Patient Engagement Solutions Market Size, Share & Trends Analysis Report By Delivery Type (Web-based, Cloud-based, On-premise), By Component (Software, Hardware, Services), By End-User (Payers, Providers, Individual Users), By Applications (Social Management, Health Management, Home Healthcare Management, Financial Health Management), By Therapeutic Area (Chronic Disease, Women's Health, Mental Health, Fitness) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global patient engagement solutions market size was valued at USD 27.20 billion in 2022. It is estimated to reach USD 139.33 billion by 2031, growing at a CAGR of 19.9% during the forecast period (2023–2031).

Patient engagement enhances health outcomes and customer satisfaction by involving patients more actively in healthcare-related choices, activities, and processes. Increasing patient involvement and providing them with more information helps achieve this goal. Patient involvement improves patient safety and healthcare delivery effectiveness, improving patient satisfaction overall. Patient engagement solutions have revolutionized the healthcare system by enhancing patient outcomes and satisfaction, decreasing healthcare costs, and modernizing the patient experience. Patient portals allow individuals to self-manage their health records and self-monitor key health markers.

Patient engagement technology can be useful but should not stand alone or be the focus of care. A comprehensive patient engagement strategy goes far beyond simply installing the required technological infrastructure. Instead, it includes systems and processes that encourage collaboration among patients, providers, and the healthcare team, as well as shifts in mindset that recognize and value patient engagement as an essential component of healthcare. "Patient activation," or a patient's capacity to take charge of their healthcare. Care delivery efficiency and effectiveness are intertwined with the use of technology. Therefore, evaluating how tech integration may affect your practice's operations is important.

Highlights

• Web-based dominates the delivery type segment
• Software dominates the component segment
• Financial health management dominates the application segment
• Chronic disease dominates the therapeutic segment
• North America is the highest shareholder in the global market

Market Dynamics

Global Patient Engagement Solutions Market Drivers

Growing Emphasis on Patient-Centered Care

The increasing focus on patient-centered care is a major factor propelling the widespread use of patient engagement technologies. Patient participation in decision-making and self-management was typically limited in conventional healthcare paradigms. Patients are now seen as partners in healthcare, a significant movement away from the traditional doctor-centered model. Patient engagement solutions are invaluable for encouraging people to take responsibility for their health. These services equip individuals with resources for health tracking, individualized education, and an improved understanding of their medical conditions. Patients with access to their medical records can better participate in their care and make decisions regarding treatment.

Increasing Prevalence of Chronic Condition

One major factor pushing for the widespread use of the market is the rise in the incidence of chronic diseases. There has been a worldwide increase in the prevalence of chronic diseases such as diabetes, heart disease, cancer, and respiratory illnesses. These conditions call for persistent attention, individual care, and close observation. In addition, markets are essential to overcome the difficulties of chronic conditions. These options equip patients with the means to actively manage their diseases, monitor key health indicators, and access relevant educational materials. These options encourage self-management and provide patients more control over their health care, which in turn helps people alter their behavior, stick to their treatment programs, and track their improvement.

Global Patient Engagement Solutions Market Restraint

Protecting Patient Information

Medical records are private and confidential information. Any participating healthcare provider can retrieve this information through health information exchange systems; hence, its exchange and usage must be safeguarded and monitored. Patients' worries about their personal information being misused or stolen have delayed the publication of potentially life-saving medical information due to the widespread adoption of health information exchange systems. As a result, the total market is seeing slower growth and declining quality of service healthcare institutions offer.

Infrastructural Prerequisites

Complete patient engagement solutions call for substantial infrastructure to be implemented. The cost of health information exchange systems rises because of the need for the internet and cloud-based platforms on which healthcare providers can safely transmit patient health data. Additionally, healthcare data storage necessitates a data repository for clinicians and patients to submit and access data, which increases infrastructure costs. These factors all act as restraints on the growth of the global market.

Global Patient Engagement Solutions Market Opportunities

Monitoring Technology and Wearables

The proliferation of wearable technologies like smartwatches, fitness trackers, and remote monitoring tools presents new possibilities for patient engagement strategies. These systems can sync with wearables to monitor vitals and track exercise and sleep patterns in real time. Based on this knowledge, patient engagement tools enable patients to better manage their health, identify warning signs, and decide on treatment plans.

Regional Analysis

The global market is bifurcated based on region into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global market shareholder and is estimated to exhibit a CAGR of 19.2% over the forecast period. The area held the largest share of the global market due to the presence of important market participants in the exchange of health information. Expanding government initiatives are also impacting market demand in this sector. In addition, it is projected that growing government investment in the healthcare sector will accelerate the rise together with the increasing level of awareness. The U.S. accounts for a significant portion of the North American market due to increased government initiatives and programs to increase public awareness of these solutions. Better cost control and care coordination are predicted to fuel market expansion during the projection period.

Europe is estimated to exhibit a CAGR of 19.1% over the forecast period. The presence of government organizations and initiatives in charge of advancing the interchange of health information is fueling the market's expansion in this region. For instance, the WHO's European Health Information Initiative (EHII) network is working to create health regulations for the continent of Europe. EHII supports knowledge sharing, increases capacity, and enhances the processes of gathering and reporting health data. Additionally, government agencies like the European Association of Public Health (EUPHA) collaborate with EHII, expanding the market for exchanging health information across Europe. The FDA Patient Engagement Fellowship offered by the European Medicines Agency also aids in better understanding patient psychology, which benefits the industry.

