Based on a report by Grand View Research, Inc.; the global patient engagement solutions market is projected to achieve USD 39.3 billion by 2024. Growing awareness regarding mobile healthcare services is anticipated to propel the market over the forecast period (2013 to 2024). Such solutions are expected to support patients through educative information and empower them to make better healthcare decisions. In addition, they can cater to hospitals in delivering advanced financial solutions for effective consumption of assigned healthcare budget. Grow number of patients suffering from diabetes and other chronic diseases is also expected to positively influence market expansion in the coming years.
Increasing focus on healthcare services to expedite recovery and reduce readmissions is expected to impel the growth of the market for patient engagement solutions. Easy access to big data coupled with rising consumerism can further fuel the market in near future. Shifting focus from volume- to value-based patient care can also foster market growth. Increasing use of cloud-based networking models and rising healthcare expenditure may stimulate the market expansion in the forthcoming years. Moreover, supportive government regulations and awareness programs regarding medical care can create business opportunities. Improvement in retail insurance system and high disposable income can propel the market during the forecast period.
Full Research Report On Patient Engagement Solutions Market Analysis:
The worldwide patient engagement solutions market can be segmented on the basis of delivery, component, end-use, application, and region. Based on delivery, the market can be classified into web-based, cloud-based, and on premise. In 2015, web-based delivery segmented dominated the market with around 75% market share. In addition, cloud-based segment is anticipated to witness maximum growth in the coming years owing to scalability, affordability, and flexibility. It can account for 20% of market share during the forecast period.
Based on component, the market can be divided into hardware, software, and services. In 2015, software segment accounted for 20% market share. The segment is expected to witness largest share in the coming years owing to rising application span ranging from healthcare organizations to home healthcare.
Based on end-use, the patient engagement solutions market can be trifurcated into individuals, payers, and providers. In 2015, providers segment dominated the market. In addition, it is likely to exhibit growth at a CAGR of around 20.7% during the forecast period owing to high product demand to maintain competitive edge.
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Based on application, the market can be segmented into health, social, home healthcare, and financial health management. In the coming years, home healthcare management segment can register the fastest CAGR during the forecast period owing to rising demand for home-based healthcare. In addition, health management segment is also anticipated to grow at an impressive CAGR in the coming years owing to a considerable decrease in life expectancy due to the adoption of unhealthy lifestyle.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa (MEA). In 2015. North America dominated the market while accounting 40% of market share. High demand for mobile healthcare options coupled with growing investments in healthcare IT sector can influence market growth in this region.
In Europe, the market for patient engagement solutions is anticipated to grow at a steady pace in the coming years owing to availability of advanced healthcare solutions and efficient healthcare delivery. In addition, advanced medical policies and publically funded systems can fuel growth of the regional market in near future.
In Asia Pacific, the market is expected to witness maximum growth during the forecast period owing to increasing geriatric population and rising disposable income. In addition, high demand for advanced healthcare systems can further stimulate regional growth.
Some of the leading companies in patient engagement solutions market are McKesson Corporation; Orion Health Ltd., Cerner Corporation; Athena Health, Inc.; Lincor Solutions Ltd. Most companies are expected to be engaged in development of new and innovative products owing to high demand for mobile healthcare and increasing competition. In addition, few companies are volunteering to obtain feedback from patients regarding existing solutions to offer better products in the future. Most market players are likely to offer advanced products such as digital care plans, interactive educational tools, virtual health coaches, and chronic diseases management applications to gain competitive edge in near future.
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