PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532894
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532894
Patient Engagement Technology Market size was valued at USD 17,802.09 Million in 2023, expanding at a CAGR of 9.90% from 2024 to 2032.
Patient engagement technology represents a significant advancement in collecting valuable patient health data, enhancing the patient experience, and cutting expenses for patients and healthcare providers. It offers a means to actively involve patients in their care and shift health systems towards a patient-centered approach. Patient engagement consists of empowering patients to take an active role in their healthcare, leading to improved health literacy and the ability to contribute to the decision-making process for their care plan.
Patient Engagement Technology Market- Market Dynamics
Growing technological developments, adoption of EHR and mHealth solutions, and prevalence of chronic diseases are the factors that are expected to drive the growth of the market
The extensive implementation of Electronic Health Record (EHR) systems enhances healthcare providers' ability to efficiently access patient information. Patient engagement solutions integrated into EHR systems facilitate easy access to patient data, personalized care plans, and effective communication between healthcare providers and patients. Mobile health (mHealth) solutions support remote monitoring, medication adherence, health education, and virtual consultations, encouraging ongoing patient engagement and empowerment in managing their health. As per the National Center for Health Statistics, 91.5% of primary care physicians utilize an EHR system, while 88.5% of non-primary care physicians also make use of EHR systems. The rising prevalence of chronic diseases worldwide is fueling the demand for advanced patient engagement technologies. Moreover, the continuous advancement in healthcare technology, such as Artificial Intelligence (AI), Internet of Things (IoT), Telehealth, and wearable devices, presents growth opportunities for the market. Nevertheless, concerns regarding data privacy and security may impede the market's growth.
Patient Engagement Technology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.90% over the forecast period (2024-2032)
Based on Therapeutic Area segmentation, Chronic Diseases was predicted to show maximum market share in the year 2023
Based on Component segmentation, Software was the leading type in 2023
Based on Delivery Type segmentation, On-Premise was the leading type in 2023
Based on Application segmentation, Health Management was the leading type in 2023
Based on End-user segmentation, Providers were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Patient Engagement Technology Market is segmented based on Therapeutic Area, Component, Delivery Type, Application, End User, and Region.
The market is categorized into three segments based on Therapeutic Areas: Chronic Diseases, Fitness, Women's Health, Mental Health, and Others. Chronic Diseases are the dominant sector in the market. Patient Engagement Technology is instrumental in the management of chronic diseases by providing patients with tools and resources to actively engage in their care, monitor their health, and enhance treatment outcomes.
The market is segmented into two categories according to Component: Software, Service, and Hardware. The Software sector holds the largest share of the market. Patient Engagement Technology market is significantly impacted by software solutions that enable healthcare providers to improve patient engagement in their healthcare experience.
The market is segmented into two categories according to Delivery Type: On-Premise, Web-based, and Cloud-based. On-premise holds the majority share in the market. On-premise solutions entail the deployment and management of patient engagement technology within the healthcare facility's internal IT infrastructure.
The market is segmented into two categories according to Application: Social Management, Health Management, Home Healthcare Management, and Financial Health Management. Health Management holds the majority share in the market. The Patient Engagement Technology market is closely linked with Health Management solutions, to empower patients to manage their health and enable healthcare providers to deliver more personalized and effective care.
The market is segmented into two groups according to End User: Providers, Payers, Patients, and Others. Providers are the dominant force in the market. The Patient Engagement Technology sector is experiencing significant growth as healthcare providers strive to enhance patient results, boost satisfaction levels, and streamline healthcare delivery using digital innovations.
Patient Engagement Technology Market- Geographical Insights
The market is geographically spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries for business purposes. North America leads the market, driven by increasing awareness levels and government investments in the healthcare sector. Government initiatives and investments in healthcare IT, digital health, and patient engagement technologies are key factors. For instance, programs like Meaningful Use incentives in the U.S. have encouraged healthcare providers to adopt electronic health records and patient engagement solutions, thus boosting market growth. According to Digital health statistics, 80% of Americans support remote patient monitoring, with over half strongly in favor of its integration into medical care services. Europe follows as the second largest region for market growth, attributed to the rising demand for Chronic Disease Management.
In the competitive realm of the Patient Engagement Technology industry, multiple factors fuel the competition among providers striving to enhance patient care, improve outcomes, and streamline healthcare delivery. The increasing demand for virtual care options drives competition among providers to enhance Telehealth capabilities, ensuring seamless integration with patient engagement tools. Providers that effectively differentiate their offerings while meeting evolving healthcare needs are well-positioned to succeed in this dynamic market landscape.
On June 18, 2024, InteliChart, a renowned company offering patient engagement solutions, is pleased to declare that it has been recognized as the top Patient Engagement and Consumer Outreach Platform by Black Book Market Research for the second year in a row. This recognition underscores InteliChart's ongoing dedication to streamlining patient engagement and enhancing results.
Roche showcased an analysis of real-world data during the 51st Annual Conference of the Research Society for the Study of Diabetes (RSSDI) in Mumbai in honor of World Diabetes Day.
GLOBAL PATIENT ENGAGEMENT TECHNOLOGY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
InteliChart
iTriage
Medfusion
MobileSmith
Skylight Healthcare Systems
PDI Communications
Tactio Health
Max India
Roche diagnostics Corporation
HDFC ERGO
RELIGARE
Indian Medical Asociation
IQVIA
MHealth Innovation
CVS Health
McKEsson
United health group
Amerisource Bergen
Cardinal Health
WalGreens Boots Aliiance
Johnson & Johnson
AGFA HealthCare
Others