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Patient Engagement Solutions Market is Predicted USD 113.4 Billion in Revenues by 2033 With CAGR of 18.6% | Market.us

The Patient Engagement Solutions Market is poised for remarkable growth in the coming decade. Examining key segments, the Software and Hardware segment claimed a significant market share, exceeding 55% in 2023, while Cloud deployment held the majority with over 59%. Geographically, North America emerged as a leader in the Patient Engagement Solutions Market, boasting a 36% market share and a valuation of USD 7.4 billion in 2023.

New York, Jan. 03, 2024 (GLOBE NEWSWIRE) — According to a recent report by Market.us, the Global Patient Engagement Solutions Market size is expected to be worth around USD 113.4 Billion by 2033 from USD 20.6 Billion in 2023, growing at a CAGR of 18.6% during the forecast period from 2024 to 2033.

Patient engagement encompasses various methods by which healthcare organizations interact with their patients, including the utilization of online patient portals. In contrast, patient involvement extends beyond the use of interactive technologies, such as portals or automated messaging systems. Additionally, this process is pivotal in ensuring patient satisfaction. Furthermore, technology plays a significant role in enhancing service quality and ensuring patient safety.

The growth of the patient engagement solutions market is propelled by increased awareness of mobile health, an aging population, and government incentives. However, the market’s expansion has been hindered to a significant extent by the challenge of low health literacy. Moreover, the growing influence of peer pressure and a notable shift toward patient-specific solutions are expected to create more opportunities for value-based pharmaceuticals.

Explore essential market insights, including key trends, drivers, and challenges, empowering clients to enhance their strategies and maintain a competitive edge. Access a sample PDF report @ https://market.us/report/patient-engagement-solutions-market/request-sample/

Key Takeaway

  • The Patient Engagement Solutions Market is projected to reach a value of approximately USD 113.4 billion by 2033.
  • In 2023, the market size for Patient Engagement Solutions was USD 20.6 billion.
  • The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.6% during the forecast period from 2023 to 2033.
  • The Software and Hardware segment held more than a 55% market share in 2023.
  • Cloud deployment held more than a 59% market share in 2023.
  • Health Management accounted for over 36% of the market share in 2023.
  • Communication functionality captured more than 37% market share in 2023.
  • Chronic Disease Management held a dominant market position with over 41% share in 2023.
  • North America dominated the Patient Engagement Solutions Market with a 36% share, valued at USD 7.4 billion in 2023.

Factors affecting the growth of the patient engagement solutions industry

Various factors influence the growth of patient engagement solutions market are;

  • Technological Innovations: Recent advances in technology for healthcare, such as the creation of mobile apps as well as wearable devices and Telemedicine platforms are accelerating the use of solutions for patient engagement.
  • Growing Healthcare Costs: The increasing healthcare costs are causing healthcare professionals and patients to find more efficient methods to manage and enhance healthcare delivery which is driving up demand for solutions for patient engagement.
  • Change to Value-Based Care: The shift from fee-for-service to value-based models of care concentrates on improving patient outcomes and cost-effectiveness. Solutions for patient engagement are essential to getting these outcomes.
  • Aging Population: The global population is healthier and tech-savvy than earlier generations, which has led to a higher need for tools to help patients engage in remote monitoring solutions.
  • Government Initiatives and Incentive Programs: The government’s regulations and incentives designed to improve the quality of healthcare like the Meaningful Use Act as well as MACRA within the United States, are driving healthcare providers to implement methods of engagement for patients.

Regional Analysis

In 2023, North America stands as the dominant force in the Patient Engagement Solutions Market, accounting for a substantial 36% share and boasting a market value of USD 7.4 Billion. This regional supremacy can be attributed to a convergence of influential factors. Firstly, the robust government support and substantial healthcare spending, exemplified by the United States’ expenditure of approximately USD 3.9 trillion in 2020, equivalent to 18.8% of the GDP, have played a pivotal role. Government regulations, such as the CARES Act, have not only expanded Medicare coverage but also provided crucial backing for the proliferation of digital health solutions.

