ALBANY, New York, September 26, 2018 /PRNewswire/ --
The global patient engagement solutions market is projected to witness bountiful growth in the coming years, as reported by Transparency Market Research (TMR). The competitive ecosystem of the patient engagement solutions market features copious fragmentation, with a large pool of international as well as local players making their presence known across the globe. There exists intense competition among the market players, who are spearheading the adoption of latest technological innovations such as virtual health coaching, interactive platforms, digital care schemes, and applications for management of chronic diseases, as a way to increase their market share.
Development of novel, innovative products is thus expected to be a key strategy adopted by market vendors in order to gain a footprint in the market over the coming years. The high adoption of mobile technology by users is a key opportunity the market players are expected to capitalize on. Expansion of existing facilities is another important strategy adopted by companies in the market to gain their foothold.
Some of the prominent vendors operating in the global patient engagement solutions market are GetWellNetwork Inc., Emmi Solutions LLC, Cerner Corp., Axial Exchange, Athenahealth Inc., and Allscripts Inc. The established vendors are seen focusing in offering exclusive solutions to their clients, in order to gain a competitive advantage over their market rivals.
Over the forecast period of 2015 to 2023, TMR analysts project that the global patient engagement solutions market is likely to expand at a 23.0% CAGR. Evaluated to be worth US$6.66 bn in 2014, the global market is predicted to reach US$34.94 bn by the end of the forecast period.
Increased Transparency between Patient-Doctor to Drive Growth
Patient engagement solutions help patients handle their medicinal services data and licenses for better connection with therapeutic board or specialist. It likewise enables patients to see test results online and speak with specialists through messaging platforms. Patient engagement solutions are vital part in mobile health technology. Numerous medicinal services organization offer patient engagement solution as target objective, for example, responsible consideration associations and patient focused medical homes. This innovation enables patient to send, get and see their data. It additionally gives secure correspondence and message trade among patient and supplier.
An ascent in conversational interest of patients with their treatment specialists is occurring in recent decades, particularly as health insurance providers have seen a broad advancement. Such progressions additionally have turned out to be useful to the worldwide patient engagement solutions market, therefore making it enroll a substantial growth in future.
The Affordable Care Act (ACA) additionally advances the development of this division by presenting programs, for example, the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS), at hospitals to direct studies that accumulate data as for patient fulfillment related with healthcare institutes. This fills in as an apparatus for institutionalized estimation of the nature of consideration directed at hospitals.
The expanded patient investment accomplished through such patient engagement endeavors would affect health results and along these lines improve the health care policies in the present medicinal systems. Improvements in government enactments and awareness activities are foreseen to be one of the significant drivers for the growth of the global patient engagement solution market. For example, the Readmission Reduction Program started by the Centers for Medicare and Medicaid Services (CMS) motivate the suppliers to be effectively associated with patient engagement solutions with the goal of containing the readmission rates while giving better inpatient service.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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