Global Patient Engagement Solutions Market: Snapshot
Patient engagement is a solution towards enabling healthcare institutions in establishing some form of communication with their patients by the use of any form of patient portals. Patient engagement solutions aid patients in managing their healthcare data and allows improved interaction between the medical team and the patients. It is vital to provide necessary tools to the patients in order for them to participate actively in managing their own health. Enhanced access to healthcare providers of individual healthcare information enable patients to effectively deliver self-care. Additionally, these solutions are increasingly playing a significant role in ensuring patient satisfaction. Furthermore, the technology ensures safety and improves the service quality.
The rise in awareness regarding mobile health, the growing aging population coupled with the incentives and subsidies offered by governments across the world are providing a thrust to the global patient engagement market. However, the lack of health literacy could restrain the growth of the market to some extent. Additionally, the incrementing demand for value based drugs on account of the rise in peer pressure and dramatic shift in patient specific solution are expected to create greater opportunities for market vendors.
The global patient engagement solutions market stood at US$6.6 bn in 2014. With a remarkable 23.0% CAGR over 2015 and 2023, the forecast duration, the overall market is predicted to attain US$34.9 bn by the of the forecast period.
Pharmaceutical Enterprises to Emerge as Key User Segment
The global market for patient engagement solutions is studied based on the end-user and the delivery mode. On the basis of the delivery mode, the market is classified into self-hosted services, application-managed services, and software as a service (SaaS). Among the delivery-mode segments, the demand for self-hosted solutions is expected to increment considerably over the others. Additionally, the segment of application-managed services is prognosticated to demonstrate a swift rise over the upcoming year, due to its easy access and mobile services provided by this segment.
Based on the end-user, the market is segmented into healthcare providers, hospitals, pharmaceutical companies, and medical and healthcare payers. Among these, hospital and healthcare providers is envisaged to rise as the key end user of patient engagement solutions over the forthcoming years.
Pharmaceutical companies, on the other hand, are projected to witness promising opportunities of growth over the coming years, due to the large pool of pharmaceutical enterprises adopting patient engagement solutions so as to control the operational capital incurred, and meet the demands of their research requirements.
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Asia Pacific to Witness Swift Growth Rate in Market due to Rising Industrialization
The global patient engagement solutions market is analyzed based on geographical segmentation into North America, South America, Europe, the Middle East and African, and Asia Pacific. Among these, North America presently leads the global market due to the growing number of governmental reforms and the rising demand for quality healthcare services. It is anticipated that this regional market is likely to remain dominant over the forthcoming years, on account of to the emergence of incentive-based payment methods.
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