Secondly, North America’s advanced healthcare infrastructure, complemented by the presence of key market players, catalyzes the widespread adoption of patient engagement solutions. Investments in mobile health (mHealth) and Electronic Health Records (EHR) further reinforce this growth trajectory.
Patient Engagement Solutions Market Regional Analysis

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Scope of the Report

Report Attributes Details
Market Value (2023) USD 20.6 Billion
Forecast Revenue 2033 USD 113.4 Billion
CAGR (2024 to 2033) 18.6%
North America Share 36%
Base Year 2023
Historic Period 2018 to 2022
Forecast Year 2024 to 2033

Market Drivers

One major driver for Patient Engagement Solutions Market growth is the rapid expansion of telehealth and digital health services, as these platforms give patients more ways to be an active part of their health journeys. Patient engagement solutions offer healthcare professionals and their patients an opportunity to collaborate virtually; giving patients access to records, book appointments, access informational materials, and connect with healthcare professionals.

While improving overall quality of care and streamlining services for easier interactions between health professionals and patients in virtual spaces. Furthermore, COVID-19 epidemic has increased the adoption of telehealth solutions thereby further increasing the demand for solutions designed to engage patients.

Market Restraints

Security and privacy concerns remain one of the biggest barriers to patient engagement solutions market growth. Patients and healthcare professionals are concerned about protecting sensitive health data on digital platforms; assuring robust data encryption as well as compliance with HIPAA privacy laws are ongoing challenges requiring constant addressing to guarantee market acceptance and continue growing market acceptance.

Market Opportunities

A prime opportunity lies in catering to the growing population of seniors in need of healthcare services and engaging them through patient engagement technologies. Such solutions could assist providers with more efficient outcomes at reduced costs – creating significant growth potential in the market.

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 Report Segmentation of the Patient Engagement Solutions Market

Component Analysis

In 2023, the Software and Hardware segment emerged as the dominant force in the Patient Engagement Solutions Market, claiming a significant share of over 55%. This segment is notably characterized by two vital sub-categories: Standalone and Integrated solutions. Standalone software and hardware are distinct systems tailored for specific patient engagement functions, making them a popular choice among smaller healthcare providers for their cost-effectiveness and easy implementation. In contrast, Integrated solutions offer a comprehensive approach, seamlessly combining multiple functionalities into a unified system, making them the preferred choice for larger organizations seeking all-encompassing patient engagement strategies.

The Services segment, equally pivotal, can be further subdivided into Consulting, Implementation and training, and Other services. Consulting services play a pivotal role in helping healthcare providers strategize and optimize their patient engagement solutions, customizing them to meet specific organizational needs. Implementation and training services ensure that healthcare staff are proficient in utilizing these technologies, thus elevating patient engagement and experiences. The ‘Others’ category encompasses additional services that support the continuous operation and maintenance of patient engagement solutions.

Deployment Mode Analysis

In 2023, the Cloud deployment mode took a commanding position in the Patient Engagement Solutions Market, holding over 59% of the market share. This growth is attributed to the flexibility, scalability, and cost-effectiveness of cloud-based solutions. They empower healthcare providers to efficiently manage patient engagement tools without the need for extensive hardware or IT infrastructure. The accessibility, ease of maintenance, and robust data security measures make cloud deployment highly appealing.

Conversely, the On-premise segment caters to healthcare providers who prioritize direct control over their data and systems. This approach involves installing solutions on the provider’s computers and servers, offering customization and control. However, it demands substantial initial investment and ongoing maintenance, making it suitable for organizations with specific IT support and data control priorities.

Both deployment modes hold significant roles in the Patient Engagement Solutions Market. The Cloud segment reflects the industry’s shift towards digital and remote-capable solutions, while the On-premise segment continues to meet the needs of organizations with distinct operational preferences. Together, they ensure a comprehensive array of options for healthcare providers looking to enhance patient engagement through technology.

Application Analysis

Health Management held the highest market share among Patient Engagement Solutions Market categories in 2023 with 36%. Health Management solutions specialize in managing patient health efficiently through chronic disease management and wellness programs; adopters choose these solutions due to the necessity of continuous health monitoring and tailored care plans that improve outcomes while simultaneously decreasing healthcare expenses – making these the go-to choice of many healthcare providers.

Social and Behavioral Management plays an integral part in patient care, addressing social and behavioral aspects such as mental health and lifestyle choices that impact overall well-being. Solutions addressing this field aim to foster healthier behaviors while aiding patients in managing their health more effectively – demand is expected to increase as awareness about its significance grows.

Functionality Analysis

Communication functionality accounted for 37% in 2023. This category encompasses tools and platforms designed to facilitate effective communication between healthcare providers and patients, with tools like messaging/notification systems as well as telehealth platforms all helping bridge this communication divide in healthcare.

