Growing popularity of keeping all treatments transparent will lead to increased demand for Patient Engagement Solutions across the globe

Patient Engagement Solutions Procurement Intelligence

The patient engagement solutions procurement has gained traction on the back of technological advancements and demand for cost-cutting approach. The global market size stood at USD 22.7 billion in 2023. In 2022, North America held a substantial share in the global landscape, followed by Europe and Asia Pacific. North America’s dominance is mainly due to the increased incidences of chronic diseases, the need to reduce healthcare costs, and favorable government efforts and regulations. The region is led by the U.S. which has a complicated healthcare system with a ton of paperwork and a set of procedures for the commercialization of medical devices and treatments. 

Europe holds the second-largest share due to publicly supported programs like the National Health Service (NHS) in the United Kingdom. The Asia Pacific region is anticipated to witness a decent growth rate with the presence of profitable growth prospects for the healthcare sector, such as improved care quality and healthcare infrastructure. 

Based on end-usage, the healthcare providers segment holds the largest share of revenue. Healthcare providers are the first choice for consultation on anything from general to specialized medical issues in addition to treating the greatest number of patients. Therefore, these end-users are the ones who use patient engagement solutions the most. Based on mode of delivery, the web / cloud-based segment holds the largest share. Increased usage of these solutions is fueled by their integrated features, convenience of use, low cost of handling, simple data backup, and remote access to real-time data tracking. Healthcare businesses are investing more in web and cloud-based patient engagement solutions for the reasons outlined above. For instance, Microsoft released Cloud for Healthcare, in 2020, which seeks to improve patient involvement and teamwork inside healthcare organizations with the use of data analytics and telemedicine capabilities.

Technologies such as wearables and optimized online touchpoints are gaining significant popularity in the industry. Despite having few concerns attached with it pertaining to legal and privacy, wearables offer significant potential for the healthcare sector. The technology can track vital signs, including heart rate and blood pressure, and some of them can even make predictions. It gives doctors a useful point of reference when talking with patients about particular physiological and biochemical data and their meanings. In addition, the technology motivate patients to take charge of their health and participate in it. A hospital or clinic is seen as the patient's informed healthcare provider when it provides a smooth, tailored experience that helps patients recognize and trust its brand. This will enable patients to regularly interact with them (hospital / clinic) as their go-to source for trustworthy information and treatment, which will increase patient retention.

The importance of virtual patient participation received prominence after the outbreak of the COVID-19 pandemic, prompting a change in strategy from traditional methods to the use of virtual modes for patient involvement in clinical trials and healthcare delivery. Patient engagement software has been implemented by several healthcare facilities to improve communication and promote a positive relationship between patients and clinicians. At the same time, several chronic diseases that affect a large section of the population, such as cardiovascular disorders and diabetes have become much more common. Hence, the patients suffering from these diseases need to be constantly in touch with their respective healthcare service providers to report issues or seek help in case of any emergency, which is fulfilled by the solutions.

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Patient Engagement Solutions Sourcing Intelligence Highlights

• The patient engagement solutions market exhibits a fragmented landscape with intense competition among the industry players.

• Buyers possess high negotiating capability due to the intense competition among the suppliers, enabling the buyers with the flexibility to switch to a better alternative.

• India is the preferred low-cost/best-cost country for sourcing patient engagement solutions suppliers. The nation is one of the most well-known for its affordable software development costs for healthcare.

• License cost/subscription fee, personnel, maintenance and upgradation, training & certification costs, and support constitute the total cost of ownership for patient engagement solutions. Other costs include utility costs, administrative expenses, renewal costs, data migration costs, and security.

Patient Engagement Solutions Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market intelligence, along with emerging technology and the regulatory landscape

• Market estimates and forecasts from 2024 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Market report in PDF, Excel, and PPT and online dashboard versions

Cost Intelligence Highlights

Grand View Research has identified the following key cost components:

• License Cost / Subscription Fee

• Personnel

• Maintenance & Upgradation

• Training & Certification Costs

• Support

• Others

  • Utility costs

  • Administrative Expenses

  • Renewal Costs

  • Data Migration Costs

  • Security

License Cost / Subscription Fee and Personnel form the largest key cost component of patient engagement solutions.

Patient Engagement Solutions-Key Suppliers

• Athenahealth, Inc.

• GetWellNetwork, Inc.

• Infomedia Group, Inc. (d.b.a Carenet Healthcare Services)

• Innovaccer Inc.

• International Business Machines Corp. (IBM Phytel)

• IQVIA Inc.

• Lincor, Inc.

• McKesson Corporation

• Medisys, Inc.

• Oracle Corporation (Oracle Cerner)

• Orion Health Group Limited

• PatientPoint Network Solutions, LLC

• Veradigm LLC

• Vivify Health, Inc.

• MEDHOST