A three-pronged approach was followed for deducing the U.S. 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 U.S. 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 U.S. 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 U.S. patient engagement solutions market was categorized into nine segments, namely delivery type (Web & Cloud-based, On-premise), component (Software & Hardware, Services), type (Standalone, Integrated), service type (Consulting, Implementation & Training, Support & Maintenance), 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-user (Payers, Providers) and region (U.S).
The U.S. patient engagement solutions market was segmented into delivery type, component, type, service type, functionality, therapeutic area, application, end-user, and region. 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 U.S. patient engagement solutions market was analyzed at a regional level. The region was divided into the U.S., keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.
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 U.S. 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:
CERNER CORPORATION (ORACLE) - Cerner Corporation is a publicly operated multinational organization involved in health information technology products and services. The company serves a wide range of customers, from patients and physicians to hospitals and organizations. Cerner offers end-to-end solutions, including subscriptions, software, technology resale, support, and maintenance. These service offerings are spread over multiple categories: open and interoperable, clinical, population health, patient engagement, and services & technology.
NEXTGEN HEALTHCARE, INC. - NextGen Healthcare, Inc. is a publicly operated organization involved in medical information technology solutions and services. It specializes in developing EHRs and practice management software for the healthcare industry. It provides customizable clinical and financial solutions with other interoperable solutions for population health, telemedicine, patient outreach, care management, & nationwide clinical information exchange. The company is a market leader in the U.S. and serves multiple clients across all 50 states.
EPIC SYSTEMS CORPORATION - Epic Systems Corporation is a private healthcare IT Company. It specializes in medical software, such as Electronic Medical Records (EMR), Population Health Records (PHR), and EHRs. The company focuses on developing, testing, and implementing software that its customers can use to improve patient outcomes. It operates in countries across the globe such as Europe, the Middle East, and Asia.
ALLSCRIPTS HEALTHCARE, LLC - Allscripts Healthcare, LLC is a publicly operated multinational organization involved in health information technology solutions and services. The company helps healthcare organizations achieve financial, operational, and clinical results. Allscripts serves clients globally and their clientele includes lab companies, physicians, governments, hospitals, insurance companies, health systems, and retail clinics. The company’s diverse portfolio includes solutions such as EHR, population health management, patient engagement, consumer solutions, and precision medicine. The company operates mainly in North America with offices across the globe.
MCKESSON CORPORATION - McKesson Corporation is a publicly operated multinational organization and one of the Fortune 500. It is active in the healthcare products and services industry and is a market leader in many specialties. The company has diverse products and service offerings such as healthcare IT, pharmaceutical distribution, supply chain management, medical supplies, pharmacy management & technology, and practice management. The company’s customers are segregated into three main categories: retail national accounts (e.g., mail-order pharmacies & mass merchandisers), independent chain retail pharmacies, and institutional healthcare providers.
RESMED - ResMed is one of the leading medical technology solution providers in the U.S. and worldwide. Its cloud-connected medical devices transform patient care for sleep apnea, chronic disease, and Chronic Obstructive Pulmonary Disease (COPD). Its comprehensive out-of-hospital software platform supports healthcare professionals and those who help people stay healthy in a care setting or home.
KONINKLIJKE PHILIPS N.V. - Koninklijke Philips N.V. is a diversified health and well-being company. The company operates across three main business areas: Healthcare, lighting, and consumer lifestyle. It provides solutions for cardiac care, home healthcare, acute care, and energy-efficient lighting solutions. The healthcare business comprises four segments: Imaging systems, patient care, clinical informatics, and home healthcare solutions. Home healthcare solutions include respiratory care, sleep management & noninvasive ventilation, medical alert, remote patient monitoring, and medication dispensing services.
KLARA TECHNOLOGIES, INC. - Klara Technologies, Inc. is a privately held company specializing in healthcare communication. The company provides a platform for patient communication, provider collaboration, and telemedicine with a focus on effective & secure communication. The Klara platform was designed to reduce time spent on administrative work and increase patient satisfaction.
CPSI - CPSI is a publicly operated organization active in the hospital and healthcare IT industry. It is a market leader in providing solutions to healthcare systems, community hospitals, and post-acute care facilities. It offers products & services solutions via its 4 companies: TruBridge, LLC, iNetXperts, Corp., Evident, LLC, and American HealthTech, Inc. All these companies focus on improving financial, clinical, and patient outcomes. CPSI has a wide portfolio of products & services that include Healthcare Information Solutions, Revenue Cycle Management, Electronic Health Records (EHRs) Systems, and Care Management Software.
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 2022, historic information from 2017 to 2021, and forecast from 2023 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 2022 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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