Patient Engagement Solutions Market Insight, 2032
The global patient engagement solutions market size was valued at USD 17 billion in 2022, and is projected to reach USD 50.5 billion by 2032, growing at a CAGR of 11.5% from 2023 to 2032.
The global market size has currently experienced significant growth, primarily driven by the rise in awareness regarding mobile health among people. The rise in the trend of smartphone devices in several sectors and among individuals is directly influencing the growth of the global market growth. In addition, customers have increasingly used their mobile phones for health monitoring, with customers purchasing through mobile applications or mobile-optimized websites. Consequently, patient engagement solutions have gained significant adoption to increase the use of IT and control systems among healthcare operators, particularly smartphone usage and other digital technologies. The adoption of patient monitoring solutions is further fueled by growth in emphasis on electronic health record (EHR) reports.
Patient engagement solutions play a vital role in empowering patients to actively participate in their healthcare journey, fostering better patient outcomes and experiences. These patient engagement software and digital patient engagement platforms enable patients to access their medical information, schedule appointments, and communicate with healthcare providers, thereby allowing remote patient monitoring and encouraging shared decision-making. According to the study held by Accenture, 60% of patients are ready to use digital solutions to manage health conditions and communicate. Virtual tools are easy to adopt and are perceived as an essential lifeline for healthcare professionals.
The report focuses on growth prospects, restraints, and trends of the patient engagement solutions market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the market.
The patient engagement solutions market is segmented on the basis of component, deployment mode, functionality, end user, and region. On the basis of component, the market is segmented into hardware, software, and service. On the basis of deployment mode, the market is bifurcated into on-premise and cloud. On the basis of functionality, the market is segmented into communication, health tracking and insight, billing and payments, administrative, and others. On the basis of end user, the market is segmented into providers, payers and patients. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of component, the global patient engagement solutions market share was dominated by the software segment in 2022 and is expected to maintain its dominance in the upcoming years, as the growth in need for a high level of personalization are one of the primary reasons enterprises have increased their investment in the market.
On the basis of region, North America dominated the market share in 2022 for the market. The presence of prominent players such as Oracle Corporation, IBM Corporation and others has influenced the growth of the patient engagement solutions market in North America. Moreover, a rise in government initiatives to strengthen healthcare infrastructure across the region is further expected to drive the demand for patient engagement solutions and services further anticipated to propel the growth of the patient engagement solutions industry.
However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.
Top Impacting Factors
Rise in Awareness Regarding Mobile Health Among People
The rise in the trend of smartphone devices in several sectors and among individuals is directly influencing the growth of the global patient engagement solutions market. In addition, customers have increasingly used their mobile phones for health monitoring, with customers purchasing through mobile applications or mobile-optimized websites. Consequently, patient engagement solutions have gained significant adoption to increase the use of IT and control systems among healthcare operators, particularly smartphone usage and other digital technologies.
In addition, increased use of smartphones and the internet helps consumers to easily access online healthcare platforms, by simply downloading the healthcare related application on their phones. Such ease of access has contributed to the high increasing adoption of patient engagement solutions, which in turn is expected to contribute to the increased installation of patient engagement solutions, globally.
Furthermore, the integration of smartphones and the internet solution enables an effective user experience for patient engagement solutions. Healthcare operators have increasingly presented mobile applications to interact with consumers and offer personalized healthcare experiences. Hence, these multiple benefits offered by smartphones and internet use in healthcare operations are anticipated to boost the demand for the market.
Moreover, several public and private organizations have continuously involved in promoting digitalization in analytical operations. For instance, in June 2023, Maxim Software Systems launched EngageB, a groundbreaking web application designed to transform patient engagement in dental clinics, which in turn, augments the market growth on a global scale.
Extensive Investments Required for Healthcare Infrastructure
The major challenge for the growth of global patient engagement solutions is high implementation and maintenance costs. The initial expenses associated with implementing patient engagement solutions generally relate to purchasing the program, setting up the infrastructure, and integrating it into current healthcare systems. These costs can vary based on the size of the organization, the complexity of the infrastructure, and the level of modification required.
