Patient Engagement Technology Market to grow by USD 37.41 Billion from 2024-2028, driven by rising chronic disease cases and AI’s impact on market trends – Technavio

NEW YORK, Nov. 27, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global patient engagement technology market size is estimated to grow by USD 37.41 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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Key Market Trends Fueling Growth

The Patient Engagement Technology market is experiencing significant growth as payers, providers, and individual users seek to improve healthcare consumerism. Chronic diseases like diabetes and infectious diseases require ongoing management, making telehealth, wearable devices, and healthcare apps essential tools. Women’s health and mental health are also priority areas, with next-gen healthcare focusing on patient engagement, health literacy, and care teams. Technologists and healthcare professionals are developing software and hardware solutions, including patient portals, mobile applications, and web-based, cloud-based, and on-premise systems. Payers and providers are investing in AI technologies for preventive care, arthritis management, and clinical trials. The market caters to various populations, including diabetic patients, geriatric population, and smartphone users. Healthcare benefits are maximized through consulting, support and maintenance, billing and payments, patient education, and health and wellness initiatives. Strict regulations ensure secure patient information management, while virtual consultations and social management tools enhance patient engagement. 

The healthcare industry has been significantly transformed by digitization, with technologies like AI and cloud computing playing a pivotal role. This digital revolution brings numerous advantages, such as improved doctor-patient coordination, communication among multiple physicians, real-time health information access, and enhanced data security. The benefits extend to various sectors, including genomic research, big data analysis, organ-on-chips, genetic engineering, telemedicine, and 3D bioprinting. Healthcare systems must prioritize data-driven and digital strategies to increase patient awareness and education. An informed and engaged patient base is essential for better health outcomes. 

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Market Challenges

• The Patient Engagement Technology market is growing rapidly as payers, providers, and individual users seek to improve healthcare experiences and outcomes. Challenges include engaging chronic disease patients, such as diabetics and geriatric population, through fitness apps, women’s health, mental health, and telehealth solutions. NextGen healthcare providers use software and hardware, including patient portals, mobile applications, and wearables, for preventive care and population health management. Healthcare consumerism demands patient education, care teams, and virtual consultations. Strict regulations ensure secure handling of patient information. Technologists develop AI technologies for preventive care, arthritis management, and clinical trials. Billing and payments, consulting, support and maintenance, and healthcare benefits are essential services. Patient engagement is key to managing deadly and infectious diseases, improving healthcare literacy, and enhancing the role of healthcare professionals, including physicians.
• The Health Insurance Portability and Accountability Act (HIPAA) of 1996 sets strict regulations for safeguarding patient data, known as Protected Health Information (PHI). Healthcare providers must sign a contract with patient engagement software vendors, committing to HIPAA compliance and PHI protection. HIPAA’s stringent rules limit advanced patient portal capabilities, falling short of efficient patient engagement solutions. These solutions should provide quick access to patient data, instant information transfer, and personalized communication. Despite HIPAA-supported patient portals, there is a need for more effective patient engagement technologies that meet these criteria.

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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 for use on a company’s own servers and IT infrastructure. This setup offers enhanced security as healthcare data remains onsite. However, managing and maintaining on-premises infrastructure comes with significant costs, including hardware, software licenses, and IT personnel. The high expenses associated with on-premises solutions may hinder their adoption in the global patient engagement technology market during the forecast period. Additionally, any system malfunctions or downtime can result in substantial repair costs. Despite these challenges, the on-premises segment is predicted to grow moderately due to its ability to integrate with on-premises Electronic Health Records (EHR) systems.

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Research Analysis

The Patient Engagement Technology market is a dynamic and growing sector in the healthcare industry, focusing on enhancing communication and collaboration between Payers, Providers, and Individual Users. This market caters to various health needs, including Chronic Diseases, Fitness, Women’s Health, and Mental Health. It encompasses solutions for Healthcare Consumerism, Virtual Consultations, Clinical Trials, and Preventive Care. Technologies like AI, Cloud-Based, and On-Premise Software, Hardware (including mobile devices and wearables), and Patient Portals are integral to this market. Wearable devices and Healthcare apps enable users to monitor their health in real-time, while mobile applications facilitate virtual consultations and assessment timelines. Moreover, the market caters to specific health concerns, such as Chronic Diseases, Fitness, Women’s Health, and Mental Health, with tailored solutions. AI technologies play a crucial role in analyzing patient data and providing personalized care plans. The market’s growth is driven by the increasing demand for convenient, accessible, and cost-effective healthcare solutions.

Market Research Overview

The Patient Engagement Technology market is a rapidly growing sector in healthcare, focusing on enhancing communication and collaboration between Payers, Providers, and Individual Users. This market caters to various health conditions, including Chronic Diseases such as diabetes and Arthritis, Women’s Health, Mental Health, and Geriatric population. Fitness and Healthcare consumerism are significant drivers, with NextGen Healthcare and other technologists developing innovative solutions like telehealth, wearable devices, patient portals, mobile applications, and healthcare apps. These technologies facilitate assessment timelines, preventive care, and virtual consultations for Deadly and Infectious Diseases. AI technologies and Clinical trials are transforming patient care, offering personalized healthcare benefits to Diabetic Patients and other healthcare consumers. Healthcare professionals, including physicians, utilize these tools for Patient Education, Health and Wellness, Population Health Management, and In-patient Health Management. Despite the numerous advantages, the market faces strict regulations and social management challenges. The market offers various deployment models, including Web-Based, Cloud-Based, On-Premise, Software, and Hardware solutions, catering to mobile devices, wearables, and patient information management. Billing and Payments, Support and Maintenance, and Consulting services are essential components of this dynamic and evolving market.

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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Email: media@technavio.com
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SOURCE Technavio