW YORK, Feb. 20, 2023 /PRNewswire/ -- The value of the patient engagement solutions market stood at USD 17,212.8 million in 2022, and this number is projected to reach USD 37,267.1 million by 2030, advancing at a CAGR of 10.1% during 2022–2030.

P&S Intelligence majorly credits this growth to the rising occurrence of chronic illnesses and the mounting need for better drugs. Furthermore, the advancing healthcare infrastructure, surging demand for wearable health devices, spurring elderly population, and rising usage of portable healthcare solutions are boosting the growth of the market.

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Wearable Healthcare Devices Gaining Traction 

Wearable medical devices have become widely popular in the past few years. Such electronic gadgets are commonly utilized to track health and its important parameters, including body mass index, blood sugar, and blood pressure.

The acceptance of this technology among healthcare service providers and consumers has not only allowed data collection but also enabled the assessment of the medical significance of that information.

Software Component Category Is Driven by Growing Healthcare Sector 

The software category held the largest market share, of approximately 60%, in 2022. This can be credited to the fast acceptance of this software by healthcare establishments to simplify intricate patient data and modify it as per need.

Furthermore, it advances data sharing, appointment scheduling, and real-time monitoring. Further, the advantages provided by integrated software, including enhanced interoperability, higher coding efficiency, and better-quality communication between patients and healthcare workers, have led to its extensive acceptance in healthcare facilities in the past few years.

Cloud-Based Solution Are Set To Experience Fastest Demand Growth 

The cloud-based category is projected to witness the fastest growth, of above 12%, in the coming few years. This can be credited to the fact that the cloud is a safer platform in comparison to other delivery modes, and it enables strong compliance with HIPAA regulations. Furthermore, cloud-based services are more flexible and affordable, which will contribute toward the market growth. 

Browse detailed report on Patient Engagement Solutions Market Size, Growth, Development and Demand Forecast to 2030

Patient Engagement Solutions Are Most Demanded in North America

The North American market had the largest share, of above 40%, in recent years. This is mainly because of the existence of developed hospital infrastructure, rising number of HIT providers, increasing elderly population, growing healthcare expenditure, and snowballing incidence of chronic diseases.

In North America, the U.S. dominates the market, and it is projected to display a CAGR of over 8% till the end of the decade. The progress in the nation is ascribed to the snowballing expenditure on the healthcare industry by the government and increasing awareness among the public of adhering to medication schedules.

Patient Engagement Solutions Market Segmentation Analysis

Patient Engagement Solutions Market by Component

• Software
• Integrated
• Standalone
• Hardware
• Services
• Consulting
• Education

Patient Engagement Solutions Market by Delivery Mode

• Web-Based
• On-Premises
• Cloud-Based

Patient Engagement Solutions Market by Application

• Health Management
• Home Health Management 
• Social and Behavioral Health Management
• Financial Health Management

Patient Engagement Solutions Market by Therapeutic Area

• Chronic Diseases 
• Cardiovascular diseases 
• Cancer 
• Diabetes  
• Women's Health 
• Fitness 
• Mental Health 

Patient Engagement Solutions Market by End User

• Providers
• Payers 
• Patients   

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SOURCE P&S Intelligence