The global patient engagement solutions market size is expected to reach USD 41.7 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 17.3% over the forecast period. The market is expected to register exponential growth due to the adoption of m-health; increasing prevalence of chronic conditions such as diabetes, asthma, and arthritis; improved healthcare services; enhanced patient education; patient data tracking; and diagnostic treatment.
In July 2019, a bipartisan group in Congress in U.S. introduced a new legislation that would allocate a fund of USD 25 million in grants for local, state, and tribal governments to develop Social Determinants Accelerator Plan with the aim to improve tracking and coordinating patient outcomes. Such initiatives are anticipated to drive the demand for these services over the forecast period.
Moreover, in March 2019, the American Medical Association entered into a collaboration with PatientPoint with the aim to access point of care to help prevent the occurrence of cardiovascular diseases and type 2 diabetes. Using PatientPoint technology, approximately 6,500 practicing doctors across U.S. are expected to educate individuals regarding disease prevention. Programs such as these are expected to drive market growth over the forecast period.
Some of the major market players are Allscripts Healthcare Solutions, Orion Health Ltd., Cerner Corporation, and McKesson Corporation, which collectively account for a substantial market share owing to their extensive product offerings. Moreover, key players are focusing on expanding their portfolio to gain competitive edge over their competitors. For instance, in October 2019, IQVIA launched Orchestrated Patient Engagement, a new cloud-based software as a service (SaaS) solution that narrows the gap between patients and life sciences companies by facilitating insights and interactions.
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Further key findings from the study suggest:
Web-based/cloud-based emerged as the largest delivery type segment in 2019 as it supports hassle-free information flow between patients and healthcare providers. Moreover, bulk data can be stored in these platforms and enable remote access
The software segment dominated the market in 2019, owing to continuous development in patient engagement solutions along with its increasing applications in consulting, education, and implementation. Software solutions are easy to install and use, enable quick access to specific drug information, and enable healthcare providers to digitally upload prescriptions
Rising prevalence of chronic diseases such as cardiovascular diseases, obesity, and diabetes, which require constant monitoring, is expected to drive the demand for these services in the coming years
Chronic diseases dominated the market in 2019 owing to the associated benefits of these solutions in chronic disease management. These solutions help patients connect with their healthcare providers from remote locations, thereby enabling streamlined flow of information, patient feedback, and other health-related data
North America dominated the global patient engagement solutions market in 2019 owing to increased adoption of m-health and electronic health record (EHR) and growing investments in patient engagement software by major companies
Companies are adopting various strategies to sustain competition. New product/solution development, partnerships, mergers, acquisitions, strategic collaborations, and geographical penetration are some of the key strategies adopted by market players
Grand View Research has segmented the global patient engagement solutions market on the basis of delivery type, component, end use, application, therapeutic area, and region:
Patient Engagement Solutions Delivery Type Outlook (Revenue, USD Million, 2016 - 2027)
Patient Engagement Solutions Component Outlook (Revenue, USD Million, 2016 - 2027)
Patient Engagement Solutions End-Use Outlook (Revenue, USD Million, 2016 - 2027)
Patient Engagement Solutions Application Outlook (Revenue, USD Million, 2016 - 2027)
Home Healthcare Management
Financial Health Management
Patient Engagement Solutions Therapeutic Area Outlook (Revenue, USD Million, 2016 - 2027)
Patient Engagement Solutions Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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