Patient Engagement Solution Market to Exceed USD 46.9 Billion by 2027 Globally |CAGR: 16.2% | UnivDatos Market Insights

NOIDA, India, May 24, 2021 /PRNewswire/ -- A comprehensive overview of the Patient Engagement Solution Market is recently added by UnivDatos Market Insights to its humongous database. The Patient Engagement Solution market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Patient Engagement Solution market. The Patient Engagement Solution market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Patient Engagement Solutions market at the global and regional level. Global Patient Engagement Solution Market is expected to grow at a CAGR of 16.2% during 2021-27 to reach US$ 46.9 billion by 2027.

Market Overview

Patient engagement is the procedure of patient and healthcare service providers working collectively to improve the overall healthcare services. The solution helps in increasing user engagement, customer retention, and lowering healthcare costs. For patient engagement, mostly virtual and digital platforms are used to provide healthcare services. For instance, As per Pew Research Centre, over 85% of US residents own a smartphone and 50% of all surfing happens on mobile devices. Also, around 72% of internet users search for health information online, 47% of users search for doctors online, and 38% of users search for hospitals and medical facilities online. The Healthcare industry also encourages value-based care for the engagement of patients as it is a type of payment model that rewards providers for delivering high-quality care at reduced prices. They serve at the front for piloting the future of the healthcare sector across the world. For instance, according to Health payer intelligence, Nearly, 80% of payers stated improvements in care quality from providers in obtaining value-based settlements. Besides, 64% of payers stated enhancements in provider relationships and 73% of payers stated that patient engagement with beneficiaries improved by using value-based care.

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COVID-19 Impact

COVID-19 pandemic has sparked profound changes in societies around the world, pushing the global society to constantly adapt to new challenges set by the crisis. The impact of Covid-19 on the healthcare sector is evident, as hospitals and clinics have transformed to triage and care for COVID-19 patients. Therefore, regularly scheduled visits, surgeries, and treatments for other disease areas have been rearranged as telehealth or telemedicine visits. In April 2020, GE Healthcare has announced an advanced cloud-based remote-monitoring tool proposed to assist physicians to look after ventilated COVID-19 patients for their proper care. Another key aspect to patient engagement that has witnessed exponential growth in broad applicability during the COVID-19 crisis is the use of video software for real-time, remote patient interactions with physicians or other health professionals.

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Global Patient Engagement Solutions Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Components, the market is primarily bifurcated into

• Hardware
• Software
• Solutions

The Software segment generated the highest revenue in 2020 as the demand for software is increasing owing to the rising adoption of the latest technology-enabled solutions.

By Delivery Mode, the market is primarily segmented into

• Cloud-Based
• On-Premises
• Web-Based

Amongst Delivery Mode, the Cloud-Based segment dominated the market in 2020.

By Application, the market is primarily bifurcated into

• Health Management
• Home Health Management
• Social and Behavioral Health Management
• Financial Health Management
• Telemedicine
• Others

The Health Management segment accounted for the major revenue portion in 2020. The sector is anticipated to observe significant growth in the upcoming years, as it provides rapid response and improved patient obedience for providing healthcare facilities.

By Therapeutic Area, the market is primarily bifurcated into

• Chronic Diseases
• Fitness
• Women's Health
• Others

The Chronic Diseases segment is anticipated to observe lucrative growth. During Chronic conditions, the patients could connect with their healthcare providers from remote locations and allowing them to get the streamlined flow of information, patient feedback, and other health-related data.

By End-user, the market is primarily bifurcated into

• Providers
• Payers
• Patients
• Others

The Providers segment is anticipated to observe lucrative growth. Providers are not only concentrating on growing their infrastructure but also trying to improve it. So, that Patients can get easy access to healthcare facilities in an effective manner.

Patient Engagement Solutions Market Geographical Segmentation Includes:

• North America (the United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
• Rest of the World

Based on the estimation, North America constitutes a major market for the Patient Engagement Solutions industry and generated maximum revenue in 2020 owing to the highest healthcare spending, adding more than USD 3.5 trillion annually.

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The major players targeting the market includes

• Medtronic
• Allscripts Healthcare LLC
• McKesson Corporation
• IBM
• Athena Health
• Orion Health
• Cerner Corporation
• Harris Healthcare
• OneView Healthcare
• Curemd Healthcare

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Patient Engagement Solutions market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Patient Engagement Solutions market?
• Which factors are influencing the Patient Engagement Solutions market over the forecast period?
• What are the global challenges, threats, and risks in the Patient Engagement Solutions market?
• Which factors are propelling and restraining the Patient Engagement Solutions market?
• What are the demanding global regions of the Patient Engagement Solutions market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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