A three-pronged approach was followed for deducing the patient engagement solutions market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for patient engagement solutions market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of patient engagement solutions market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The patient engagement solutions market was categorized into four segments, namely delivery type (Web & Cloud-based, On-premise), component (Software & Hardware, Services), functionality (Communication, Health Tracking & Insights, Billing & Payments, Administrative, Patient Education), therapeutic area (Health & Wellness, Chronic Disease Management), application (Population Health Management, Outpatient Health Management, In-patient Health Management), end-use (Payers, Providers), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The patient engagement solutions market was segmented into delivery type, component, functionality, therapeutic area, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The patient engagement solutions market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-one countries, namely, the U.S.; Canada; the UK; Germany; Italy; France; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; Kuwait; and UAE
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The patient engagement solutions market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Allscripts Healthcare Solutions - Allscripts Healthcare Solutions Inc. deals in the development of healthcare service platforms and services. It was established in 1986 and is headquartered in the U.S. The firm operates in areas such as advanced clinical, operational, and financial solutions The company's clinical and financial portfolio includes integrated clinical software applications and solutions. It offers connectivity, homecare automation, analytics, patient engagement solutions, electronic health records (EHR), clinical decision support, and population health management solutions. Population health management solutions offered by the company include health management and coordinated care solutions that enable hospitals and other healthcare organizations to connect and provide care across the entire community. The company serves hospitals, government agencies, healthcare organizations, insurance companies, retail clinics and pharmacies. As of 2015, the company has about 6,900 people working for it globally.
Orion Health Ltd. - Orion Health develops and provides Health Information Exchange (HIE) and healthcare integration solutions worldwide. Orion Health was established in the year 1993 and is headquartered in New Zealand. The company develops web-based clinical workflow and integration technology software for the healthcare industry. The company has expertise in providing consulting services in the areas of strategic planning, change management, and application management. These products are supplied to healthcare providers, payers, pharmaceutical manufacturers, pharmaceutical retailers, medical device manufacturers, application developers, and others. Through these platforms, the company aims to connect and maintain a database of healthcare information across all the states of the U.S. and 30 other countries globally.
Cerner Corporation - Cerner Corporation through its subsidiary Cerner Healthcare Solutions is a supplier of healthcare information technology solutions, services, hardware, and devices. Cerner Corporation was founded in 1979 and is headquartered in the U.S. It has 22,000 employees as of 2015. Cerner Corporation offers various intelligent solutions and services that cater to the clinical, operational, and financial needs of healthcare organizations. These services include remote hosting, healthcare data analysis, operational management, clinical process optimization, employee wellness programs, transaction processing, implementation and training, and so on. It also offers Electronic Medical Record (EMR), billing, EDI services, and practice management. The major customers of Cerner Corporation are integrated delivery networks, managed care organizations, medical centers, pharmaceutical manufacturers, physician groups and networks, and hospitals. The company operates in more than 25 countries worldwide.
McKesson Corporation - McKesson Corporation established in 1833 is a company dealing in a wide range of healthcare products. It is headquartered in San Francisco and specializes in healthcare IT solutions and pharmaceutical distribution. The firm delivers products to pharmaceutical companies, pharmacies, payers, hospitals, physician offices, and other institutions under the healthcare spectrum. Around 76,000 dedicated employees help the company serve patients and healthcare professionals globally, with a strong presence in the U.S. market.
Athenahealth, Inc. - Athenahealth, Inc. is a cloud-based healthcare service provider focused on the development of point-of-care mobile applications. The company was established in 1997 and is headquartered in the U.S. The company has a strong presence in North America and has a subsidiary in India. The subsidiary in India is set up to increase sales and extend the distribution network in the Asian market. The firm specializes in products related to EHR, patient engagement solutions, medical billing, revenue generation cycles, population health management, and care coordination. The company has around 5,000 employees as of 2015, working on the betterment of healthcare by developing enhanced new tools and techniques.
Phytel Inc. - Phytel Inc. is a subsidiary of International Business Machines (IBM) Watson Health and is headquartered in the U.S. It was acquired by IBM Watson Health in 2015 as a strategic plan to expand its product portfolio and provide lateral integration. It was established in 1996 and since then has been providing optimal healthcare solutions to healthcare professionals as well as patients. The key focus areas are population health management, patient-centered medical homes, and patient engagement. Over 200 employees, work for the company, as of 2015.
Medecision, Inc. - Medecision Inc. is a computer software-providing company and is primarily involved in generating and commercializing platforms and solutions for the healthcare industry. Medecision is headquartered in the U.S. and was established in 1988. The company is focused on developing products, which are expected to boost the healthcare industry through digitalization and centralization of data. The company caters to the provision of solutions in the fields of health information technology, medical management software, care coordination workflow, population health management, and other avenues in the healthcare domain. The company is run by a workforce of around 300 employees, as of 2015.
GetWellNetwork Inc. - GetWellNetwork Inc. was established in 2000 and is headquartered in the U.S. The company provides healthcare solutions and hospital management services that have helped the company gain a respectable market position in the last 15 years. The company aims to provide patient engagement solutions using patient education, patient satisfaction, interactive hospital television, and interactive patient care. The company portfolio also includes EHR and patient portals. As of 2015, the employee strength of the firm was around 500 people.
YourCareUniverse Inc. - YourCareUniverse Inc. is a subsidiary of Medhost. Medhost is headquartered in the U.S. and was established in 1984. YourCareUniverse was formed in 2015, to meet the need for patient engagement solutions. The company serves in the field of hospital management and healthcare services. The company has a wide range of products that comprise community engagement, your care solutions, emergency department information systems, information management systems, and business analysis solutions. The company provides physicians with revenue improvement cycle solutions and consumer relationship management programs. YourCareUniverse has an exceptional workforce of around 200 employees, contributing to the company’s growth.
Lincor Solutions Ltd. - Lincor Solutions is a service-providing company, which is involved in commercializing services and solutions in the hospital and healthcare sector. The company was established in 2003 and is headquartered in Ireland. Its product portfolio consists of patient engagement technology, point-of-care technology, healthcare telematics, and bedside gateway. It consists of a workforce of around 200 employees working to improve clinical outcomes, reduce readmissions, and support electronic health records.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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