Rising Patient Centric Approach Drives Market Growth
ALBANY, New York, July 1, 2019 /PRNewswire/ -- According to the report by TMR, the patient engagement solutions market stood at a value of US$6.66 bn in 2014 and estimated to grab the value of US$34.94 bn by 2023. The market is expected to exhibit stellar CAGR of 23.0% during the forecast period from 2015 to 2023. This growth is attributable to the advantages offered by patient engagement solutions to manage their data. Additionally, it provides a unique communication way among patients and healthcare providers. The rising patient centric approach in the recent healthcare system is giving rise in the adoption of these solutions and benefiting the global patient engagement solutions market. Moreover, the advancement in technology is leading to help the healthcare sector by providing solutions to their patients for tracking health on their own. Further, the software helps to take self-care among patients.
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Furthermore, the rising technological advancement in the devices coupled with rising affordability among mid-earning customer due to rising disposable income is propelling the growth of the global patient engagement solutions market. Rising demand for solutions as they increase ease for healthcare providers to track their patients is fuelling growth of the global patient engagement solutions market.
Rising Government Undertaking Policies Propels Market Growth
Despite the presence of these factors, the market is getting benefit from the increase in concern among people about privacy as the device saves the information in terms of verbal as well as electronic format. These concerns are likely to restrain growth of the global patient engagement solutions market. In addition, the unsuitable reimbursement policies are restraining growth of the global patient engagement solutions market. Nonetheless, the rising use of patient engagement solutions is attracting government attention and likely to implement most favorable policies in the coming years. This factor is likely to offer robust growth opportunities in the coming years. While growth in the government initiatives coupled with investment from the private organizations for products and services improvement is likely to support these opportunities present in the global patient engagement solutions market in coming years.
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Regionally, North America dominated the global patient engagement solutions market and is estimated to be the largest region in terms of revenue in the coming years. This growth is attributable to the transforming government reforms coupled with a rising number of healthcare services. Additionally, swiftly changing healthcare services along with changed payment method is some of the prominent factor propelling growth in the patient engagement solution in the region. Additionally, the report indicates that the Asia Pacific is estimated to expand at a robust growth rate as the investment in the healthcare sector is increased substantially in the region from the past few years.
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The patient engagement solutions market features a highly fragmented vendor landscape owing to the presence of numerous players in the global patient engagement solutions market. TMR estimated that these key players are focusing on product development in order to strengthen their presence globally. Some of the key players in the global patient engagement solutions marker are Athenahealth Inc., Orion Health, Cerner Corp., Axial Exchange, McKesson Corp., Phytel Inc., and Allscripts Inc. Additionally, the product innovation and emergence of software segment are likely to help these players to account for the leading share in the global revenue in the coming years. The competition is likely to highly intensify in future.
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This information is encompassed in the report by TMR, titled, "Patient Engagement Solutions Market (Delivery Mode - Self-hosted, Software as a Service (SaaS) and Application Managed Services, End-users - Hospitals & Providers, Healthcare Payers, and Pharmaceutical Companies) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
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