The global patient engagement solutions market is expected to witness sustainable growth (CAGR of 21%) from 2020 to 2025 mainly due to the rapid penetration of mhealth applications and platforms into the healthcare industry coupled with the provision of uninterrupted and rapid internet access utilizing 3G and 4G networks. Moreover, the rapid adoption of mobile health and EHR applications is expected to boost the demand for digital patient engagement solutions globally. The rising trend of actively involving patients in the process of healthcare delivery and keeping all treatments transparent is also expected to boost the sale of such engagement solutions during the forecast period.
The patient engagement solution market is segmented into three main types; namely, web-based, cloud-based, and on-premise. The Web-based segment is the largest segment among all with more than 70% market share. However, after Covid-19, the cloud-based segment is anticipated to experience the fastest growth as it allows easy data access over remote locations and provides excess storage space. On the contrary, the on-premise type can only be used in the premise of the facility where it is installed. This is the major reason behind the slow growth of on-premise segment.
The patient engagement solution development companies are continuously engaging with numerous cloud storage and application providers, who act as intermediaries between hospitals and solution providers as a part of their forward integration strategy.
Due to increasing awareness of patient engagement solutions, major market players, such as McKesson and Allscripts, are continuously focusing on offering newer technologies to increase patient participation, intensifying the competitive rivalry.
Software development is the biggest cost component (~47%) of an overall patient engagement solution. In the fields of software development, major cost components such as EHR integration and developer rates determine the overall cost of the service.
The patient engagement solutions market procurement intelligence report provides a detailed analysis of the cost structure of the service along with the prevalent pricing models that prominent suppliers in the market opt for.
India has been the leading sourcing destination for software development since early 2000 mainly because India has a larger proportion of developers with a college major in a CS-related field as compared to the rest of the world.
The average annual salary of developers in India is almost 2.5 times lower than the average salary of developers all over the world; 5 times lower than the average salary in the U.S., 4 times lower than the average salary in the U.K., and 3 times lower than the average salary in Germany.
From a sourcing perspective, the majority of suppliers develop the software in-house as it reduces the security risks, maintenance-related complexities, and increased the flexibility in customization.
Suppliers widely prefer approved provider operating models to reduce risks and improve the potential for value creation. As such, suppliers are expected to move from offering generic services to proprietary services in the future. The report also provides details regarding quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis.
b. The global patient engagement solution market size was valued at USD 15.1 billion in 2020 and is expected to reach USD 39.8 billion by 2025.
b. The global patient engagement solution market is expected to record a CAGR of 21.4% from 2021 to 2025.
b. Increasing use of mobile health systems and increasing investments by stakeholders in the development of patient engagement solutions are the two major driving factors for the patient engagement solution market.
b. LCC/BCC sourcing analysis indicates India as one of the best sourcing destinations for patient engagement software development.
b. Some of the key patient engagement solution suppliers are Allscripts, Orion Health, and McKesson.
b. The global patient engagement solution market is moderately fragmented and competitive with many large corporations strategically forming partnerships with mid-sized or small-sized companies to leverage their capabilities.
b. Software development is the largest cost component (~47%) of the patient engagement solution.
b. The prevalence of innovative sourcing practices, increasing spend transparency, migration to cloud-based procurement tools, and standardization of contract period are some of the best practices in the patient engagement solution market.
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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