In addition, patient engagement solutions often come with licensing or membership fees. These expenses are expected to be recurring, such as monthly or annual subscriptions, or one-time expense for ongoing licenses. This increase in upfront installation costs have restrained the adoption of patient engagement solutions across the globe. Furthermore, the integration of highly sophisticated technologies and components to provide efficient, reliable, and safe services.
However, these sophisticated technologies and equipment are expensive, and the design, development, and implementation of security systems involve high costs, which would be the major restraining factor for the growth of the global market. In addition, these technically advanced systems entail a combination of electronic components and several subsystems to offer real-time patient data to the business authority. It usually costs billions of dollars and more installation time compared to the conventional system, which leads to less preference among security operators. Therefore, both the cost and time, which are required for the installation and development of healthcare technologies in patient engagement solutions would prove to be the major obstacle to this market growth across the globe.
High Complexity Associated with the Integration of Advanced Solutions with Existing Healthcare Infrastructure Components
Integration complexities of patient engagement solutions are the key constraints for the growth of the global market. Businesses frequently utilize a range of apps and software using various technologies. The process of integrating a patient engagement solution can be complicated since it may need to operate with several platforms, databases, and technologies.
Furthermore, while patient engagement solutions offer numerous benefits such as flexibility, scalability, and cost-effectiveness, organizations and individuals often hesitate to fully adopt patient engagement solutions due to its adoption challenges to the user. Appropriate change management techniques are needed to guarantee user acceptability while introducing a new patient engagement solution. It may take some time to provide the new system with training and support. These threats cause business operations to be restricted in an unplanned manner, which negatively impacts punctuality and the allocation of resources in patient engagement solutions.
Moreover, patient engagement solutions may involve data being stored and processed in different geographic locations, which raises concerns about data residency and jurisdictional requirements. Thus, such measures have hindered the growth of the patient engagement solutions market.
Competition Analysis:
Competitive analysis and profiles of the major players in the Aetna Inc., Allscripts Healthcare Solutions, Inc. (Veradigm LLC), Athenahealth, Oracle Corporation, EPIC Systems Corporation, GetWellNetwork, Inc., IBM Corporation, IQVIA Inc., Lumeon Inc., McKesson Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the patient engagement solutions market globally.
Recent partnerships in the Market:
For instance, in October 2023, Axxess partnered with Sulos, to prioritize transparency and early intervention to elevate healthcare outcomes. The partnership further harnesses data, especially between visits, to point patients in need of support, which can significantly reduce hospital readmissions and the need for emergency care. Thus, such strategies are further expected to propel numerous growth opportunities for the global market.
Recent product launches in the Market:
For instance, in June 2023, Maxim Software Systems launched EngageB, a web application designed to transform patient engagement in dental clinics. EngageB represents a significant leap forward in patient communication and relationship management. Therefore, such strategies adopted by market players have increased market competition and leading the growth of the market.
Market landscape and Trends
The patient engagement solutions market has witnessed significant growth in the past few years; due to the outbreak of the COVID-19 pandemic, the market witnessed a sudden increase in demand during the period. This was attributed to the fact that there was an increase in demand for healthcare services, as businesses were moving to capitalize on the increased automation and digitalization in the healthcare sector.
Furthermore, the rise in the number of COVID-19 cases influenced governments and local authorities to enforce strict measures such as social distancing and self-isolation policies to the closing of physical shops and businesses. This was intended to help slow the spread of COVID-19 cases, which further caused a growth in number of businesses depending on digital technologies. Such trends accelerated the digital transformation of physical businesses during the period of the pandemic. On the other hand, the economic uncertainties caused by the pandemic prompted organizations to seek cost-efficient solutions. Consequently, organizations could quickly scale up their business solutions deployments in the cloud to accommodate a large number of remote users without the need for significant infrastructure investments.
