In 2017, the patient engagement solutions market size reached $8.5 billion and is expected to advance at a 16.9% CAGR during 2018–2023. The market is growing due to the increasing use of patient engagement solutions for geriatric population, rising demand for wearable healthcare devices, surging usage of mobile health solutions, increasing healthcare cost, implementation of value-based programs, and government regulations promoting patient-centric care. The communication between patients and healthcare providers is referred to as patient engagement, which involves the use of different information technology (IT)-based products for improving patient outcomes and overall healthcare.
On the basis of application, the patient engagement solutions market is divided into home health management, social and behavioral health management, financial health management, and home health management. Among these, the health management application dominated the market during the historical period (2013–2017) and is expected to retain its position during the forecast period because of the increasing adoption of patient management solutions by government organizations for spreading awareness regarding disease prevention among the public. The fastest growth, with 17.6% CAGR, is predicted to be witnessed by the home health management during the forecast period.
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A major driving factor of the patient engagement solutions market is the increasing usage of patient management solutions for geriatric population. As per a report published by the United Nations, World Population Ageing 2017, the global population aged 60 years or above is predicted to reach 2.1 billion by 2050. Elderly are more prone to diseases and demand continuous monitoring and strict medication adherence. As elderly people are primary users of healthcare solutions, their rising involvement in healthcare decision making and wellness activities through patient engagement solutions is driving the market.
The increasing use of mobile health solutions is also contributing significantly to the growth of the patient engagement solutions market. In recent years, the adoption of mobile phones has risen considerably, further resulting in the increasing demand for healthcare applications. This has, in turn, transformed patient engagement. Mobile health solutions allow access to e-prescriptions, cloud storage of health data, and electronic health record. Health and fitness applications help patients in managing their health and ensuring adherence to medication. In addition to this, user-friendliness is a major advantage of mobile health solutions.
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Geographically, North America held the largest share in the patient engagement solutions market during the historical period, accounting for 45.5% share in 2017. The driving factors for the region’s leading position include the presence of well-established healthcare infrastructure, growing number of healthcare information technology (HIT) solution providers, and increasing prevalence of chronic diseases in the region.
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The emergence of automated patient engagement solutions, to deal with the problem of high capital requirement for implementation of conventional patient engagement solutions, is creating wide opportunities for the players operating in the patient engagement solutions market. Market players are introducing solutions which consist of interactive voice response systems that automate phone calls to reach patients and activate notifications to physicians and other healthcare providers. Since these solutions help reduce call centers’ call volumes, lower the rate of hospital readmissions, and provide better ratings for physicians, a number of hospitals are adopting them.
Hence, the market is witnessing growth due to the rising utilization of mobile health solutions and increasing use of patient management solutions for geriatric population.
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