Albany, NY -- (SBWIRE) -- 09/07/2017 -- The global patient engagement solutions market has been witnessing a remarkable rise in its valuation as well as size. With the increasing prevalence of chronic diseases and a significant growth in the global geriatric population, the need for patient-oriented healthcare services has increased, leading to an augmented demand for patient engagement solutions, across the world. In addition to this, the rising uptake of IT in healthcare services is likely to aid this market considerably over the coming years.
In 2014, the overall opportunity in the global patient engagement solutions market was US$6.6 bn. Proliferating at a remarkable CAGR of 23.0% during the period from 2015 to 2023, the market is anticipated to reach US$34.9 bn by the end of 2023.
The global market for patient engagement solutions is analyzed on the basis of delivery mode and the end user. Based on the delivery mode, the market is classified into self-hosted services, application-managed services, and software as a service (SaaS). Among these, the demand for self-hosted solutions is higher than the other two at present. However, the application-managed services segment is projected to witness a high-paced growth over the next few years, thanks to the easy access and on-the-go services provided by this segment.
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By the end user, the market is categorized into hospitals and healthcare providers, pharmaceutical companies, and medical and healthcare payers. Of these, hospital and healthcare providers have emerged as the key end user of patient engagement solutions and are expected to continue like this over the forthcoming years.
Pharmaceutical companies, on the other hand, are anticipated to display promising growth opportunities over the next few years, as a large pool of pharma companies are expected to uptake patient engagement solutions in order to meet their research and development requirements and control the operational capital incurred. The tremendous increase in the interest of pharmaceutical companies in patient engagement solutions is due to the feedbacks from patients and physicians regarding the prescribed drugs from these solutions, which plays a crucial role for these companies in improving their existing and pipeline products.
The global market for patient engagement solutions reports its presence across the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Currently, North America is leading the global market due to the increasing number of government reforms and the rising demand for quality healthcare services. Researchers anticipate this regional market to remain on the top over the forthcoming years, thanks to the advent of incentive-based payment methods are their increasing adoption in healthcare organizations.
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Patient engagement solutions are designed to obtain improved health outcomes of patients by including advanced IT services and electronic devices in their medical regimen. These solutions engage patients in their healthcare decision-making process and this results in better and healthier healthcare outcomes. In order to deliver quality healthcare services and mitigate rising healthcare costs, patient engagement solutions are backed by hospitals and healthcare organizations along with healthcare payers. The need of patient engagement solutions is to build up the relationship between healthcare providers and patients to promote active participation toward self-care and strengthen the decision-making process individually and collectively.
Patient engagement solutions provide services such as medication/appointment reminders, lab reports, and healthcare tips. This helps patients reduce risks to their health and re-admission to the hospitals. Furthermore, these services reduce the financial pressure from healthcare payers and provide valuable medical feedback related to medicines to the pharmaceutical companies.
This research study, entitled "Patient Engagement Solutions Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 – 2023," provides strategic analysis of the global patient engagement solutions market, along with the market growth (size in US$ Bn*) forecast for the period from 2015 to 2023. The report includes an in-depth analysis of the market drivers, restraints, and industry trends. It also highlights the significant growth opportunities for patient engagement solutions in the next few years.
With a large pool of regional and multinational participants, the global market for patient engagement solutions is highly competitive and fragmented in nature. Athenahealth Inc., GetWellNetwork Inc., Emmi Solutions LLC, McKesson Corp., Cerner Corp., Medecision Inc., Phytel Inc., Axial Exchange, Orion Health, and Allscripts Inc. are the key players operating in this market. These players are focusing on expanding their businesses across various regions in order to strengthen their position in the global market.