Patient Engagement Solutions Market Size to Expand Lucratively and Reach $42.43 Bn by 2031 - Explained Details | Updated InsightAce Study

JERSEY CITY, N.J., July 20, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of the market assessment report on "Global Patient Engagement Solutions Market Size, Share & Trends Analysis Report By Deployment Option (Cloud-based Solutions, On-Premise Solutions, and Web-based Solutions), By Type of Solution Offered (Appointment Management Solutions, Electronic Health Record Integration Solutions, Patient Education Solutions, Remote Patient Monitoring Solutions, and Other Solutions), By Application Area (Financial Health Management, Fitness & Wellbeing, Home Health Management,  Research & Development, and Social Health Management), By End-user (Healthcare Providers, Individuals, Payers, and Other End-users) Market Outlook And Industry Analysis 2031"

According to the latest research by InsightAce Analytic, the Global Patient Engagement Solutions Market Size is valued at US$ 10.70 Bn in 2022, and it is expected to reach US$ 42.43 Bn in 2031, recording a promising CAGR of 17.05% during the forecast period of 2023-2031.

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Patient Engagement Solutions involve innovative healthcare technologies that connect clinicians, patients, payers, and partners in differentiated ways. The patient engagement solutions allow access to patient data anytime, anywhere, which aids in delivering high-quality and sustainable healthcare for all.

Patient engagement software and platforms allow patients to access their medical records, schedule appointments and communicate with doctors, making remote patient monitoring easy. Recent advances in patient engagement technology, including artificial intelligence (AI), machine learning, personalized care, telemedicine, and remote monitoring tools, have revolutionized the healthcare sector by digitizing all aspects of care.

Nowadays, the healthcare sector is turning to information technologies to increase patient engagement in general and handle COVID-19 in particular. Doctors can use modern IT technology to reach their patients anytime and anywhere and provide helpful information at the right time.

Patient engagement systems have various benefits, including appointment reminders and effortless rescheduling, ease of access, patient education, real-time data management, prescription refills, chatbot or messaging options, enhanced communication between patients and their healthcare providers, and remote access to healthcare services. Considering these benefits and the need for virtual healthcare, companies are innovating and implementing different patient engagement strategies, likely to surge the market growth during the forecast period.

Some of the prominent players in the Patient Engagement Solutions Market are:

• AdvancedMD
• Allscripts Healthcare Solutions
• athenahealth, Inc.
• Boston Scientific Corporation
• Cerner Corporation
• Cisco Systems, Inc.
• Cognizant
• Coviu
• CPSI
• CureMD Healthcare
• eClinicalWorks
• Epic Systems Corporation
• GE Healthcare
• Get Real Health
• GetWellNetwork Inc.
• Harris Healthcare
• Health Catalyst
• IBM Corporation
• IQVIA
• Kareo
• Klara Technologies, Inc.
• Koninklijke Philips N.V.
• Lincor Solutions Ltd.
• McKesson Corporation
• Medecision Inc.
• Medhost
• MediBuddy
• Medisysinc.Com
• Meditech
• Medtronic
• Microsoft
• Mocero Health
• NextGen Healthcare, Inc.
• Nuance Communications, Inc.
• Oneview Healthcare
• Orion Health Ltd.
• Patient point LLC
• Philips
• Physitrack
• Phytel Inc.
• ResMed
• Solutionreach, Inc.
• SolvEdge
• Symphony Care
• Validic
• Veradigm (formly Allscript)
• Vivify Health
• Well-Beat
• WellStack
• Wolters Kluwer
• YourCareUniverse Inc.

Patient Engagement Solutions Market Report Scope

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Market Dynamics:

Drivers:

The rising trend of using digital applications has accelerated the growth of this market. Additionally, the high prevalence of chronic diseases, rising government efforts to create awareness regarding healthcare engagement solutions, R&D activities by market players to innovate tools with high efficiency & security and government support to develop easily accessible healthcare solutions have further helped this market to grow during the forecast period.

