Report Id: SNS/HC/1782 | June 2022 | Region: Global | 125 Pages
Patient Engagement Solutions Market Overview:
The Patient Engagement Solutions Market Size was valued at USD 16.6 billion in 2021, and expected to reach USD 50.41 billion by 2028, and grow at a CAGR of 17.2% over the forecast period 2022-2028.
Patient Engagement is a healthcare method in which the clinician and the patient collaborate and the patient takes an active role in their own health to get better results. All of the data concerning the patient's most recent health reports, dose, and medicines is kept up to date and accessible to the patients. This software aids the patient in managing their own healthcare while also assisting the consultant in providing appropriate remedies. Patient engagement systems provide cost-effective healthcare, increased patient outreach, fewer complications, lower hospital readmission rates, shorter hospitalisation times, and better health care quality. In order to incentivize patients for patient education, patient engagement solutions require more involvement. Patients are actively involved in the techniques of acquiring evaluating information regarding their symptoms, illnesses, and treatment options in patient engagement clinical trials.
To assist patients and improve operational efficiencies, patient engagement solutions share data and interaction. It also helps to cut down on administrative expenses. Patient engagement software improves patient-provider communication and keeps both the patient and the medical team informed about personal health information. It is critical to equip them with the appropriate tools to actively participate in their healthcare system. Patients can promote good self-care by having more consistent access to healthcare providers and personal health information. It also helps physicians provide better diagnoses and more coordinated care by storing information about patients' health and allowing clinical cases to be shared among care teams.
Government rules and measures to enhance patient-centered care are being implemented.
Chronic diseases are becoming more common.
The expansion in the quantity of clinical offices.
Innovations in technology
Ambulatory services are becoming more prevalent.
Government projects that are beneficial
Major firms in the healthcare IT business are increasing their investment.
Developing countries are increasing their demand for patient engagement solutions.
Large capital expenditures are required for healthcare infrastructure.
Emerging market expansion prospects
The high expenses of deploying healthcare IT systems
IMPACT OF COVID-19
The COVID-19 pandemic has had a long-term impact on public health as well as a significant economic impact on most countries. The COVID-19 epidemic has also raised the requirement for social distance between physicians and patients, driving demand for virtual consultations via various telehealth and patient engagement technologies, as well as the necessity for accurate and rapid patient health record exchange. Several industry participants have included COVID-19-related capabilities into their existing patient engagement solutions, that are being made available to consumers for free. Furthermore, the requirement for EMR and EHR platforms to handle complex patient data has expanded as a result of rising patient volumes. The second wave of COVID-19 has also affected many countries, resulting in complete lockdowns. Due to social distance restrictions, the usage of patient engagement methods has increased slightly.
By Component Type:
Hardware is included in this category since it is needed to build up patient interaction platforms. In the market for patient engagement solutions, this sector is predicted to hold the smallest market share.
Software: The largest section provides accurate, unbiased, relevant, and curated data through patient interaction software. Furthermore, the software's seamless integration with electronic health records gives doctors and patients access to real-time clinical intelligence whenever and wherever they need it.
The necessity for considerable training, support, and up-gradation services for the sophisticated software launch, integration, and interoperability of patient engagement systems has resulted in the second-largest segment.
By Delivery Type:
Web-based: Web-based delivery is completely online and gives customers with network access to healthcare patient engagement solutions.
Cloud-based software is deployed and controlled via a vendor's cloud computing infrastructure and accessed via the Internet by users. This model functions in the same way that the on-premise model does. In the market for patient engagement solutions, this is the largest sector by delivery modality.
On-Premise: The on-premise delivery model operates in such a way that the software is installed and operated within the organization's infrastructure.
As the key component of every patient engagement solution, communication accounted for the greatest revenue share of approximately 35.0 percent in 2021. A spike popular and execution of telehealth, mhealth, and other virtual correspondence choices by means of sound, video, and text is liable for this tremendous extent. The epidemic has accelerated the already rapid adoption of virtual communication systems, allowing them to be applied to remote patient monitoring, mental health, and a variety of other applications.
During the forecast period, the health tracking and insights section is expected to increase at the fastest rate, at 18.8%. This is due to the growing use of data analytics, artificial intelligence, and machine learning to offer patients and their caregivers with relevant information. Nuance Mix, for example, is a conversational AI toolset platform featuring deep learning-based speech and NLU capabilities developed by Nuance Communications, Inc. Leidos and Nuance announced a collaboration in September 2021 to design and deliver tailored patient engagement solutions using the latter's platform and omnichannel development tools.
By Therapeutic Area
Chronic Disease: As the prevalence of chronic diseases rises, so does awareness of patient engagement solutions, creating favourable conditions for this segment's growth. This sector is expected to have the largest market share for patient engagement solutions.
Fitness Management is the quickest growing segment, with the highest CAGR expected over the projected period.
Women's Health Management: Women's health management is concerned with the diagnosis and treatment of women and is specifically developed for them.
Social Management: These are used to keep track of patient information and ensure that data is shared between the healthcare provider and the patient in a timely manner.
Health Management: Due to increased investments in the healthcare IT sector, this segment is expected to hold the biggest market share for patient engagement solutions.
Home Health Management: Due to the increased use of patient engagement solutions, home health patient engagement solutions are expected to grow at the fastest rate throughout the projected period.
Financial Health Management (FHM) is concerned with the financial aspects of healthcare services and assists payers and providers in maintaining patient data.
