The global patient engagement solutions market is projected to reach USD 19.35 billion by 2025 from USD 11.97 billion in 2020, at a CAGR of 10.1%.
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 increasing utilization of mobile health apps. However, a lack of interoperability of PES and a dearth of skilled IT professionals in the healthcare industry are expected to restrain the growth of this market during the forecast period.
The COVID-19 outbreak has created immense pressure on the medical practices of all sizes and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. Various players in this market have introduced COVID-19- related features into their existing patient engagement solutions, which are being made available to users free of cost. These has led to the growth in the adoption of the Patient Engagement Solutions Market.
The Services component is expected to increase during the forecast period.
On the basis of component, the patient engagement solutions market is segmented into software, hardware, and services. The services segment is said to grow at the highest rate due to the fact that the service component is indispensable in the application of deployed solutions. Additionally, increasing investments in the development of innovative service models that provide value-based patient-centered care is also driving the market for services.
The cloud-based delivery ode of solutions is expected to grow at the highest CAGR in 2019.
On the basis of delivery mode, the patient engagement solutions market is segmented into on-premise and cloud-based solutions. 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 their growth in the patient engagement solutions market. Cloud-based solutions help healthcare organizations share and integrate information from different locations or systems in real-time.
The health management application of patient engagement solutions accounts for the largest share in 2019.
The patient engagement solutions market is segmented into health management, home health management, social and behavioral management, and financial health management. In 2019, the health management applications segment accounted for the largest share of the global patient engagement solutions market. The large share of this segment can be attributed to the increasing awareness among patients about the complexity of their disease conditions and their willingness to actively participate in maintaining their own health.
Providers account for the largest end-user market in the patient engagement solutions market in 2019.
On the basis of end-users, the patient engagement solutions market is segmented into providers, payers, patients, and other end-users (including government bodies, employer groups, and pharmaceutical companies). In 2019, the provider's segment accounted for the largest share of the global patient engagement solutions market. Providers are increasingly adopting patient engagement solutions to curtail rising healthcare costs, offer value-based care, and improve financial outcomes. Patient engagement solutions also help providers to improve patient experience, meet the increasing demand for convenient access to health information, and better serve patients to self-manage their care.
Chronic disease accounts for the largest therapeutic use market in the patient engagement solutions market in 2019.
Based on the therapeutic area, the patient engagement solutions market is segmented into chronic diseases, women's health, fitness, and other therapeutic areas. In 2019, the chronic diseases segment accounted for the largest share of the global patient engagement solutions market. The large share of this segment can be attributed to the high burden of chronic diseases and the need to effectively manage these conditions while reducing the overall healthcare costs.
North America dominates the patient engagement solutions market during the forecast period.
The global patient engagement solutions market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the global patient engagement solutions market. Favorable government initiatives and regulations, the need to reduce healthcare costs, the rising prevalence of chronic diseases, and the presence of key market players in the region are the key factors driving the growth of the patient engagement solutions market in North America.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Patient Engagement Solutions Market Overview 4.2 North America: Patient Engagement Solutions Market, by Delivery Mode & Country (2019) 4.3 Patient Engagement Solutions Market Share, by Component, 2020 Vs. 2025 4.4 Patient Engagement Solutions Market Share, by Delivery Mode, 2020 Vs. 2025 4.5 Patient Engagement Solutions Market Share, by Application, 2020 Vs. 2025 4.6 Patient Engagement Solutions Market Share, by End-user, 2020 Vs. 2025 4.7 Patient Engagement Solutions Market Share, by Therapeutic Area, 2020 Vs. 2025
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 184.108.40.206 Implementation of Government Regulations and Initiatives to Promote Patient-Centric Care 220.127.116.11 Increasing Adoption of Patient Engagement Solutions 18.104.22.168 Rising Number of Collaborations and Partnerships Between Stakeholders 22.214.171.124 Increasing Utilization of Mobile Health Apps 5.2.2 Restraints 126.96.36.199 Requirement of Investments in Infrastructure for Implementing Patient Engagement Solutions 188.8.131.52 Protection of Patient Information 184.108.40.206 Lack of Interoperability 220.127.116.11 Dearth of Skilled It Professionals in the Healthcare Industry 5.2.3 Opportunities 18.104.22.168 Emerging Asian Countries 22.214.171.124 Wearable Health Technology 126.96.36.199 Cloud-Based Models 5.2.4 Challenges 188.8.131.52 High Cost of Deployment 184.108.40.206 Lack of Health Literacy 5.3 Impact of COVID-19 on the Patient Engagement Solutions Market
6 Patient Engagement Solutions Market, by Component 6.1 Introduction 6.2 Hardware 6.2.1 Hardware Solutions Provides Interactive Experience for Patients and Their Families 6.3 Software 6.3.1 Standalone Software 220.127.116.11 Standalone Software Are Traditional Software Installed in Client Systems 6.3.2 Integrated Software 18.104.22.168 Integrated Software is the Largest & Fastest-Growing Segment of the Pes Software Market 6.4 Services 6.4.1 the Services Segment is Estimated to Witness the Highest Growth in the Forecast Period
7 Patient Engagement Solutions Market, by Delivery Mode 7.1 Introduction 7.2 On-Premise Solutions 7.2.1 On-Premise Solutions Will Continue to Dominate the Patient Engagement Solutions Market in the Forecast Period 7.3 Cloud-Based Solutions 7.3.1 Cloud-Based Solutions Are Projected to Register the Highest Growth During the Study Period
8 Patient Engagement Solutions Market, by End-user 8.1 Introduction 8.2 Providers 8.2.1 Providers Are the Largest End-users of Patient Engagement Solutions 8.3 Payers 8.3.1 Healthcare Payer Industry is Witnessing Changes in Terms of Legislation and Competition 8.4 Patients 8.4.1 Increasing Participation of Patients in Their Own Care to Support Market Growth 8.5 Other End-users
9 Patient Engagement Solutions Market, by Application 9.1 Introduction 9.2 Health Management 9.2.1 Health Management is the Largest & Fastest-Growing Application Segment of the Patient Engagement Solutions Market 9.3 Home Health Management 9.3.1 Growing Preference of Home Health Care to Support Market Growth 9.4 Social & Behavioral Management 9.4.1 Growing Popularity of Social Media Will Drive Market Growth 9.5 Financial Health Management 9.5.1 Financial Engagement Solutions Help Providers Manage Patient Payments
10 Patient Engagement Solutions Market, by Therapeutic Area 10.1 Introduction 10.2 Chronic Diseases 10.2.1 Cardiovascular Disease 10.2.1.1 Cardiovascular Disease is the Leading Cause of Death Globally 10.2.2 Diabetes 10.2.2.1 High Burden of Diabetes to Support Market Growth 10.2.3 Obesity 10.2.3.1 Rising Prevalence of Obesity to Drive Market Growth 10.2.4 Other Chronic Diseases 10.3 Women'S Health 10.3.1 Improved Awareness to Drive Market Growth 10.4 Fitness 10.4.1 Increasing Preference for a Healthy Lifestyle to Support Market Growth 10.5 Other Therapeutic Areas
11 Patient Engagement Solutions Market, by Region 11.1 Introduction 11.2 North America 11.3 Europe 11.4 Asia-Pacific 11.5 Rest of the World