DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The global patient engagement solutions market is projected to reach USD 19.35 billion by 2025 from USD 11.97 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. However, a lack of interoperability of PES and a dearth of skilled IT professionals in the healthcare industry are expected to restrain the growth of this market during the forecast period.
The COVID-19 outbreak has created immense pressure on the medical practices of all sizes and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. Various players in this market have introduced COVID-19-related features into their existing patient engagement solutions, which are being made available to users free of cost. These has led to the growth in the adoption of the Patient Engagement Solutions Market.
The Services component is expected to increase during the forecast period.
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 patient engagement solutions 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 patient engagement solutions market. Cloud-based solutions help healthcare organizations share and integrate information from different locations or systems in real-time.
The health management application of patient engagement solutions accounts for the largest share in 2019.
The patient engagement solutions 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 for the largest share of the global patient engagement solutions 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 patient engagement solutions 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 provider's segment accounted for the largest share of the global patient engagement solutions 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.
- Implementation of Government Regulations and Initiatives to Promote Patient-Centric Care
- Increasing Adoption of Patient Engagement Solutions
- Rising Number of Collaborations and Partnerships Between Stakeholders
- Increasing Utilization of Mobile Health Apps
- Requirement of Investments in Infrastructure for Implementing Patient Engagement Solutions
- Protection of Patient Information
- Lack of Interoperability
- Dearth of Skilled It Professionals in the Healthcare Industry
- Emerging Asian Countries
- Wearable Health Technology
- Cloud-Based Models
- High Cost of Deployment
- Lack of Health Literacy
- Mckesson Corporation
- Allscripts Healthcare, LLC
- Orion Health
- Cerner Corporation
- Getwellnetwork, Inc.
- Lincor Solutions
- Harris Healthcare
- Get Real Health
- Oneview Healthcare
- Curemd Healthcare
- Epic Systems Corporation
- Eclinical Works
- Vivify Health
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