The global patient engagement solutions market is expected to grow at a compound annual growth rate (CAGR) of 10% from 2022 to 2027 to reach $27.9 billion, according to a new report from MarketsandMarkets. Key factors driving this projected growth include changing government regulations promoting patient-centric care, high demand for patient engagement solutions post-pandemic, and increasing use of mobile health apps.
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North America held the largest share of the global patient engagement solutions market in 2022, which MarketsandMarkets attributes to supportive government regulations, the need to reduce healthcare costs, rising prevalence of chronic diseases, and the presence of many key players in the region. The Asia-Pacific region presents significant growth opportunities as well, with factors like favorable government initiatives, rising government healthcare spending, and availability of skilled IT professionals in countries like China and India.
By component, the patient engagement solutions market is segmented into hardware, software (standalone and integrated), and services. Software is further split into health management, home health management, social and financial health management, and other applications. The market is also segmented by therapeutic area such as cardiovascular diseases, diabetes, obesity, women's health, fitness, and more. Key functionalities provided by patient engagement solutions include e-prescribing, virtual consultations, patient scheduling, document management, and others. Major end users are healthcare providers, payers, patients, and others.
Market growth is being driven by trends like implementation of regulations and initiatives promoting patient-centric care models. However, barriers like high investment requirements for healthcare infrastructure and IT system deployment costs could restrain adoption.
The report cites recent developments in the patient engagement solutions space like McKesson's 2021 strategic agreement with Merck to improve cancer care through real-world evidence, Humana collaborating with IBM Watson to deploy an AI-enabled virtual agent to support members, and Allied Digestive Health selecting athenahealth’s solutions to drive growth.
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The depth of analysis provided by MarketsandMarkets delivers actionable insights around the key market drivers, restraints, opportunities, and recent developments shaping the growth trajectory of patient engagement solutions over the next five years. Their data and projections equip healthcare industry stakeholders with the knowledge to make strategic decisions on everything from target segment prioritization to go-to-market positioning.
