New York, Nov. 25, 2019 (GLOBE NEWSWIRE) — High prevalence of chronic diseases, increased focus of patients on self-managing care, growing medical tourism, investments in healthcare IT, favorable government legislations and awareness initiatives are the key factors contributing to a notable CAGR of Patient Engagement Solutions during forecast period.
According to the current analysis of Reports and Data, the global Patient Engagement Solutions market was valued at USD 8.87 Billion in 2018 and is expected to reach USD 30.36 Billion by the year 2026, at a CAGR of 16.2 %. Patient engagement technology has become commonplace in the field of medical care due to the ubiquitous adoption of computers, smartphones, and mobile tablets by the patient. Healthcare technologies are becoming more patient-oriented owing to different requirements from different patients. Traditionally, key patient engagement technologies have included patient portals or secure messaging tools.
The growth of the patient engagement solutions market is mainly due to the growing awareness of mobile health and the increasing geriatric population. In addition, an increase in healthcare spending and favorable legislations are expected to contribute to the patient engagement solution market growth. The increasing use of patient engagement solutions draws the government’s attention, and they are likely to implement the most favorable policies in the coming years which is expected to offer substantial growth opportunities for patient engagement market players in the anticipated years. Patient involvement is about encouraging patients in care to improve their health outcomes, improve patient care, and reduce costs. It combines the knowledge, skills, abilities, and willingness of a patient to manage their own care with communications designed to promote positive behaviors.
Moreover, the growing trend of wearable healthcare trackers and mobile health applications are impelling customers to access their personal healthcare records in turn growing demand for patient engagement solutions. However, the absence of healthcare literacy and dearth of skilled healthcare professionals in emerging nations are expected to hamper the patient engagement solutions market growth to a greater extent in the future.
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Further key findings from the report suggest
- Patient Engagement Solutions market is growing at a CAGR of 4% in Asia Pacific followed by North America and Europe, with 16 % and 15.8 % CAGR, respectively. High prevalence of chronic diseases and increased focus of patients on self-care is the major factor accelerating the market growth during forecast period across all regions
- As of 2018, Software is the dominating Patient Engagement Solutions which holds 48.9% of the global market. European regional market is the prominent revenue generating source for this product segment, followed by North America, Asia-Pacific, and other regions. The high growth in the region is attributed to rising chronic diseases, increasing demand for quality care, increasing geriatric population couple with rising healthcare costs and regulatory mandates by Affordable Care Act
- Services is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 16.8%. However, lack of interoperability is a major challenge for the market growth of this market segment
- Web based Delivery Mode type segment was valued at USD 6.3 billion and is expected reach USD 21.4 billion by 2026
- Asia Pacific is expected to account for the 19.5% of the global Patient Engagement Solutions market. Developing nations such China, and India are likely to witness significant growth owing to the large patient pool, improving healthcare infrastructure, rising medical tourism and growing healthcare information technology adoption
- Dearth of skilled it professionals in the healthcare industry is likely to hinder the patient engagement solutions market growth during the forecast period
- Key participants in patient engagement solutions market include Allscripts Healthcare Solutions Inc., Lincor Solutions Ltd., Phytel Inc., Orion Health Ltd., McKesson Corporation, Cerner Corporation, Medecision Inc., and Athena Health Inc., YourCareUniverse Inc.
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Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the Patient Engagement Solutions market on the basis of Component type, Delivery Mode type, Therapeutic Area type, end use, and region:
Product (Revenue, USD Million; 2016–2026)
• Finished goods
• Raw Materials
Delivery Mode Type (Revenue, USD Million; 2016–2026)
• Class I Devices
• Class II Devices
• Class III Devices
Therapeutic Area Type (Revenue, USD Million; 2016–2026)
• Diagnostic imaging
• General and plastic surgery
• Drug delivery
• Diabetes care
End Use (Revenue, USD Million; 2016–2026)
• Contract manufacturing
• Quality Assurance
• Regulatory Affairs Services
• Product Design and Development Services
• Product Testing & Sterilization Services
• Product Implementation Services
• Product Upgrade Services
• Product Maintenance Services
Regional Outlook (Revenue in USD Million; 2016–2026)
• North America
o Rest of the Europe
• Asia Pacific
o Rest of Asia-Pacific
• Middle East & Africa
o Latin America
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