Patient Engagement Tech Market to Grow by USD 37.4 Billion (2024-2028) with Chronic Disease Rise, AI’s Influence on Market Trends – Technavio Report

NEW YORK, Sept. 16, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global patient engagement technology market size is estimated to grow by USD 37.40 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 20.56% during the forecast period. Increasing cases of chronic diseases is driving market growth, with a trend towards digitization of healthcare. However, stringent regulations on patient engagement solutions poses a challenge. Key market players include agilon health Inc., ALLSCRIPTS HEALTHCARE SOLUTIONS INC., athenahealth Inc., CipherHealth, Computer Programs and Systems Inc., DrChrono Inc., eClinicalWorks LLC, Epic Systems Corp., GetWellNetwork Inc., International Business Machines Corp., Lincor Inc., Luma Health Inc., McKesson Corp., Medical Information Technology Inc., Medtronic Plc, Oneview Healthcare Plc, Oracle Corp., Solutionreach Inc., Sonifi Solutions Inc., and Tebra Technologies Inc..

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Market Driver

In the last decade, digitization has transformed the healthcare industry with technologies like AI and cloud computing. This shift brings benefits such as improved doctor-patient coordination, real-time health information, and data security. Digitization’s impact is significant in healthcare and diagnostics, revolutionizing genomic research, big data, telemedicine, and 3D bioprinting. To enhance patient care, healthcare systems must engage digitally informed consumers. EHRs, like centralized, secure, and private cloud-based systems, simplify patient experiences and reduce human error. The adoption of advanced healthcare technology solutions, such as patient engagement solutions, is expected due to these factors. These solutions aim to improve health outcomes and drive the growth of the global patient engagement technology market.

The Patient Engagement Solutions market is experiencing significant growth as Payers, Providers, and Individual Users seek to improve healthcare consumerism. Chronic Diseases like diabetes and mental health, women’s health, and geriatric population management are key focus areas. Fitness and healthcare apps, telehealth, wearable devices, and patient portals are popular solutions. NextGen Healthcare and Care teams leverage software and hardware, including mobile devices and wearables, to enhance patient engagement. Health literacy and virtual consultations are essential for deadly and infectious diseases. AI technologies, clinical trials, and preventive care are trends in this market. Strict regulations ensure patient information security. Healthcare benefits, healthcare professionals, physicians, and technologists collaborate to provide effective patient engagement solutions. Standalone and integrated solutions cater to diverse needs.

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Market Challenges

• The Health Insurance Portability and Accountability Act (HIPAA), enacted in 1996, sets strict guidelines for safeguarding patient data, known as Protected Health Information (PHI). HIPAA mandates healthcare providers to sign contracts with patient engagement software vendors, affirming their commitment to HIPAA compliance and PHI protection. However, HIPAA’s stringent privacy regulations restrict the functionality of advanced patient portals, failing to meet the criteria for efficient patient engagement solutions. These limitations include slow access to patient data, delayed medical information transfer, and lack of direct personalized communication. The healthcare industry acknowledges the challenges posed by HIPAA and its impact on the patient engagement technology market’s growth during the forecast period.
• The Patient Engagement Solutions market is experiencing significant growth due to the increasing need for effective communication and management of patient care, particularly among geriatric populations and those with chronic conditions like diabetes. Solutions include web-based, cloud-based, and on-premise software and hardware, such as patient portals, mobile applications, and wearables. Challenges include strict regulations, deadly and infectious diseases, and the need for healthcare benefits for all. Technologists, physicians, and healthcare professionals are turning to AI technologies, virtual consultations, and clinical trials to improve patient care and preventive care for diseases like arthritis. Services like consulting, support and maintenance, billing and payments, patient education, health and wellness, population health management, and in-patient health management are essential for success in this market. Standalone and integrated solutions cater to various needs, while patient information security remains a top priority. Smartphone users and mobile device users are driving the demand for solutions that can be accessed on the go.

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Segment Overview

This patient engagement technology market report extensively covers market segmentation by

1. Delivery Mode

• 1.1 On-premise solution
• 1.2 Web and cloud-based solution

• 2.1 Providers
• 2.2 Payers
• 2.3 Individual users

• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 On-premise solution- On-premises patient engagement solutions involve purchasing licenses or software copies and storing the entire solution on a company’s premises. This setup offers enhanced security as healthcare data remains within onsite servers and IT infrastructure. However, managing and maintaining on-premises data comes with significant costs, including hardware, software licenses, integration capabilities, and IT personnel. Any system malfunctions or breakdowns result in high repair expenses. These factors limit the adoption of on-premises patient engagement solutions and contribute to a smaller market share compared to cloud-based alternatives.

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Research Analysis

The Patient Engagement Solutions market encompasses a range of technologies and services designed to enhance interaction between patients, payers, and providers. These solutions aim to improve health outcomes, manage chronic diseases, and promote preventive care. Fitness, women’s health, and mental health are key areas of focus. Solutions include virtual consultations, clinical trials, healthcare apps, and wearable devices. AI technologies and cloud-based or on-premise software are essential components, enabling personalized care and real-time monitoring. Patient portals and mobile applications facilitate assessment timelines and enable easy access to medical records. Preventive care is a significant driver, with wearables and mobile devices offering continuous monitoring and tracking. Overall, patient engagement solutions empower individuals to take control of their health and healthcare journey.

Market Research Overview

The Patient Engagement Solutions market encompasses a range of technologies and services designed to enhance communication and collaboration between payers, providers, individual users, and healthcare professionals. These solutions aim to improve health literacy, care team coordination, and patient experience for various populations, including those with chronic diseases such as diabetes and arthritis, women’s health, mental health, and geriatric patients. Fitness, healthcare consumerism, and telehealth are key trends driving market growth. Solutions include web-based, cloud-based, and on-premise software, hardware like wearable devices and patient portals, mobile applications, and virtual consultations. AI technologies and clinical trials are also playing an increasingly important role. Preventive care, billing and payments, patient education, and population health management are essential components of patient engagement solutions. Strict regulations ensure the secure handling of patient information. Social management, virtual consultations, and arthritis management are standalone applications, while integrated solutions offer consulting, support, and maintenance. NextGen Healthcare, Healthcare consumerism, and healthcare professionals, including physicians and technologists, are major stakeholders in this market. Solutions cater to smartphone users, diabetic patients, and the deadly and infectious diseases population. Patient engagement solutions enable healthcare benefits, improve healthcare literacy, and facilitate care team communication, making them an essential tool for delivering effective and efficient healthcare services.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Delivery Mode
• On-premise Solution
• Web And Cloud-based Solution
• End-user
• Providers
• Payers
• Individual Users
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio