Latest trends in Patient Engagement Solutions Market indicate remarkable growth at a CAGR of 11.5%
A rise in awareness regarding mobile health & a growing emphasis on electronic health record (HER) reports is expected to drive the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, March 27, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, the patient engagement solutions market was valued at $17 billion in 2022, and is estimated to reach $50.5 billion by 2032, growing at a CAGR of 11.5% from 2023 to 2032.
Patient engagement software is dedicated to any healthcare provider whose services comprise direct contact with a single client. Health engagement platforms serve to schedule appointments and maintain the accessibility of medical records. In addition, a digital patient engagement platform simplifies the healthcare process for the client and brings substantial benefits from the business point of view. The patient engagement solution market has seen significant growth over the years, driven by several key trends and growth factors. One of the major trends is the development of cloud-based platforms to address the demand from large enterprises to secure cloud infrastructure.
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Similarly, the rise in popularity of managed services to administrate the outsourced IT infrastructure is another trend contributing to the patient engagement solution market growth. Growth factors of the patient engagement solution market include a rise in the number of chronic diseases and increase in awareness regarding mobile health among people, a growth in need to secure critical infrastructure, and extensive adoption and deployment of digital technologies. Overall, the patient engagement solution market is expected to continue to grow due to the rise in the adoption of patient engagement solution services across enterprises.
Based on functionality, the communication segment accounted for the largest share in 2022 contributing to more than one-fourths of the patient engagement solutions market revenue, owing to the growth in demand for patient engagement solutions for communication has fueled the market growth for the global market in these enterprises. However, the health tracking insight segment is expected to portray the largest CAGR of 14.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to several organizations.
Based on deployment mode, the on-premise segment is expected to grow at the highest growth rate during the forecast period. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premise patient engagement solutions. However, the cloud segment is expected to exhibit the highest growth during the forecast period. This is attributed to the cost-efficient solutions provided by these solutions.
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Based on components, the software segment held the highest market share in 2022, accounting for less than two-fifths of the patient engagement solutions market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growth in need for a high level of personalization one of the primary reasons enterprises have increased their investment in the patient engagement solutions market.
Based on region, North America attained the highest growth in 2022. The presence of prominent players such as Oracle Corporation, Athenahealth, and others has influenced the growth of the patient engagement solutions market size in North America. Moreover, the rise in government initiatives to strengthen database infrastructure across the region is further expected to drive the demand for patient engagement solutions database solutions. However, Asia-Pacific is projected to be the fastest-growing segment during the forecast period, owing to the availability of cost-effective digital solutions and the rise in the amount of data generation across organizations. In addition, the proliferation of advanced technologies escalates system safety and reduces delays in database operations.
The market players operating in the patient engagement solutions industry are Aetna Inc., Allscripts Healthcare Solutions, Inc. (Veradigm LLC), Athenahealth, Oracle Corporation, EPIC Systems Corporation, GetWellNetwork, Inc., IBM Corporation, IQVIA Inc., Lumeon Inc. and McKesson Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the patient engagement solutions market globally.
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The report provides a detailed analysis of these key players in the patient engagement solutions market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
COVID-19 Scenario:
• The patient engagement solutions market witnessed stable growth during the COVID-19 pandemic, owing to the dramatically increased dependence on digital devices. The surge in the online presence of people during the period of COVID-19-induced lockdowns and social distancing policies fueled the need for patient engagement solutions.
• In addition, businesses needed to optimize their business operations and offerings to maximize their revenue opportunities while optimizing their operations to support the rapidly evolving business environment post the outbreak of the COVID-19 pandemic with the majority of the population confined in homes during the early stages of the COVID-19 pandemic.
Competition Analysis:
Recent Product Launches in the Patient Engagement Solutions Market
• In September 2023, Oracle Corporation launched a new generative AI healthcare assistant designed to save clinicians time by responding to voice commands.
• In April 2023, athenahealth, Inc. launched the Athenahealth Patient Digital Engagement Index, a first-of-its-kind measurement capability for medical practices to understand how patients use digital tools when receiving care – and how to take the interaction to the next level.
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