For instance, in February 2021, Humana Inc. Collaborated with IBM, to leverage conversational AI solution of IBM – to help provide a better member experience while providing greater clarity and transparency on benefits and other related matters for Humana Employer Group members. This is expected to boost the demand for patient engagement solutions among large and small organizations.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the patient engagement solutions market forecast from 2022 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities of market outlook.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists in determining the prevailing patient engagement solutions market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global patient engagement solutions market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global patient engagement solutions market trends, key players, market segments, application areas, and market growth strategies.
Patient Engagement Solutions Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 50.5 billion |
 Growth Rate | CAGR of 11.5% |
 Forecast period | 2022 - 2032 |
 Report Pages | 32 |
 By End User |
|
 By Component |
|
 By Deployment Mode |
|
 By Functionality |
|
 By Region |
|
 Key Market Players | EPIC Systems Corporation, Athenahealth, Aetna Inc., IBM Corporation, Allscripts Healthcare Solutions, Inc. (Veradigm LLC), Lumeon Inc., GetWellNetwork, Inc., McKesson Corporation., Oracle Corporation, IQVIA Inc. |
Analyst Review
The patient engagement solution market is characterized by intense competition, which can be attributed to the strong presence of established vendors. Patient engagement solutions and service providers, who possess extensive technical and financial resources, are expected to have a competitive advantage over their competitors due to their ability to meet the global market needs. Furthermore, the competitive landscape within the market is anticipated to become even more intense as a consequence of technological advancements, product expansions, and various strategies employed by key vendors.
The patient engagement solution market is anticipated to grow significantly during the forecast period. There are a few major trends in the patient engagement solution market such as the growth in adoption of cloud-based solutions and surge in emphasis on real-time healthcare information. These trends have positively impacted the overall patient engagement solution market.
Moreover, managed patient engagement solutions have witnessed an increase in popularity across diverse industry verticals and enterprises. These service operators help large enterprises manage their information technology infrastructure with the addition of advanced security frameworks. This is also expected to fuel competition in the patient engagement solution market. In addition, continuous developments in cloud-based patient engagement solutions to cater diverse customer requirements are expected to support the overall market growth.
On the basis of region, the patient engagement solution market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed the maximum revenue in 2022 and is expected to grow at a significant growth rate as compared to other regions. Factors such as the presence of prominent technology companies and industry consortiums focusing on digital infrastructure have contributed to the demand for advanced patient engagement solutions and services. Asia-Pacific is the fastest-growing region in the market, which is mainly attributed to the growth in focus of the market players to address the demands for advanced security frameworks with cost-effectiveness.
Major companies operating in the patient engagement solution market are focusing on strategic partnerships to develop advanced patient engagement solutions. For instance, in October 2023, ZS launched the AI-powered ZAIDYN Connected Health solution. ZAIDYN Connected Health helps pharmaceutical companies, healthcare providers and payers innovate to understand unsatisfied needs, better engage with patients, and improve health outcomes. Similar strategies by the market players operating at a global and regional level is expected to help the market to grow significantly during the forecast period.
Some of the key players profiled in the report include Aetna Inc., Allscripts healthcare solutions, Athenahealth, Oracle Corporation, Epic Systems Corporation, GetWellNetwork, Inc., IBM Corporation, IQVIA Inc, Lumeon Inc. and McKesson Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the patient engagement solution market.
The global patient engagement solutions market size was valued at USD 17 billion in 2022, and is projected to reach USD 50.5 billion by 2032
The patient engagement solutions market is projected to grow at a compound annual growth rate of 11.5% from 2023 to 2032 reach USD 50.5 billion by 2032
Aetna Inc., Allscripts Healthcare Solutions, Inc. (Veradigm LLC), Athenahealth, and Oracle Corporation are the top companies to hold the market share in patient engagement solutions.
North America is the largest regional market for patient engagement solutions.
The increasing adoption of telehealth and mobile health apps is one of the upcoming trends of patient engagement solutions market.
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