Patient Engagement Solutions Market to Advance at CAGR of 15.7% During 2021-2028; Growing Adoption of Mobile Health to Catalyze Growth Prospects, Says TMR
- Hospitals and care providers emphasizing patient-centric healthcare delivery models to boost patient outcomes, which underpins abundant revenue potential
- Governments and industry stakeholders leaning on promoting value-based care to expand lucrative avenues in North America; extensive uptake of advanced mobile health solutions to fuel patient engagement solutions market growth
ALBANY, N.Y., April 6, 2022 /PRNewswire/ — Increasing penetration of mobile health devices and platforms is strengthening patient engagement with their healthcare providers in the management of various diseases. The patient engagement solutions market has witnessed sizable investments by health systems to promote patient-centric care. The global patient engagement solutions market valuation is projected to reach US$ 56.33 Bn by 2028, amounting to a CAGR of 15.7% during the forecast period of 2021–2028.
Advancements in healthcare technologies that help patients interact with physicians and other clinicians in real time have been propelling the revenue potential of the patient engagement solutions market. Integration of IT in healthcare delivery solutions is expanding the canvas for stakeholders, thus enabling them to capitalize on new revenue streams during the forecast period.
Proliferating use of medical wearable and growing awareness about the benefits of electronic health records have opened up new patient-centered delivery models. The trend will continue enrich the prospects of patient engagement solutions, find an in-depth TMR study. Self-management intervention programs have been successfully implemented for various chronic diseases, thus imparting a robust impetus to the growth of the patient engagement solutions market.
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Key Findings of Patient Engagement Solutions Market Study
- Focus of Hospitals on Patient-Centric Care to Generate Massive Revenues: Hospitals and providers accounted for a major share of the global patient engagement solutions market. Mobile health platforms are rising in deployment in hospitals to empower patients to take an active part of their health and wellness. Furthermore, multi-platform devices are growing in prospects, thus expanding profitable avenues, notes the study on the patient engagement solutions market. Some of the key functionalities of patient engagement solutions pertain to digital discharge, prescription adherence, appointment fixing, care plans, and reminders & alerts.
- Ease of Access and Other Benefits of Mobile Health Solutions Bolster Uptake Rate: Globally, a growing number of providers of the patient engagement solutions are aiming at increased access to mobile health solutions, thus catalyzing the growth of the market. This has underpinned incredible avenues for commercialization of products, observed the study by TMR. Healthcare IT companies have been leaning on making patient engagement solutions easy to deploy and use. On the other hand, this is being used to simplify the information systems deployed in hospitals.
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- Self-hosted Solutions Preferred Delivery Mode for Patient Engagement Solutions: Self-hosted delivery mode has gained widespread preference among end users. Massive adoption and application of patient engagement portals by large-scale hospitals has spurred the generation of revenue potential. High security and ease of access of solutions are key customer propositions pivoting demand for patient engagements solutions. The introduction of patient engagement solutions that combine functionality and scalability will open up new revenue streams in near future, assert the analysts in a TMR study.
Patient Engagement Solutions Market: Key Drivers
- The growing demand for patient-centric healthcare services is a key driver of the patient engagement solutions market. Healthcare providers globally are leaning on leveraging patient-centric platforms to boost patient outcomes and promote value-based care.
- Strides being made by wearable in healthcare industry and relentless focus on increasing the utility of electronic health records/electronic medical records. The growth has been underpinned by the advancements in ICT and reliable internet connection.
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Patient Engagement Solutions Market: Regional Growth Dynamics
- North America held a major share of the global patient engagement solutions market in 2020. Widespread government reforms and the increasing trend of patient-centric care are bolstering the revenue prospects of the regional market.
- The rapid pace of adoption of mobile health devices and platforms in the health systems notably in the U.S. is propelling the revenue generation in the North America patient engagement solutions market.
- The focus on value-based care across the economies in North America is expected to spur the growth prospects globally.
Patient Engagement Solutions Market: Key Players
Some of the key players in the patient engagement solutions market are GetWellNetwork, Inc., Athenahealth, Inc., Emmi Solutions LLC, Orion Health, Axial Exchange, Phytel, Inc., and Cerner Corporation.
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Global Patient Engagement Solutions Market: Segmentation
Patient Engagement Solutions Market, by Delivery Mode
- Self-hosted
- Software as a Service (SaaS)
- Application Managed Services
Patient Engagement Solutions Market, by End-user
- Hospitals & Providers
- Healthcare Payers
- Pharmaceutical Companies
Patient Engagement Solutions Market, by Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Patient Access Solutions Market: The global patient access solutions market is likely to be fuelled by the growing regulatory compliances that support these solutions. The key factors that support growth of the global patient access solutions market are increased demand for health insurance, expanding pool of patients, reducing reimbursements, and realization of the importance of denial management.
Interactive Patient Engagement Solutions Market: Physicians and other clinicians are harnessing patient engagement solutions to engage patients, empower them in better and timely decision making, and educate them on range of topics ranging from disease processes, medications, and diagnostics. The role of patient engagement in driving patient customer loyalty in hospital settings is a key pivot that has spurred the deployment of such systems in interactive patient engagement solutions market.
Patient Flow Management Solutions Market: The primary factors driving the growth of the patient flow management solutions market include high return of investment achieved by the adoption of these solutions, high demand for enhanced quality of care, and growth in focus on patient satisfaction.
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