Patient Engagement Solutions Market Size to grow by USD 26378.82 million between 2023-2027
According to a research report “ Patient Engagement Solutions Market” by Delivery Mode (On-premise solution, Web, cloud-based solution) End-user (Providers, Payers, Individual users) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 26378.82 million, at a CAGR of 17.83% during the forecast period. The escalating prevalence of chronic conditions, including cardiovascular diseases (CVDs), cancer, Alzheimer's disease, asthma, chronic obstructive pulmonary diseases (COPDs), and diabetes, is driving the need for advanced patient engagement solutions. Factors such as sedentary lifestyles, aging populations, and unhealthy diets contribute significantly to the rise in chronic diseases. These conditions often persist for extended periods and may manifest new symptoms, necessitating prompt attention and treatment. Telehealth services, enabled by mobile devices, live videos, electronic health records (EHR), and smart wearable devices, are transforming the management of chronic diseases by facilitating timely consultations with healthcare professionals..
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By Delivery Mode, the On-premise solution segment is projected to dominate the market size in 2024
In the realm of patient engagement solutions, on-premises implementations offer several advantages for businesses. These solutions necessitate the procurement of licenses or software copies, with the entire system being housed within the company's physical infrastructure. This setup provides enhanced security and data protection, as sensitive healthcare information remains on-site, within the organization's servers and IT infrastructure. However, the high costs associated with managing and maintaining on-premises data, including the need for in-house server hardware, software licenses, and IT personnel, may hinder widespread adoption during the forecast period. Furthermore, the integration capabilities required to leverage existing on-premises Electronic Health Records (EHR) systems add to the complexity and expense of on-premises patient engagement solutions.
By End-user, Providers segment is expected to hold the largest market size for the year 2024
In the healthcare industry, payers serve a crucial role as entities that finance a significant portion of patients' medical expenses through reimbursement to healthcare providers. These entities can be commercial health insurers or government-funded programs like Medicare or Medicaid. Payers' influence extends beyond financial coverage, as they also regulate healthcare services. In response to the growing trend of patient engagement technology, payers have actively integrated this solution into their operations. By utilizing technology-driven approaches, payers can optimize managed care contracts' revenue, assess risk readiness gaps, provide health plan advisory services, and more. These initiatives aim to promote patient health, effectively manage chronic conditions, and ensure timely access to care.
North America is forecasted to hold the largest market size by region in 2024
In North America, patient engagement technology is experiencing significant growth due to the increasing demand for enhanced healthcare outcomes and the escalating prevalence of chronic conditions, including heart disease, cancer, and diabetes. This technology encompasses digital tools such as mobile applications, web-based portals, and messaging services, enabling remote communication between patients and healthcare providers. A key driver of this trend is the necessity to effectively manage chronic illnesses, allowing patients to monitor vital signs at home and receive personalized advice from healthcare professionals on optimizing their condition management.
The Patient Engagement Solutions Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Patient Engagement Solutions market is experiencing significant growth as the healthcare industry shifts towards consumer-centric care. This market includes a range of assessment timeline tools, mobile applications, patient portals, wearables, and mobile devices that enable individual users to take an active role in their health management. Hardware and Software solutions, both On-Premise and Cloud-Based, are transforming healthcare delivery by offering preventive care solutions, AI technologies, and virtual consultations. Mobile applications and healthcare apps are revolutionizing the industry by providing easy access to medical records, appointment scheduling, and medication management. Wearable devices, such as fitness trackers and smartwatches, are helping patients monitor their health in real-time and providing valuable data for clinical trials. Mental Health, Women's Health, Fitness, and Chronic Diseases are some of the key areas where patient engagement solutions are making a significant impact. Providers and Payers are recognizing the importance of patient engagement in improving health outcomes and reducing costs. AI technologies are being used to personalize care plans and provide timely interventions, while virtual consultations enable remote access to care services. Overall, patient engagement solutions are empowering individuals to take control of their health and transforming the healthcare landscape.
Market Research Overview
The Patient Engagement Solutions market is a dynamic and growing segment of the healthcare industry, encompassing a range of technologies and services designed to improve In-patient Health Management, Population Health Management, and Health and Wellness. These solutions include Patient Education platforms, Billing and Payments systems, Support and Maintenance services, Consulting, and Integrated or Standalone systems for specific conditions like Arthritis management and Preventive care. Advancements in AI technologies, Clinical trials, Virtual consultations, and Social management are driving innovation in this space, with strict regulations ensuring patient information security. Healthcare professionals, including physicians and technologists, are leveraging these solutions to enhance healthcare benefits for patients, particularly those with chronic diseases such as diabetes and infectious or deadly diseases. Patient engagement solutions come in various forms, including mobile applications, patient portals, wearables, and mobile devices. They can be Hardware or Software-based, On-Premise, Cloud Based, or Web Based, catering to individual users, providers, payers, and various healthcare consumer segments like Mental Health, Women's Health, Fitness, and Chronic Diseases. NextGen Healthcare and other industry leaders are at the forefront of this evolution, shaping the future of patient engagement through Telehealth, Care teams, Health literacy, and healthcare consumerism.
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