Furthermore, the rapid implementation of cloud-based platforms and easy access to real-time data contributes to market growth. Several pharmaceutical companies use patient engagement tools to improve patient retention rates in clinical studies, which is anticipated to compel the demand for patient engagement solutions in the coming future. The COVID-19 outbreak has expanded the use of patient engagement solutions such as telehealth and virtual care, which is likely to witness significant growth during the projected period.

Challenges:

However, the lack of awareness bout digital healthcare solutions and patient data security concerns are predicted to impede market expansion during the forecast period. In addition, the scarcity of skilled IT professionals,  high-priced healthcare IT systems, and maintenance & software update costs of these systems may restrict the market demand.

Regional Trends:

North America accounted for the maximum revenue share of the patient engagement solutions market in 2022. Major driving factors of this market are the increasing prevalence of chronic diseases, the need to reduce healthcare costs for better accessibility, well-developed infrastructure of industries, rising government initiatives to improve healthcare systems, and the demand for real-time data access.

In addition, Asia Pacific is expected to increase its participation in the global patient engagement solutions market over the projected period. The market in this region can be driven by the rapid expansion of cloud-based technology in healthcare and the high demand for high-quality, affordable healthcare services.

Key developments in the market:

• In May 2023, Athenahealth, Inc. announced that LCH Health and Community Services had implemented athenaOne, athenahealth's integrated, cloud-based electronic health record (EHR), medical billing, and patient engagement solution, and athenaOne Dental, to provide a more unified experience for its patients & providers and to support the nonprofit's growth strategy.
• In May 2023, MediBuddy collaborated with Indel Money Limited to provide Indel Money Gold customers with access to various healthcare services, including unlimited General Physician consultation, health check-ups, and lab benefits up to Rs. 1000, and free delivery of medicines.
• In April 2023, Athenahealth rolled out a new tool called the Patient Digital Engagement Index to measure how well patients engage with digital health.
• In July 2022, Health Catalyst, Inc. partnered with MemorialCare Miller Children's & Women's Hospital Long Beach, a leading, innovative nonprofit health system in Orange and Los Angeles Counties to improve care outcomes with innovative patient engagement technology.
• In July 2022, MediBuddy acquired Clinix, an online doctor consultation startup. This acquisition will help MediBuddy penetrate the domestic rural market.

Market Segments

Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Deployment Option

• Cloud-based Solution
• On-Premise Solutions
• Web-based Solutions

Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Type of Solution Offered

• Appointment Management Solutions
• Electronic Health Record Integration Solutions
• Patient Education Solutions
• Remote Patient Monitoring Solutions
• Other Solutions

Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Application Area

• Financial Health Management
• Fitness and Wellbeing
• Home Health Management
• Research and Development
• Social Health Management

Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on End-user

• Healthcare Providers
• Individuals
• Payers
• Others

Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America Patient Engagement Solutions Market Revenue (US$ Bn) by Country, 2023 to 2031

• U.S.
• Canada

Europe Patient Engagement Solutions Market Revenue (US$ Bn) by Country, 2023 to 2031

• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe

Asia Pacific Patient Engagement Solutions Market Revenue (US$ Bn) by Country, 2023 to 2031

• India
• China
• Japan
• South Korea
• Australia & New Zealand

Latin America Patient Engagement Solutions Market Revenue (US$ Bn) by Country, 2023 to 2031

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa Patient Engagement Solutions Market Revenue (US$ Bn) by Country, 2023 to 2031

• GCC Countries
• South Africa
• Rest of Middle East & Africa

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Why should buy this report:

• To receive a comprehensive analysis of the prospects for the global Patient Engagement Solutions Market
• To receive an industry overview and future trends in the global Patient Engagement Solutions Market
• To analyze the Patient Engagement Solutions Market drivers and challenges
• To get information on the Patient Engagement Solutions Market size value (US$ Mn) forecast till 2031
• Major Investments, Mergers & Acquisitions in the global Patient Engagement Solutions Market industry

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