Patient Engagement Solutions to Witness US$ 66.4 Billion Market Opportunity, Registering 8.6% CAGR by 2032
22 Aug 2022
AcquisitionCollaborate
Patient Engagement Solutions Providers to Capitalize on Growing Alliances Between IT Companies and Healthcare Institutes
Fact.MR's latest report on the patient engagement solutions market provides a detailed study for the upcoming decade. The report further delves into crucial insights such as trends, challenges, and factors boosting the market. To provide more comprehensive analysis, the report is segmented into delivery mode, end user, and region.
NEW YORK, Aug. 22, 2022 /PRNewswire/ -- The global patient engagement solutions market is predicted to surpass US$ 29 billion by 2022, with demand increasing by 2.2x between 2022 and 2032. As per the study, sales in the market are anticipated to reach
US$ 66.4 billion by the end of 2032.
Artificial intelligence (AI) is the key to patient involvement in the future. There are several technologies available to recognize and forecast patient patterns, improve communication, streamline scheduling, pinpoint dangers, etc.
Hence, numerous healthcare practitioners are providing patients individualized experiences by leveraging AI. These healthcare professionals are creating personalised customer experiences by anticipating the requirements of the patient.
Some of the factors aiding the development of patient engagement solutions include, frequency of patient interactions, the number of required appointments, and necessary regular care. This is expected to fuel the growth in the market over the forecast period (2022-2032).
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With the advent of the cutting-edge technologies such as AI and machine learning in healthcare, patients and medical professionals are able to connect, identify risks and diseases, and enhance diagnostic precision at a rapid pace. Patients are now able to contact with their doctors much more effectively and easily thanks to the adoption of patient engagement tools.
To capitalize on this surging trend, IT companies are creating solutions to engage and manage patients within hospitals and healthcare institutions. These solutions are expected to be the next step to curb the prevalence of chronic illnesses such as diabetes and cancer.
For instance, the Apollo Hospitals Group in India has created a system that updates patients and physicians on their data and files in real time. Additionally, these technologies allow patients to contact doctors in an emergency. In addition, people can consult doctors directly without standing in a line for health-related concerns.
Japan patient engagement solution market is expected to witness fastest growth at 14.6% CAGR during the assessment period.
The U.S. is predicted to lead the growth in North America market, with sales projected to surpass US$ 18.8 billion by 2032.
Sales in Brazil patient engagement solution market are anticipated to surge at 6% CAGR, reaching US$ 1.6 billion through 2032.
In terms of delivery mode, the self-hosted segment is expected to witness growth at 8.9% CAGR between 2022 and 2032.
Based on end-user, the hospitals and providers segment is slated to expand at 10.3% CAGR during the forecast period.
Growth Drivers:
Favorable government reimbursement policies across the globe is expected to promote the use of patient engagement solutions, fuelling growth.
Increasing demand for wearable technologies and adoption of cloud computing systems will facilitate the growth in the market.
Restraints:
System maintenance and software upgrades for healthcare information technology systems are expensive. This is likely to hamper the sales.
Shortage of skilled IT professionals in the healthcare business and high development cost for cloud systems might restrain the growth in low-and middle-income economies.
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To obtain a competitive edge and expand their consumer base, key players are substantially spending in the research and development. Additionally, partnerships, regulatory clearances, mergers, and acquisitions are also on cards to strengthen their presence in the industry.
For instance,
In January 2022, Medaxis, a business that offers patient engagement services to healthcare professionals and patients, has been acquired by Ashfielf Engage. In addition, the company is expanding its staff in Canada by 40 Medaxis workers. The strategic relationship between Ashfield Engage and Medaxis will enable Ashfield Engage to offer specialized solutions to clients across the nation.
In March 2022, Together, UST and Well-Beat will introduce a groundbreaking SaaS platform for digital patient interaction in healthcare in partnership with the Israeli business Well-Beat, which uses behavioral AI to provide the human touch to healthcare. This was to support intelligent treatments and offer patients individualized experiences through quick surveys, medical data, and linked gadgets.
Key Companies Profiled by Fact.MR
IBM Phytel
Orion Health
Athenahealth Inc.
More Valuable Insights on Patient Engagement Solutions Market
In the latest study, Fact.MR offers a detailed study on global patient engagement solutions market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of patient engagement solutions through detailed segmentation as follows:
Patient Engagement Solutions by Delivery Mode:
Self-Hosted Patient Engagement Solutions
Software-as-a Services Patient Engagement Solutions
Application Managed Service Patient Engagement Solutions
Patient Engagement Solutions by End User:
Patient Engagement Solutions for Hospitals and Providers
Patient Engagement Solutions for Healthcare Payers
Patient Engagement Solutions for Pharmaceutical Companies
Patient Engagement Solutions by Region:
North America
Europe
Latin America
Middle East & Africa
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Key Questions Covered in the Patient Engagement Solutions Market Report
What is the projected value of the patient engagement solutions market in 2022?
At what rate will the global patient engagement solutions market grow until 2032?
Which are the factors hampering the growth in the patient engagement solutions market?
Which region is expected to lead in the global patient engagement solutions market during 2022-2032?
Which are the factors driving the patient engagement solutions market during the forecast period?
What is the expected market value of the patient engagement solutions market during the forecast period?
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Check it Out More Reports by Fact.MR on Healthcare Industry
https://www.factmr.com/industry/healthcare
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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