Patient Engagement Solutions Market Size (2022-2028) To Reach USD 41.0 Billion at a CAGR of 16.90% | Industry Trends, Share, And Growth Analysis | Vantage Market Research
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WASHINGTON, May 09, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Patient Engagement Solutions Market finds that the increasing adoption of EHR and mHealth solutions is expediting market growth. Primarily driven by rising implementation of government regulations and initiatives to promote patient-centric care, the total Global Patient Engagement Solutions Market is estimated to reach USD 41.0 Billion by the year 2028.
The Global Market revenue stood at a revenue of USD 16.1 Billion in the year 2021 and the Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 16.90%.
Furthermore, the increase in spending on the healthcare sector is also anticipated to augment the growth of the Global Patient Engagement Solutions Market, states Vantage Market Research, in a report, titled “Patient Engagement Solutions Market Size, Share & Trends Analysis Report by Component (Hardware, Software, Services), by Delivery Mode (On Premise, Cloud Based), by Application (Health Management, Home Health Management, Social and Behavioural Management, Financial Health Management), by End User (Providers, Payers, Patients, Other), by Therapeutic Area (Chronic diseases, Women’s health, Fitness, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Rising Adoption of EHR and m-Health Solutions to Stimulate Global Patient Engagement Solutions Market
The increasing adoption of EHR and m-Health solutions is anticipated to augment the growth of the Patient Engagement Solutions Market in the years to come. This is attributable to the rising penetration of 3G/4G networks and adoption of smartphones along with increasing utilization of connected devices and m-Health apps for the management of chronic diseases. The m-Health tool is utilized for improving patient engagement since consumers are already aware of so much of the technology which is evolving. From patient portals and fitness trackers to smartphone apps along with home monitoring equipment, mHealth is seen in patients’ everyday lives. Remote patient monitoring and telemedicine are two examples of how m-Health can be used to assist patients receive treatment in a way that is convenient for them, opening doors to care encounters that would otherwise be difficult to reach. Thus, m-Health turns out to be a key factor to improve the patient engagement and hence supporting the growth of the market.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Patient Engagement Solutions market is predicted to grow at a CAGR of roughly 16.90% during the forecast period.
The Patient Engagement Solutions market was estimated to be worth roughly USD 16.1 Billion in 2021 and is expected to reach USD 41.0 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Patient Engagement Solutions market.
Growing Implementation of Government Regulations to Accelerate Market Growth
The increasing implementation of government regulations and initiatives to promote patient-centric care is anticipated to augment the growth of the Patient Engagement Solutions Market within the estimated period. Various rules and measures are being implemented by governments around the world to encourage the adoption of patient engagement technologies. For example, EU Health Ministers signed a declaration in 2020 to collaborate and establish an e-Health common area that will allow for the free movement of electronic health records throughout Europe. In addition, the declaration demanded for e-Health to be included in the Europe 2020 plan. The Patient Protection and Affordable Care Act (PPACA) or Affordable Care Act (ACA) PPACA, which was signed in March 2010, has caused a growth in the percentage of stakeholders who are willing to subscribe to patient engagement solutions in the United States. Further, market growth will also be aided by improved reimbursement laws in emerging countries.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Patient Engagement Solutions Market highlights:
Assessment of the Market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Regional Analysis:
North America Dominated the Global Patient Engagement Solutions Market
North America held the largest shares in 2021. This is due to the increasing adoption of technologies such as m-Health and EHR in the region. Furthermore, the market's regional growth is likely to be fuelled by presence of key players along with increasing investment in patient engagement software by the major companies. Additionally, the growing spending on the healthcare sector by the government is also projected to drive the growth of the Patient Engagement Solutions Market in the region.
List of Prominent Players in the Patient Engagement Solutions Market:
McKesson Corporation
Allscripts
IBM
Advanced MD
Cerner Corporation
Epic Systems Corporation
ResMed
Koninklijke Philips N.V.
Klara Technologies Inc.
CPSI
Experian Information Solutions Inc.
Athenahealth Inc.
Solution reach Inc.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Patient Engagement Solutions Market Size, Share & Trends Analysis Report by Component (Hardware, Software, Services), by Delivery Mode (On Premise, Cloud Based), by Application (Health Management, Home Health Management, Social and Behavioural Management, Financial Health Management), by End User (Providers, Payers, Patients, Other), by Therapeutic Area (Chronic diseases, Women’s health, Fitness, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/patient-engagement-solutions-market-404239
Recent Developments:
April, 2022: Reverba, a leading global patient engagement company, announced the launch of reverba BRIDGE, a comprehensive digital platform that powers patient engagement solutions for clinical teams in the biopharmaceutical industry.
March, 2022: UST announced the launch of a new digital patient engagement SaaS solution in partnership with Well-Beat, an Israeli start-up adding the human touch to healthcare through behavioral AI.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Patient Engagement Solutions Market?
How will the Patient Engagement Solutions Market change in the upcoming six years?
Which application and product will take a lion’s share of the Patient Engagement Solutions Market?
What is the Patient Engagement Solutions market drivers and restrictions?
What will be the CAGR and size of the Patient Engagement Solutions Market throughout the forecast period?
This report titled “Patient Engagement Solutions Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
Component
Hardware
Software
Services
Delivery Mode
On Premise
Cloud Based
Application
Health Management
Home Health Management
Social and Behavioural Management
Financial Health Management
End User
Providers
Payers
Patients
Other
Therapeutic Area
Chronic diseases
Women’s health
Fitness
Others
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Region & Counties Covered
North America
U.S.
Canada
Mexico
Europe
U.K
France
Germany
Italy
Spain
Rest Of Europe
Asia Pacific
China
Japan
India
South Korea
South East Asia
Rest Of Asia Pacific
Latin America
Brazil
Argentina
Rest Of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest Of Middle East & Africa
Companies Covered
McKesson Corporation
Allscripts
IBM
Advanced MD
Cerner Corporation
Epic Systems Corporation
ResMed
Koninklijke Philips N.V.
Klara Technologies Inc.
CPSI
Experian Information Solutions Inc.
Athenahealth Inc.
Solution reach Inc.
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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