BANGALORE, India, July 7, 2021 /PRNewswire/ -- The Patient Engagement Solutions Market is Segmented by Type (Web-based, Cloud-based, On-premise), by Application (Health Management, Social and Behavioral Management, Home Health Management, Financial Health Management). The report covers global opportunity analysis and industry forecasts from 2021 to 2026. It is published on Valuates Reports in the Healthcare Category.
The global Patient Engagement Solutions market size is projected to reach USD 39070 Million by 2026, from USD 12190 Million in 2019, at a CAGR of 18.1% during the forecast period 2021-2026.
Major factors driving the growth of the patient engagement solutions market are:
Patient engagement solutions enable healthcare providers to make better decisions regarding a patient's health, by allowing collaboration with patients in the decision-making process. This improves the patient-provider relationship, and overall patient retention.
Legislative reforms of the Affordable Care Act (ACA) in the US, demand for improved quality of care, rise in aging population, and incentives by various governments for adoption of HCIT and patient engagement solutions.
In addition to improving care, patient engagement also has financial benefits as it reduces no-shows, aids in increasing revenue, and maintains your patient base.
TRENDS INFLUENCING THE GROWTH OF PATIENT ENGAGEMENT SOLUTIONS MARKET
Implementation of government regulations and initiatives to promote patient-centric care is expected to drive the patient engagement solution market size. Patient engagement is viewed as a key to improved health outcomes and lower healthcare costs by governments across regions. Patient engagement techniques that are well-designed can also improve the patient experience by allowing patients to become more active participants in their own care.
Patient engagement solutions enable providers to care for their patients remotely and mediate any small care needs, they can prevent their patients from falling seriously ill in the long run. Ultimately, this reduces the likelihood that patients will be faced with major healthcare costs. Furthermore, patient engagement helps streamline operations and increase communication thereby reducing appointment cancellations and help generate more revenue for the care providers. This advantage is, in turn, expected to increase the growth of the patient engagement solution market.
The increase in need for staying connected with the physician is expected to further propel the patient engagement market. Patients and providers can communicate and collaborate more quickly and easily with the use of patient engagement solutions. These innovative tools facilitate the sharing of updates on both sides and provide a means for shared decision-making to happen. Better communication leads to better care, better outcomes, and more satisfied patients.
Based on delivery mode, The cloud-based solutions segment is expected to witness the highest growth rate, owing to the higher flexibility, scalability, and affordability offered by these solutions. In 2016, the cloud-based solution held a market share of about 75%.
Based on application. The health management segment held the largest share of about 47.5%.in 2016.
The North America region is the largest supplier of Patient Engagement Solutions, with a revenue market share of nearly 48.4% in 2016. Europe is the second-largest supplier of Patient Engagement Solutions, enjoying a revenue market share of nearly 30.1% in 2016.
Furthermore, North America is the largest sales place, with a sales market share of nearly 42.1% in 2016. Following North America, Europe is the second-largest sales place with a sales market share of 33.5%.
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