Patient Engagement Solutions Market worth $27.9 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 6, 2022 /PRNewswire/ -- According to the new market research report "Patient Engagement Solutions Market by Component (Software, Services), Delivery (On-Premise, Cloud), Therapy Area (CVD, Diabetes, Obesity, Fitness), Functionality (E-prescribing, Virtual care), End User (Provider, Payer, Patients) - Global Forecast to 2027", published by MarketsandMarkets™, the global market is projected to reach USD 27.9 billion by 2027 from USD 17.3 billion in 2022, at a CAGR of 10.0% during the forecast period.
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The growth of this market is driven by the implementation of government regulations and initiatives to promote patient-centric care, increasing demand for patient engagement solutions, and the growing utilization of mobile health apps. However, inadequate interoperability for patient engagement solutions and a shortage of skilled IT professionals in the healthcare industry are expected to restrain the growth of this market during the forecast period.
Services segment is expected to grow at the highest rate during the forecast period.
Based on components, the patient engagement solutions market is segmented into software, hardware, and services. The software segment accounted for the largest share of the global market in 2021. The software market is further segmented into standalone solutions and integrated solutions. In 2021, the integrated solutions segment accounted for the larger share & this segment is also expected to grow at the highest CAGR during the forecast period.
However, the services segment is expected to grow at the highest CAGR during the forecast period. The high growth of the services segment can be attributed to the services component being indispensable for the application of deployed solutions. Additionally, increasing investments in developing innovative service models that provide value-based patient-centered care also drive the market growth for services.
The On-premise solutions segment is estimated to account for the largest share of the Patient Engagement Solutions market in 2022.
Based on delivery mode, the market is segmented into on-premise and cloud-based solutions. In 2021, the on-premise solutions segment accounted for the largest share of the global market. However, the cloud-based solutions segment is expected to register the highest CAGR during the forecast period. The flexibility, scalability, and affordability offered by cloud-based solutions are supporting its growth in the market. Cloud-based solutions help healthcare organizations share and integrate information from different locations or systems in real-time. These solutions also help in limiting costs incurred in the purchase of hardware and the licensing of software.
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Health management segment in the applications accounted for the largest share of the global patient engagement solutions market.
Based on application, the market is segmented into health management, home health management, social and behavioral management, and financial health management. In 2021, the health management applications segment accounted for the largest share of the global market. The large share of this segment can be attributed to the increased complexity of the disease conditions and patient willing to actively participate in maintaining and managing their own health.
Chronic diseases among the therapeutic areas to account for the largest share of the global patient engagement solutions market.
Based on the therapeutic area, the patient engagement solution market is segmented into chronic diseases, women's health, fitness, and other therapeutic areas. Chronic diseases segment accounted for the largest share of the global market in 2021 due to factors like high burden of chronic diseases and the need to effectively manage these conditions while reducing the overall healthcare costs.
The E-Prescribing segment is expected to grow with the highest CAGR during the forecast period.
Based on functionality, the patient engagement solution market is segmented into E-prescribing, virtual consultation, patient/client scheduling, and document management. In 2021, the patient/client scheduling segment accounted for the largest share of the global market. The large share of this segment can be attributed to the increased productivity and improved care through proper scheduling of appointments. The E- Prescribing segment is expected to grow with the highest CAGR during the forecast period
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Providers segment accounted for the largest share of the global patient engagement solutions market.
Based on end users, the patient engagement solution market is segmented into providers, payers, patients, and other end users. Providers segment accounted for the largest share of the global market. As Providers are increasingly adopting patient engagement solutions to curtail rising healthcare costs and offer value-based care they are experiencing high revenue growth. Patient engagement solutions also help providers to improve patient experience, meet the increasing demand for convenient access to health information and patient data, and better serve patients to self-manage their care. These are the factors contributing to growth of this segment.
North America is expected to dominate the patient engagement solutions market in 2022.
North America accounted for the largest share of the global patient engagement solution market in 2021. Favorable government initiatives and regulations, the need to reduce healthcare costs and provide better treatment facilities, prevalence of complex chronic diseases, and the presence of key market players in the region are the key factors driving the growth of the market in North America.
The Asia Pacific market is projected to register the highest CAGR during the forecast period, owing to the increasing adoption of HCIT solutions and the growing prevalence of chronic diseases in the region.
Prominent players in this market are IBM (US), McKesson Corporation (US), Allscripts (US), Cerner Corporation (US), Epic Systems Corporation (US), Orion Health (New Zealand), GetWellNetwork (US), athenahealth (US), Oneview Healthcare (Ireland), MEDITECH (US), IQVIA (US), Get Real Health (US), Cognizant (US), Symphony Care (US), Harris Healthcare (US), Kareo (US), CureMD Healthcare (US), eClinicalWorks (US), and Lincor Solutions (US), AdvancedMD (US), WellStack(US), IQVIA (US), Vivify Health (US), Medhost (US), Validic (US) MEDISYSINC (US), and Patient point LLC (US). These players are increasingly focusing on new product launches and partnerships to expand their product offerings in the patient engagement solutions market.
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