Asia-Pacific market demand is anticipated to increase significantly during the forecast period. The market in Asia-Pacific is anticipated to expand exponentially. Positive government initiatives and businesses promoting patient engagement solutions drive the market. Further, the market response is being flocculated due to the growing commercialization of patient engagement solutions created by major businesses on the international market. Similarly, the market is projected to see profitable opportunities during the forecast period due to the urgent demand for new systems and medical infrastructure replacement and advancement.

In Latin America, increasing consumer awareness of patient engagement solutions is anticipated to drive this market during the forecast period. The presence of governmental and non-governmental groups working to build databases and put health information exchange systems in place throughout this region is responsible for the continuous growth rate. Medical tourism is rising in the area because of the accessibility of cutting-edge healthcare services at a price far lower than that of North America and Europe. The regional healthcare infrastructure is a priority for the governments of these nations. Therefore, patients from affluent nations like Canada, the United States, and Germany are expected to favor Latin America to treat their illnesses. As a result, the patient database grows, aiding in developing more sophisticated solutions.

In the Middle East and Africa, due to the growing demand for eHealth technologies and increased awareness of patient engagement solutions, the market in this area is predicted to grow over the forecast period. Non-governmental groups with a U.S. base that operate in this area are to blame for the growing awareness. High-end patient engagement solutions are in demand due to Middle Eastern nations' stronger purchasing power, particularly Saudi Arabia and the United Arab Emirates.

Segmental Analysis

The global market is bifurcated into delivery type, end-use, component, application, and therapeutic area.

Based on delivery type, the global market is bifurcated into web-based, cloud-based, and on-premise. 

The web-based segment dominates the global market and is projected to exhibit a CAGR of 19.7% over the forecast period. Web-based portal usage is growing at an alarming rate. Web-based portals assist healthcare professionals in offering patients greater options. Patient portals have expanded to serve a larger patient population and promote patient involvement. One such portal is Centricity Patient Portal, designed by GE Healthcare. These elements have fueled the market growth in web-based solutions. Additionally, it is projected that government programs like the Electronic Health Record Incentive Program, which aims to boost patient engagement using patient portals, will fuel growth during the forecast period.

Based on components, the global market is bifurcated into software, hardware, and services. 

The software segment owns the highest patient engagement solutions market share and is predicted to grow at a CAGR of 20.9% over the forecast period. Software for patient involvement is constantly improving and is now an essential component in academics, government, and healthcare. It is based on major health reform programs like Patient-Centered Medical Homes (PCMH) and Accountable Care Organizations (ACOs), Meaningful Use Stage 2, and other projects. The solution's main components are hardware and software for patient engagement. Installing, utilizing, and retrieving records is simple, thanks to the user-friendly user interfaces and continual product advancements. Providers, hospitals, and health systems use it to improve patient satisfaction and push up the standard of service.

Based on end-user, the global market is bifurcated into payers, providers, and individual users.

The provider segment dominates the global market and is predicted to exhibit a CAGR of 20.2% over the forecast period. Many patient engagement solutions, considering population demographics, are focused on one region, where money is gathered from health systems and insurers to benefit doctors, patients, hospitals, and payers. As a result, there are more businesses offering the market. Further, healthcare facilities can adopt fully functional patient engagement systems from independent commercial companies, leading to an increase in the outsourcing of private patient engagement solutions. The aspect above and growing awareness are significant in the projection period's growth.

Based on application, the global market is bifurcated into social management, health management, home healthcare management, and financial health management.

The financial health management segment owns the global market and is predicted to exhibit a CAGR of 19.1% over the forecast period. Market participants must meet patient needs to keep control of the market. To provide the solutions at an accessible price, corporations are adopting government initiatives like the Accessible Care Act and associated reimbursement procedures. In addition, the market participants are creating and commercializing new tools and applications like mobile applications, which are user-friendly and simple to access, to stay up with the changing market landscapes. The solution providers are creating new portfolios to utilize the value of financial and clinical data fully. For instance, Medicision Inc.'s Aerial Insights product aids in managing workflow and assists firms who take risks in keeping their financial stability.

Based on the therapeutic area, the global market is segmented into chronic disease, women's health, mental health, and fitness. 

The chronic disease segment dominates the global market and is predicted to exhibit a CAGR of 20.4% during the forecast period. The market is required due to the rising incidence of chronic diseases like diabetes, cardiovascular disease, and obesity. Patients with chronic illnesses need to be monitored and educated about their conditions. Solutions for patient engagement allow patients to communicate with their healthcare professionals from a distance, facilitating a more efficient exchange of information, patient feedback, and other health-related data.

Recent Developments

• March 2023- A comprehensive portfolio of adaptable solutions and services called Philips Virtual Care Management was launched by Royal Philips, a world leader in health technology, to help health systems, providers, payers, and employer groups more deeply engage and meaningfully motivate patients from virtually anywhere. By lowering emergency room visits and the cost of care through improving chronic disease management, Philips Virtual Care Management can lessen the burden on hospital employees.
• January 2023- Engage Technologies Group, Inc., a cloud-based SaaS, announced its merger with APX Platform, a multi-dimensional training, growth, and peak performance solution that combines all aspects of a practice into a single lens to form a full-service medical. The synergistic technological platforms and business models will increase revenue, productivity, profitability, patient involvement, and satisfaction worldwide.