Patient Engagement Technology Market Worth $59 Billion, Globally, by 2028 at 18.5% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 31, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Patient Engagement Technology Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Services, Hardware, and Software), Therapeutic Area (Fitness, Chronic Diseases, Women's Health, and others), Delivery Mode (Cloud-Based and On-Premises), Application (Health Management, Financial Health Management, Home Healthcare Management, and Others), and End User (Patients, Payers, Providers, and Others)", the global patient engagement technology market size is expected to grow from $21.35 billion in 2022 to $59 billion by 2028; it is expected to register a CAGR of 18.5% from 2022 to 2028.

The patient engagement technology market growth is driven by the rising adoption of patient-centric engagement solutions, the increasing prevalence of chronic disorders such as cardiovascular disorders, diabetes, and obesity, the surge in government initiatives, and the growing number of start-ups. North America accounts for the major market share of the market in 2022 due to presence of developed healthcare IT infrastructure which led to the high adoption of patient engagement technology.

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Patient Engagement Technology Market: Competitive Landscape and Key Developments

Allscripts Healthcare, LLC; athenahealth, Inc. (Veritas Capital); Carilex Medi GetWellNetwork, Inc.; AdvancedMD, Inc.; Cerner Corporation; Epic Systems Corporation; Orion Health group of companies; McKESSON CORPORATION; Lincor, Inc.; and Medecision are among the leading companies operating in the global patient engagement technology market. These players are focusing on expanding, diversifying their market presence, and acquiring a new customer base, thereby tapping prevailing business opportunities.

In April 2022, Medecision and Clearstep, Inc., —a healthcare technology company—entered into a strategic partnership. The partnership will bring Clearstep's Smart Care Routing to Medecision's current and future health system and health plan customers, enabling an enhanced patient engagement experience. The AI technology will be available through Medecision's HITRUST CSF-certified, SaaS solution, Aerial. Clearstep Smart Care Routing provides patient-consumers with self-service access to the right care and services within a healthcare system or payer network, driving better patient engagement, acquisition, and retention.

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In March 2022, athenahealth plans to launch several new products this year, including an app for patients focused on patient engagement to extend the care experience beyond the clinical encounter. Athenahealth's patient portal works on a phone, although it will be moved beyond that with a more targeted and comprehensive tool.

In December 2021, athenahealth, Inc. announced that Allied Digestive Health (ADH), one of the largest gastroenterology groups in the Northeast US, has selected its cloud-based healthcare payments and patient engagement solutions to drive patient relations and revenue cycle excellence and support the organization's growth. ADH leveraged athenahealth's robust patient engagement product to proactively manage patient relations, empowering patients to take an active role in managing their health and clinical information.

In February 2021, The Epic Systems MyChart patient portal was ranked Best in KLAS for the fourth year, asserting the health IT vendor's market dominance. The company was also the top Overall Software Suite for the eleventh straight year and the top Overall Physician Practice Vendor. The 2021 Best in KLAS Report included rankings for a few other patient engagement technologies.

In 2021, North America dominated the patient engagement technology market. The US holds the largest share of the market in this region. The market growth in the country is attributed to the increasing adoption of advanced medical device technologies, growing digitalization of medical devices, and increasing emphasis on improving treatment outcomes. Moreover, the increasing prevalence of chronic diseases such as diabetes and obesity in the US is likely to create demand for patient engagement technology systems.

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According to the Centers for Disease Control and Prevention (CDC), in 2019, almost 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people have two or more chronic diseases. Further, cancer is one of the leading causes of death in the region. Moreover, the rising aging population, the number of accidents, and the number of hospital admissions are major factors driving the number of surgical procedures worldwide. For instance, as per the data provided by Population Reference Bureau, the number of North & South Americans aged 65 and over is projected to nearly double from 52 million (16%) in 2018 to 95 million (23%) by 2060. Hence, the above-mentioned factors are expected to drive the growth of the patient engagement technology market during the forecast period.