Health Tracking & Insights represents another key sector, focused on monitoring patient health data and providing actionable insights to both healthcare providers and patients alike. This functionality facilitates proactive health management practices like tracking vital signs, documenting symptoms, and providing personalized health recommendations – reflecting an increasing emphasis on preventive medicine and personalized medicine solutions.

Therapeutic Area Analysis

By Therapeutic Area Analysis, Chronic Disease Management dominates 41% market share in 2023. This segment plays an essential role in combatting the rising incidence of chronic diseases like diabetes, heart disease, and respiratory conditions; its solutions prioritize regular monitoring, patient education, and adherence to treatment plans – its emphasis on effective chronic condition management that seeks to decrease hospital readmissions while simultaneously improving patient outcomes has significantly contributed to its expansion.

Health and wellness solutions play a pivotal role in modern society, including general health maintenance, preventive healthcare, and wellness practices. Individuals using these solutions to live a healthier lifestyle through elements such as nutrition, physical activity, and mental wellbeing – with increasing awareness surrounding preventive healthcare fueled demand for solutions in this segment.

End-User Analysis

By End-User, Providers were holding 46% market share in 2023. This segment includes hospitals, clinics, and various healthcare facilities that leverage patient engagement solutions to improve care delivery and patient outcomes. Adoption by providers stems from their desire to enhance the patient experience, streamline clinical workflows, and ultimately enhance health outcomes.

Payers such as insurance companies and other healthcare financing entities also constitute an influential segment. By engaging directly with patients, payers aim to reduce healthcare costs while improving satisfaction levels; by using patient engagement solutions they utilize technology for claims processing, customer service, wellness programs, and wellness initiatives. They are increasingly turning towards technology solutions to streamline operations and offer value-added services to their customers.

Recent Developments in the Patient Engagement Solutions Market

  • Allscripts Healthcare LLC: Launch of Veradigm Home as a cloud-based platform combining remote patient monitoring, telehealth services, and patient engagement capabilities.
  • Orion Health recently unveiled Amadeus 7.0: An improved version of their patient engagement platform featuring enhanced features such as appointment scheduling, reminders, and personalized health content.
  • Cerner Corporation recently unveiled HealtheLife: an all-encompassing patient engagement platform including patient portals, telehealth tools, and mobile applications.
  • McKesson Corporation: Introduced its updated Patient Portal 2.0 with improved features including medication management and billing tools.
  • IBM unveiled Watson Health Patient Journey Orchestration: an AI and analytics-based platform designed to personalize patient engagement across different touchpoints.

Patient Engagement Solutions Market Segmentation

Market Segmentation

Component

Software & Hardware

Services

  • Consulting
  • Implementation & Training
  • Others

Deployment Mode

Application

  • Health Management
  • Social and Behavioral Management
  • Other Applications

Functionality

  • Communication
  • Health Tracking & Insights
  • Billing & Payments
  • Other Functionalities

Therapeutic Area

  • Health & Wellness
  • Chronic Disease Management
  • Other Therapeutic Areas

End-User

  • Payers
  • Providers
  • Patients
  • Other End-Users

By Geography

North America

Western Europe

  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe

Eastern Europe

  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe

APAC

  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

Latin America

  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

Middle East & Africa

  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Explore essential market insights, including key trends, drivers, and challenges, empowering clients to enhance their strategies and maintain a competitive edge. Access a sample PDF report @ https://market.us/report/patient-engagement-solutions-market/request-sample/

Competitive Landscape

The patient engagement solutions market exhibits significant fragmentation, featuring numerous companies. Major players in this market are vigorously pursuing increased market share through diverse marketing strategies, including launching new products, forming partnerships, making investments, and engaging in mergers and acquisitions. These key market participants are also dedicating resources to enhance the quality of their products.

  • Allscripts Healthcare, LLC
  • Orion Health
  • Cerner Corporation
  • McKesson Corporation
  • IBM
  • Wolters Kluwer N.V.
  • Greenway Health, LLC
  • CureMD Healthcare
  • Nuance Communications, Inc.
  • Solutionreach, Inc.

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Originally published at https://www.einpresswire.com/article/678811261/patient-engagement-solutions-market-is-predicted-usd-113-4-billion-in-revenues-by-2033-with-cagr-of-18-6-market-us

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