Patient Engagement Solutions Market Size to Reach USD 32.41 Billion in 2030 | Implementation of Government Regulations and Initiatives to Promote Patient-Centric Care is a Key Factor Driving Industry Demand, says Emergen Research

VANCOUVER, BC, March 25, 2022 /PRNewswire/ -- The global patient engagement solutions market size reached USD 13.49 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing use of mobile health apps is one of the major factors expected to drive market revenue growth.

Drivers:

Various regulations and measures are being implemented by governments across the world to encourage adoption of patient engagement technologies. In 2020, the European Union (EU) Health Ministry signed an agreement to work and establish an eHealth platform for easy accessibility to electronic health data across Europe, and eHealth was included in the Europe Vision 2020, as per the agreement. The Patient Protection and Affordable Care Act (PPACA) or Affordable Care Act (ACA), which was passed into a law in March 2010, has resulted in increase in the number of stakeholders using patient engagement solutions in the U.S. This is expected to have a favorable impact on revenue growth of the global market. Moreover, improving reimbursement regulations in emerging countries is also expected to support market revenue growth over the forecast period.

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Restraints:

Healthcare information technology systems are expensive software solutions, and the cost of system maintenance and software upgrades may exceed the cost of the product. Support and maintenance services, which include software upgrades as per needs of the user, generate a recurring expense that accounts for over 30% (approx.) of total cost of the solution. Moreover, training of end users is required to enhance the productivity of various healthcare Information Technology (IT) solutions, as the healthcare industry lacks internal IT expertise. This is increasing the cost of operation of these systems and thereby limiting their adoption, which is expected to restrict market revenue growth during the forecast period.

Growth Projections:

The global patient engagement solutions market is expected to register a CAGR of 10.2% over the forecast period, and revenue is expected to increase from USD 13.49 Billion in 2021 to USD 32.41 Billion in 2030.

COVID-19 Impact Analysis:

Medical practices of all kinds were impacted significantly due to the COVID-19 outbreak, as healthcare facilities around the world were overloaded by a large number of patients during the pandemic. In various countries around the world, rising prevalence of COVID-19 has increased demand for accurate diagnosis and treatment equipment. Post COVID-19 pandemic, demand for remote patient monitoring through mHealth and telehealth solutions, as well as demand for accurate and scheduled exchange of patient health records, are driving revenue growth of the global patient engagement solutions market. Several market players have integrated COVID-19-related functionalities into their current patient engagement solutions, which are being made accessible to consumers for free. This is leading to increasing adoption of these solutions in the current scenario.

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Current Trends and Innovations:

Increasing number of smartphone users around the world has accelerated the adoption of mHealth by both providers and consumers. Apps for healthcare are becoming increasingly popular among end users, as they are simple to install on smartphones. Moreover, these applications may be connected to wearable devices to enable users to maintain their health, which is increasing patients' trust in mHealth apps. The COVID-19 pandemic has had a significant impact on end users and healthcare industries, as well as on digital transformation.

Geographical Outlook:

Patient engagement solutions market in North America is expected to account for a larger revenue share over the forecast period. This can be attributed to rising prevalence of chronic diseases, increase in adoption of the Internet of Things (IoT), presence of a well-recognized healthcare IT industry, and early acceptance of technology in the region.

Strategic Initiatives:

Major companies included in the global market report are Cerner Corporation (Oracle), NXGN Management, LLC, Epic Systems Corporation, Allscripts Healthcare, LLC, McKesson Corporation, ResMed, Klara Technologies, Inc., Koninklijke Philips N.V., Athenahealth Inc., and CPSI.

• In December 2020, Roche launched a digital platform in Thailand to personalize diabetes management. In Thailand, there were 4.3 million (approx.) diabetic patients, half of whom are tested, and only a third of those are diagnosed and treated. The digital platform from Roche Diabetes Care collects and stores all patient-related health records, as well as facilitates communication between patients and their healthcare providers.

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Emergen Research has segmented the global patient engagement solutions market on the basis of component, functionality, delivery mode, application, end-use, therapeutic area, and region:

• Component Outlook (Revenue, USD Billion; 2019–2030)
• Software & Hardware
• Standalone
• Integrated
• Service
• Consulting
• Training & Implementation
• Support & Maintenance
• Others
• Functionality Outlook (Revenue, USD Billion; 2019–2030)
• Communication
• Health Tracking & Insights
• Billing & Payments
• Administration
• Patient Education
• Others
• Delivery Mode Outlook (Revenue, USD Billion; 2019–2030)
• On-premise Solution
• Cloud-based Solution
• Application Outlook (Revenue, USD Billion; 2019–2030)
• Home Health Management
• Population Health Management
• Outpatient Health Management
• In-Patient Health Management
• Financial Health Management
• End-use Outlook (Revenue, USD Billion; 2019–2030)
• Providers
• Payers
• Patients
• Others
• Therapeutic Area Outlook (Revenue, USD Billion; 2019–2030)
• Health & Wellness
• Chronic Disease Management
• Others

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• Regional Outlook (Revenue, USD Billion; 2019–2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• BENELUX
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Turkey
• Rest of MEA

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