In 2021, providers had the highest revenue share of over 46.0 percent. Providers serve the highest number of patients and are also the first line of treatment for consultations on a variety of health issues, from general to specialty. As a result, these end users are the most active users of patient engagement systems. Northwell Health in the United States introduced a patient engagement platform by Playback Health at certain clinical facilities in December 2021 to increase mobility and communicate point-of-care medical data while conforming to health information security regulations. Over the projected period, the payer end-user category is expected to grow at the fastest rate. The increased adoption of patient and customer interaction technologies, which promote broad coverage and allow value-based care delivery, can be credited to the payer segment's rise. Payers plan to manage patient care and contact patients at every stage of therapy in order to boost growth.
Some of the major key players of Patient Engagement Solutions Market are as follows: Allscripts Healthcare, LLC, Cerner Corporation (Oracle), Epic Systems Corporation, Koninklijke Philips N.V., Klara Technologies, Inc., McKesson Corporation, NextGen Healthcare Inc., ResMed, and other players.
By Delivery Type
By Component Type
Software & Hardware
Support & Maintenance
Implementation & Training
Health Tracking & Insights
Billing & Payments
By Therapeutic Area
Chronic Disease Management
Health & Wellness
Population Health Management
In-patient Health Management
Outpatient Health Management
Due to the presence of significant players, increased acceptance of mhealth and EHR, and expanding investment in patient engagement software by big enterprises, North America held the largest revenue share of about 35.0 percent in 2021. Furthermore, rising awareness, combined with increased government funding in the healthcare industry, is likely to boost growth. Because of publicly funded institutions like the National Health Service (NHS) in the United Kingdom, Europe had the second-largest proportion in 2021. For example, the NHS aimed to go totally paperless by 2021 and provide patients with access to electronic health records (EHRs).
During the forecasted period, the Asia Pacific market is predicted to grow at an attractive rate of 19.8%. Some of the important drivers that are expected to give attractive growth prospects to the market over the forecast period include increasing internet and smartphone penetration, a huge patient population, improving healthcare infrastructure and care quality, and the presence of local companies. The rise of this region is also aided by the economic prosperity of countries such as India and China.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 16.6 Billion|
|Market Size by 2028||US$ 50.41 Billion|
|CAGR||CAGR of 17.2% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Delivery Type ( On-premise, Web & Cloud-based)
• By Component Type (Software & Hardware, Services, Standalone, Consulting, Integrated, Support & Maintenance, Implementation & Training, Others)
• By Functionality (Health Tracking & Insights, Patient Education, Communication, Administrative, Billing & Payments, Others)
• By Therapeutic Area (Chronic Disease Management, Health & Wellness, Others)
• By Application (Population Health Management, In-patient Health Management, Outpatient Health Management, Others)
• By End-user (Providers, Payers, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Patient Engagement Solutions Market are as follows: Allscripts Healthcare, LLC, Cerner Corporation (Oracle), Epic Systems Corporation, Koninklijke Philips N.V., Klara Technologies, Inc., McKesson Corporation, NextGen Healthcare Inc., ResMed, and other players.|
|DRIVERS||• Government rules and measures to enhance patient-centered care are being implemented.
• Chronic diseases are becoming more common.
• The expansion in the quantity of clinical offices.
|RESTRAINTS||• Large capital expenditures are required for healthcare infrastructure.|
Frequently Asked Questions (FAQ) :
Patient Engagement Solutions Market Size was valued at USD 16.6 billion in 2021.
As the key component of every patient engagement solution, communication accounted for the greatest revenue share.
North America held the largest revenue share in the Patient Engagement Solutions market.
Innovations in technology, and Ambulatory services are becoming more prevalent are the drivers of Patient Engagement Solutions market.
Emerging market expansion prospects are the opportunities of Patient Engagement Solutions market.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine ware
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Patient Engagement Solutions Market Segmentation, By Delivery Type
8.2 Web & Cloud-based
9. Patient Engagement Solutions Market Segmentation, By Component Type
9.1 Software & Hardware
9.6 Support & Maintenance
9.7 Implementation & Training
10. Patient Engagement Solutions Market Segmentation, By Functionality
10.1 Health Tracking & Insights
10.2 Patient Education
10.5 Billing & Payments
11. Patient Engagement Solutions Market Segmentation, By Application
11.1 Population Health Management
11.2 In-patient Health Management
11.3 Outpatient Health Management
12. Patient Engagement Solutions Market Segmentation, By End-user
13. Patient Engagement Solutions Market Segmentation, By Therapeutic Area
13.1 Chronic Disease Management
13.2 Health & Wellness
14. Regional Analysis
14.2 North America
14.3.6 The Netherlands
14.3.7 Rest of Europe
14.4.2 South Korea
14.4.6 Rest of Asia-Pacific
14.5 The Middle East & Africa
14.5.3 South Africa
14.6 Latin America
14.6.3 Rest of Latin America
15 Company Profiles
15.1 Allscripts Healthcare, LLC
15.1.2 Products/ Services Offered
15.1.3 SWOT Analysis
15.1.4 The SNS view
15.2 Cerner Corporation (Oracle)
15.3 Epic Systems Corporation
15.4 Koninklijke Philips N.V.
15.5 Klara Technologies, Inc.
15.6 McKesson Corporation
15.7 NextGen Healthcare, Inc.
16 Competitive Landscape
16.1 Competitive Benchmark
16.2 Market Share analysis
16.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.