Patient Engagement Solutions Market worth $19.3 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 13, 2020 /PRNewswire/ --According to the new market research report "Patient Engagement Solutions Market by Component (Hardware, Software, Services), Delivery Mode (On Premise, Cloud), End User (Provider, Payer), Applications (Home Health, Financial Health), Therapeutic Area - Analysis and Global Forecast to 2025", published by MarketsandMarkets™, the Patient Engagement Solutions Market is projected to reach USD 19.3 billion by 2025 from USD 11.9 billion in 2020, at a CAGR of 10.1%.
The growth of this market is driven by the implementation of government regulations and initiatives to promote patient-centric care, increasing demand for patient engagement solutions, and the increasing utilization of mobile health apps.
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The Patient Engagement Solutions Market includes Tier I and II vendors like McKesson, AllScripts, IBM and Cerner. These companies have a large market spread in North America, Europe, Asia Pacific and Rest of the World. Covid 19 has impacted the business. Large patient purchase reductions shut down of sales offices in various locations, non-renewal of purchase contract and negative impact of Covid 19 on supply chain. This led to a slight decrease in the growth of the market in 2020 since 2019. Yet, experts claim that a steady recovery is expected by second quarter of 2021.
By component, the services segment accounted for the highest growth in 2019.
On the basis of component, the Patient Engagement Solutions Market is segmented into software, hardware, and services. The services segment is said to grow at the highest rate due to the fact that the service component is indispensable in the application of deployed solutions. Additionally, increasing investments in the development of innovative service models that provide value-based patient-centered care is also driving the market for services.
The cloud based delivery ode of solutions is expected to grow at the highest CAGR in 2019.
On the basis of delivery mode, the market is segmented into on-premise and cloud-based solutions. The cloud-based solutions segment is expected to register the highest CAGR during the forecast period. The flexibility, scalability, and affordability offered by cloud-based solutions are supporting their growth in the market. Cloud-based solutions help healthcare organizations share and integrate information from different locations or systems in real-time.
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Health management application of patient engagement solutions accounts for the largest share in 2019.
The market is segmented into health management, home health management, social and behavioral management, and financial health management. In 2019, the health management applications segment accounted forthe largest share of the global market. The large share of this segment can be attributed to the increasing awareness among patients about the complexity of their disease conditions and their willingness to actively participate in maintaining their own health.
Providers account for the largest end user market in the market in 2019.
On the basis of end users, the Patient Engagement Solutions Market is segmented into providers, payers, patients, and other end users (including government bodies, employer groups, and pharmaceutical companies). In 2019, the providers segment accounted for the largest share of the global market. Providers are increasingly adopting patient engagement solutions to curtail rising healthcare costs, offer value-based care, and improve financial outcomes. Patient engagement solutions also help providers to improve patient experience, meet the increasing demand for convenient access to health information, and better serve patients to self-manage their care.
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Chronic disease account for the largest therapeutic use market in the market in 2019.
Based on the therapeutic area, the market is segmented into chronic diseases, women's health, fitness, and other therapeutic areas. In 2019, the chronic diseases segment accounted for the largest share of the global Patient Engagement Solutions Market. The large share of this segment can be attributed to the high burden of chronic diseases and the need to effectively manage these conditions while reducing the overall healthcare costs.
North America dominates the market during the forecast period.
The global patient engagement solution market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the global market. Favorable government initiatives and regulations, the need to reduce healthcare costs, the rising prevalence of chronic diseases, and the presence of key market players in the region are the key factors driving the growth of the market in North America.
McKesson Corporation (US), Allscripts (US), IBM (US), AdvancedMD (US), Cerner Corporation (US), Epic Systems Corporation (US), Orion Health (New Zealand), GetWellNetwork (US), and athenahealth (US), MEDHOST (US), eClinicalWorks (US), Lincor Solutions (US), Get Real Health (US), Symphony Care (US), Harris Healthcare (US), Kareo (US), CureMD Healthcare (US), Oneview Healthcare (Ireland), MEDITECH (US), IQVIA (US), Vivify Health (US) and Cognizant (US) are considered to be the leading players in the Patient Engagement Solutions Market.
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