Rising Adoption of Patient-Centric Engagement Solutions:

Patient engagement refers to anything that allows healthcare organizations to communicate with their patients, such as using an online patient portal. However, patient involvement is more than just interactive technology such as a portal or automated message. Moreover, the medical procedure scheduled for patients is critical in assuring patient satisfaction. Technology increases service quality and ensures safety. Wireless technologies have been built around the hospital environments through which patients and healthcare providers can manage personalized data. According to a white paper issued by UbiCare, patient engagement system usage reduces [length of stay (LOS)] by 25% per day for hip replacement patients and 13% for knee replacement patients. For instance, in 2021, an innovative patient engagement program, enhanced recovery after surgery (ERAS), was implemented at university hospitals (UH), which yielded notable results. According to a news release from National Library of Medicine, it led to shorter hospital stays, less use of opioids, fewer post-surgical infections, and lower costs for patients. The program included pre-operative counseling to set expectations with patients and families, optimizing pre-operative and post-operative nutrition, minimizing the use of narcotic pain relievers after surgery, promoting early mobility after surgery, and getting patients healthier. ERAS was first implemented at UH Cleveland Medical Center and used at all hospitals across the UH system. Further, in May 2022, the program won the Patient Engagement Best Practice Award from the Ohio Patient Safety Institute for 2021.

Patient empowerment through enhanced health knowledge, timely appointment scheduling with doctors/caregivers, increasing adherence to recommended medical treatments, and rising interaction with providers via online tools are advantages of patient engagement technology solutions. These solutions are adopted based on the level of patient empowerment they provide. When patients access their medical records and track their progress, they become more engaged in their care. Thus, benefits associated with the patient engagement system are promoting the patient engagement technology market growth.

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Patient Engagement Technology Market: Segmental Overview

Based on component, the patient engagement technology market is segmented into software, hardware, and services. The software segment held the largest market share in 2021, and it is anticipated to register the highest CAGR during the forecast period.

Therapeutic Area-Based Insights:

Based on therapeutic area, the patient engagement technology market is segmented into fitness, chronic diseases, women's health, and others. The chronic diseases segment held the largest market share in 2021. However, the fitness segment is anticipated to register the highest CAGR during the forecast period.

Delivery Mode-Based Insights:

Based on delivery mode, the patient engagement technology market is bifurcated into cloud-based and on-premises. The cloud-based segment held the largest market share in 2021 and is anticipated to register the highest CAGR during the forecast period.

Application-Based Insights:

Based on application, the patient engagement technology market is segmented into health management, financial health management, home health management, and others. The health management segment held the largest market share in 2021, and it is anticipated to register the highest CAGR during the forecast period.

End User-Based Insights:

Based on end user, the patient engagement technology market is segmented into patient, payers, providers, and others. In 2021, the providers segment held the largest share of the market. However, the payer's segment is expected to register the highest CAGR in the patient engagement technology market from 2022 to 2028.

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Impact of COVID-19 Pandemic on Patient Engagement Technology Market:

The COVID-19 pandemic has significantly affected the global healthcare system and has disrupted the global economies. To combat the spread of SAR-CoV-2, governments have imposed stringent policies to prevent and reduce the mortality rate. To reduce the risk of virus transmission to either patients or health care workers within their practice, healthcare providers postponed elective and preventive visits, such as annual physicals, and converted in-person visits to telemedicine visits. This has increased the demand for virtual consultation and telemedicine; however, home quarantine has further created the need for remote patient monitoring, which has increased the use of patient engagement technology.

Moreover, the increasing prevalence of chronic disorders, such as diabetes, obesity, and cardiovascular disorders, with a surge in COVID-19 cases has led to complications among patients. Furthermore, the rise in consumer awareness regarding health, increase in healthcare IT infrastructure globally, and high adoption rate of patient engagement technology in developing economies are also expected to support the market growth. Moreover, an increase in clinical trials regarding COVID-19 vaccines has boosted the demand for patient engagement technology, which helped fasten the process and led to the launch of vaccines. Thus, the COVID-19 pandemic has positively impacted the global patient engagement technology market growth.

Browse Adjoining Reports:

Patient Engagement Solutions Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Services, Hardware, Softwares); Therapeutic Area (Fitness, Chronic Diseases, Women's Health, Others); Delivery Mode (Cloud-Based Solutions, On-Premise Solutions); Application (Health Management, Financial Health Management, Home Healthcare Management, Others); End User (Patients, Payers, Providers, Others) and Geography

Population Health Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Hardware, Services, Software); Solution (Data Integration and Management, Analytics, Patient Engagement, Care Coordination); Delivery Mode (On-Premise, Cloud-Based); End-User (Healthcare Providers, Healthcare Payers, others)

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Chronic Disease Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Disease Type (Diabetes, Cancer, Cardiovascular Diseases (CVD), Asthma, Arthritis, Chronic Obstructive Pulmonary Disorders (COPD), Stroke, Others); Service Type (Consulting Service, Implementation Service, Educational Services, Others); Deployment Mode (On-Premise, Cloud-Based, Web-Based); End-User (Provider, Payer, Others)

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