The global patient engagement solutions market was valued at USD 7.4 billion in 2015. The growing frequency of medical tourism coupled with the rising use of cloud-based networking models and the increasing number of investments in the healthcare IT, in the developing nations, are anticipated to propel the industry growth over the forecast period.
Favorable government legislations and awareness initiatives are anticipated to be crucial drivers for the market growth. For instance, the Readmission Reduction Program initiated by the Centers for Medicare and Medicaid Services (CMS) inspire the providers to be actively involved in patient engagement solutions with the objective of containing the readmission rates while providing better inpatient services.
Global patient engagement solutions market, by services, 2013 - 2024 (USD Billion)
The Affordable Care Act (ACA) further promotes the growth of this sector by introducing programs, such as the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS), at hospitals to conduct surveys thatgather information with respect to patient satisfaction associated with hospital care and services. This serves as a tool for the standardized measurement of the quality of care administered at hospitals. The increased patient participation achieved through such patient engagement efforts would impact health outcomes and subsequently enhance the healthcare delivery of the present medical systems.
The delivery mode of the patient engagement solutions is classifiedas the following: on premise, web-based, and cloud-based solution. The web-based delivery segment held the largest share in 2015 and accounted for over 75.0% of the share.
However, the cloud-based segment is expected to exhibit the highest growth owing to its affordability, scalability, and flexibility over the forecast period with a lucrative growth of over 20.0%. For instance, the YourCareLink interface engine by YourCareUniverse, Inc., allows fast, safe, and accurate data transfer.
Based on components, the patient engagement solutions market is segmented into software, hardware, and services. The software segment accounted for almost 20.0% share in 2015; this segment finds its applications ranging from in healthcare organizations to home healthcare, and hence, account for the largest share over the forecast period.
Key end-users of this sector are payers, providers, and individual users. The individual users are projected to register marked growth attributable to the increasing use of mobile healthcare. However, the providers held the largest share in 2015 and arepoised to exhibit a rapid growth pace with a CAGR of over 22.0%.
On the basis of applications, the patient engagement solutions market has been classified into health management, home healthcare management, financial health management, and social health management. The home healthcare management segment is estimated to be the fastest growing owing to the rising demand for home-based healthcare.
On account of the considerable decrease in life expectancy stemming from the upward trend in the adoption of unhealthy lifestyles, the health management segment is expected to grow at a faster pace in the North America region. In 2015, the Commonwealth Fund revealed that despite spending USD 10,000 per person, the life expectancy rate was considerably low in the U.S. thereby propelling the need for health management products.
The therapeutic area segment is classified into chronic diseases, fitness, women’s health, mental health, and other therapeutic areas. The increasing prevalence of chronic diseases is expected to dominate this segment at 45.0% of the revenue.
North America held the largest share in 2015 and accounted for over 40.0% of the patient engagement solutions market. Increasing investments in the healthcare IT sector coupled with the rising demand for mobile healthcare options contributed towards the revenue in this region.
Asia Pacific is anticipated to experience the fastest growth over the forecast period largely due to the increasing disposable income, rising geriatric population, and the growing demand for improved healthcare solutions.
Publically funded systems, such as National Health Services (NHS) in the UK and policies including the Dossier Medical Personnel in France are likely to propel the market for patient engagement solutions in the European region.
Furthermore, emerging nations, such as China and India, in Asia-Pacific are expected to exhibit notable growth over the forecast period attributable to the rising medical tourism within the region.
Some established players of thepatient engagement solutions market include Allscripts Healthcare Solutions, Inc., Phytel, Inc., Orion Health Ltd., Athena Health, Inc., McKesson Corporation, Cerner Corporation, Lincor Solutions Ltd., Medecision, Inc., and YourCareUniverse, Inc.
Owing to the increasing competition and the demand for mobile healthcare, the players are engaged in developing new products that are expected to boost the industry growth. The companies offer various products, such as interactive educational tools, digital care plans, chronic diseases management applications, and virtual health coaches.
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