Northrook, IL -- (SBWIRE) -- 12/11/2019 -- Factors such as a rise in the aging population, increasing burden of chronic diseases and focus of patients on self-managing their care has led to an increase in the adoption of patient engagement solutions globally. However, in spite of the numerous benefits certain barriers such as security of patient data and lack of interoperability are restraining the growth of the market.

What the Market Looks Like?

Predicted to grow at a CAGR of 16.2% during the forecast period, the global Patient Engagement Solutions Market is estimated to reach USD 18.68 Billion by 2022.

Based on basis of component, the patient engagement solutions market is broadly segmented into software, hardware, and services. In 2017, The software segment is estimated to account for the largest share of the global patient engagement solutions market. However, the market for the services (including services for consulting, storage, implementation of solutions, training, maintenance, and regular up gradation of technology) is expected to grow at the highest CAGR during the forecast period.

Based on delivery mode, the patient engagement solutions market is further classified into on-premise and cloud-based models. In 2017, the on-premise delivery mode is expected to account for the largest share of the global patient engagement solutions market. However, the cloud-based solutions market is projected to register the highest CAGR during the forecast period. The ability to access computing and storage resources swiftly when needed, without the requirement for a large technical staff, is one of the reasons that is driving the market growth of the cloud-based delivery mode.

Based on application, the patient engagement solutions market is further segmented into health management, social and behavioral management, home health management, and financial health. In 2017, the health management segment is expected to account for the largest share and is expected to register the highest CAGR during the forecast period. Providers encouraging patients to adopt these tools as it saves a lot of time for the providers as well as increase patient compliance for care is the major factor driving the growth of this segment.

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What Drives the Market?

The growth of the global market for Patient Engagement Solutions is primarily influenced by the following factors:

- Implementation of Government Regulations and Initiatives to Promote Patient-Centric Care
- Implementation of Incentives to Shift the Burden of Risk From Healthcare Payers to Providers
- Growing Popularity of Patient Engagement Solutions Among the Aging Population
- Significant Investments in Hcit By Stakeholders
- Rising Number of Collaborations and Partnerships Between Stakeholders
- Increasing Utilization of Mobile Health Solutions

Growth in this segment is largely driven by the federal mandates, focus on Meaningful Use of Healthcare IT, need to curb rising healthcare cost and reduce hospital readmissions, rising number of accountable care organizations (ACO) as end users for patient engagement platforms, rising aging population in the US, and Canada's efforts to enhance healthcare delivery and digital health measures in Canada.

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Geographical growth scenario of Patient Engagement Solutions Market

Geographically, North America is estimated to account for the largest share of the global market, followed by Europe. The growth of the North American market is expected to be centered particularly in the US. Growth in this segment is largely driven by the federal mandates, focus on Meaningful Use of Healthcare IT, need to curb rising healthcare cost and reduce hospital readmissions, rising number of accountable care organizations (ACO) as end users for patient engagement platforms, rising aging population in the US, and Canada's efforts to enhance healthcare delivery and digital health measures in Canada.

Leading market players and strategies adopted

McKesson Corporation (US), Allscripts (US), IBM (US), athenahealth (US), Cerner Corporation (US), Orion Health (New Zealand), Getwellnetwork (US), Lincor Solutions (Ireland), Yourcareuniverse (US), Welvu (US), Get Real Health (US), Oneview Healthcare (Ireland) are the key players in the market.

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