Patient Engagement Solutions Industry Overview
The global patient engagement solutions market size is expected to reach USD 70.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.4% from 2022 to 2030. The key factors fueling the market growth include rising digitalization across healthcare, increasing prevalence of chronic conditions, and technological advancements. The COVID-19 pandemic boosted digitalization across healthcare. This, in turn, has fueled the awareness and adoption of patient engagement solutions, thus propelling the market growth.
Patient Engagement Solutions Market Segmentation
Grand View Research has segmented the global patient engagement solutions market on the basis of delivery type, component, functionality, therapeutic area, application, end user, and region:
Based on the Delivery Type Insights, the market is segmented into Web & Cloud-based and On-premise.
- The web and cloud-based segment dominated the market in 2021 with a revenue share of over 75.0%. The segment is also anticipated to expand at the fastest rate over the forecast period.
- On-premise services provide patient data security, easy retrieval, and ease of access. The inclination toward on-premise services is primarily due to the complete access to the information within the premises.
Based on the Component Insights, the market is segmented into Software & Hardware and Services.
- The software and hardware segment accounted for the largest share of over 60.0% in 2021 and is expected to expand at the fastest CAGR over the forecast period. Patient engagement software and hardware form the core offering of the solution.
- The services segment is one of the crucial parts of the effective operation of patient engagement solutions. It helps in leveraging and optimizing patient engagement solutions as per the customer needs and to maximize patient health outcomes.
Based on the Functionality Insights, the market is segmented into Communication, Health Tracking & Insights, Billing & Payments, Administrative, Patient Education, and Others.
- The communication segment accounted for the largest revenue share of over 35.0% in 2021 as it forms the core offering of any patient engagement solution. This large share is attributed to a surge in demand and adoption of telehealth, mhealth, and other virtual communication solutions via audio, video, and text.
- The health tracking and insights segment is projected to grow at the fastest rate of 18.8% over the forecast period. This is owing to the increasing integration of data analytics, AI, and machine learning to present actionable insights to patients and their care providers.
Based on the Therapeutic Area Insights, the market is segmented into Health & Wellness, Chronic Disease Management, and Others.
- Chronic disease management dominated the market in 2021 with a revenue share of over 40.0%. The rising geriatric population in key markets, the prevalence of chronic diseases, and the adoption of digital technologies catalyzed by the COVID-19 pandemic have contributed to the large share of the segment.
- The health and wellness segment is anticipated to expand at the fastest rate of 17.7% over the forecast period. This is owing to the initiatives by key companies, the expansion of product offerings to cover mental health, weight management, and pregnancy, and increasing research activities.
Based on the Application Insights, the market is segmented into Population Health Management, Outpatient Health Management, In-patient Health Management, and Others.
- The outpatient health management segment dominated the market and held a revenue share of over 35.0% in 2021. The others application segment, which includes R&D and preventive care, is anticipated to expand at the fastest rate of 17.7% over the forecast period.
Based on the End-user Insights, the market is segmented into Payers, Providers, and Others.
- Providers held the largest revenue share of over 45.0% in 2021. Providers serve the largest volume of patients and are also the primary line of treatment for consultation from general to specialist health concerns.
- The payers end-user segment is estimated to expand at the fastest rate of 17.6% over the forecast period. The growth of the payers segment can be attributed to the increasing adoption of patient and customer engagement solutions that promote widespread coverage and enable value-based care delivery.
Patient Engagement Solutions Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies Profile & Market Share Insights
The market for patient engagement solutions has been characterized by intense competition owing to the presence of large and small businesses. Key participants are holding a significant share in the market.
Some prominent players in the global patient engagement solutions market include
- Cerner Corporation (Oracle)
- NextGen Healthcare, Inc.
- Epic Systems Corporation
- Allscripts Healthcare, LLC
- McKesson Corporation
- Koninklijke Philips N.V.
- Klara Technologies, Inc.
- Experian Information Solutions, Inc.
- athenahealth, Inc.
- Solutionreach, Inc.
- Nuance Communications, Inc.
Order a free sample PDF of the Patient Engagement Solutions Market Intelligence Study, published by Grand View Research.