Wednesday, August, 21, 2019 06:30:44

Patient Engagement Solutions Market size is expected to grow significantly from 2019 to 2025. Patient engagement in healthcare, guided using information technology medium contributes to improved health outcome in the society. Better access to healthcare providers and personal healthcare information helps patients in self-care management. Cost effective healthcare facilities, increased patient outreach, shorter hospitalization periods and improved quality of healthcare are some of the benefits offered by patient engagement solutions that will foster business growth.

Favorable government aided health awareness initiative is one of the crucial driver for industry growth. Patient portals such as Electronic Health Records (EHR) as well as mobile health (mHealth) increases adoption of patient engagement solutions with objective of providing better inpatient services. Majority of the consumers select healthcare providers that allow them to conduct healthcare interactions online or on mobile device thus, boosting industry growth.

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Increasing out of pocket expenditure and insurance schemes are expected to further favor business growth. Healthcare organizations are modifying themselves based on types of services, quality as well as cost to meet consumer demands. Patient engagement programs and activities are undertaken to improve quality of care in developing countries such as India and China that will spur the business revenue.

Increasing prevalence of chronic diseases coupled with patient awareness regarding self-care is estimated to surge the demand for patient engagement solutions over the forecast period. However, risks associated with data security coupled with lack of healthcare expenditure in underdeveloped countries may impede industry growth during the forecast timeframe.

Software segment accounted for significant revenue and is projected to witness similar trend during the forecast period. However, service segment constituting consulting services, cloud storage, training & maintenance solutions and improved technology will spur segment size during forecast period.

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Cloud based segment held momentous revenue share in 2018 owing to its affordability, flexibility and scalability. Increasing demand for cloud platform such as C3IoT that allows fast, safe and accurate data transfer is anticipated to drive segmental growth over the forecast period.

Health management application segment is expected to account for considerable revenue share by 2025. Segmental growth is contributed to decrease in life expectancy due to sedentary lifestyle and changes in dietary habits. Moreover, rising prevalence of diabetes and cardiovascular diseases worldwide will further augment industry size.

Chronic disease segment is anticipated to witness lucrative growth in the foreseeable future owing to growing burden of cancer, diabetes, cardiac diseases and other chronic diseases in developed as well as developing countries. Improvised sanitation facilities, ambulatory services and emergency medical care techniques to reduce mortality rates will further support business growth.

Providers end-user segment held significant revenue share in the patient engagement solutions market. Major industry players such as AdvancedMD, Advanced Patient Advocacy and other providers offering most reliable healthcare services such as EHR, telemedicine, business analytics reporting systems and physician’s performance benchmarking systems will spur revenue size.

North America patient engagement solutions held significant revenue share in 2018 and should show similar trend during the forecast period. Major breakthroughs such as IoT, IT infrastructures, healthcare cost cutting and reduction in hospital readmissions are some of the major factors that will stimulate regional growth. Digitalization in healthcare sector and enhanced healthcare delivery in North America will further upsurge business revenue during the forecast period.

Europe patient engagement solutions market will witness considerable growth during the analysis timeline. Demand for efficient healthcare delivery and advancement in healthcare solutions will act as primary driver for business growth. Publicly funded systems such as NHS in UK and policies such as Dossier Medical Personnel will positively impact industry growth in the region.

Some of the major industry players operating in the patient engagement solutions industry includes Allscripts, Athenahealth, Axial Exchange, Cerner Group, Emmi Solutions, GetWellNetwork, McKesson, Medicision, Orion Health and Phytel. Industry players are focusing on R&D to develop superior technologies enabling precise and cost-effective minimal invasive procedures to fulfil increasing consumer demand in developing countries. Strategic partnerships, collaboration and agreement are some of the major strategies adopted by industry players to capitalize on market opportunities and gain more market share.