- Hospitals and healthcare providers are emphasizing patient-centric healthcare delivery models to improve patient outcomes, underpinning abundant revenue potential
- Governments and industry stakeholders who rely on the promotion of value-based care to expand revenue-earning avenues in North America; Mass Adoption of Advanced Mobile Health Solutions to Fuel the Growth of Patient Engagement Solutions Market
ALBANY, NY, April 6, 2022 /PRNewswire/ — The growing penetration of mobile health devices and platforms is increasing patients’ engagement with their healthcare providers in the management of various illnesses. The patient engagement solutions market has witnessed considerable investment by healthcare systems to promote patient-centered care. The valuation of the global patient engagement solutions market is expected to reach US$56.33 billion by 2028, growing at a CAGR of 15.7% over the forecast period 2021-2028.
Advancements in healthcare technologies that help patients interact with physicians and other clinicians in real time have propelled the revenue potential of the patient engagement solutions market. The integration of IT in healthcare delivery solutions broadens the canvas of stakeholders, thereby enabling them to capitalize on new sources of revenue over the forecast period.
The proliferating use of portable medical devices and growing awareness of the benefits of electronic health records have opened up new patient-centric delivery models. The trend will continue to enrich the prospects of patient engagement solutions, discover an in-depth study of TMR. Self-management intervention programs have been successfully implemented for various chronic diseases, thus providing a robust impetus for the growth of the patient engagement solutions market.
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Key Findings from the Patient Engagement Solutions Market Research
- Hospital focus on patient-centered care to generate massive revenue: Hospitals and vendors accounted for a significant share of the global patient engagement solutions market. Mobile health platforms are increasingly deployed in hospitals to allow patients to take an active part in their health and well-being. Additionally, cross-platform devices are growing in scope, expanding profitable avenues, notes the study on the patient engagement solutions market. Some of the key features of patient engagement solutions relate to digital discharge, order fulfillment, appointment scheduling, care plans, and reminders and alerts.
- The ease of access and other benefits of mobile health solutions drive adoption: Globally, a growing number of patient engagement solution providers are targeting increased access to mobile health solutions, thereby catalyzing the growth of the market. This has underpinned incredible avenues for product marketing, observes the TMR study. Healthcare IT companies have been looking at the ease of deploying and using patient engagement solutions. On the other hand, it serves to simplify the information systems deployed in hospitals.
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- Preferred delivery method for self-hosted solutions for patient engagement solutions: The self-hosted delivery method has gained popularity among end users. The massive adoption and application of patient engagement portals by large-scale hospitals has boosted potential revenue generation. High security and easy access to solutions are the top customer propositions that are pivoting the demand for patient engagement solutions. Introducing patient engagement solutions that combine functionality and scalability will open up new revenue streams in the near future, analysts say in a TMR study.
Patient Engagement Solutions Market: Key Drivers
- The growing demand for patient-centric healthcare services is a key driver of the patient engagement solutions market. Healthcare providers around the world rely on patient-centric platforms to improve patient outcomes and promote value-based care.
- The advancements made by wearable devices in the healthcare industry and the relentless focus on increasing the usefulness of electronic health records/electronic medical records. The growth was supported by advances in ICT and reliable internet connection.
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Patient Engagement Solutions Market: Regional Growth Dynamics
- North America held a major share of the global patient engagement solutions market in 2020. Widespread government reforms and the growing trend of patient-centered care are bolstering the revenue prospects of the regional market.
- The rapid pace of adoption of mobile health devices and platforms in healthcare systems, especially in the United States, is propelling revenue generation in the North America patient engagement solutions market.
- The focus on value-based care in economies North America should boost global growth prospects.
Patient Engagement Solutions Market: Key Players
Some of the major players in the patient engagement solutions market are GetWellNetwork, Inc., Athenahealth, Inc., Emmi Solutions LLC, Orion Health, Axial Exchange, Phytel, Inc., and Cerner Corporation.
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Global Patient Engagement Solutions Market: Segmentation
Patient Engagement Solutions Market, By Delivery Mode
- Software as a Service (SaaS)
- Application Managed Services
Patient Engagement Solutions Market, By End User
- Hospitals and Providers
- Health Care Payers
- Pharmaceutical companies
Patient Engagement Solutions Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC countries
- Rest of Middle East & Africa
Modernization of healthcare in terms of infrastructure and services has pushed the healthcare industry to new heights, stay updated with Latest Health Industry Research Reports by Transparency Market Research:
Patient Access Solutions Market: The global patient access solutions market is likely to be driven by the increasing regulatory compliances that support these solutions. The key factors supporting the growth of the global patient access solutions market are increased demand for health insurance, widening patient pool, reduction in reimbursements and growing awareness of the importance of management refusals.
Interactive Patient Engagement Solutions Market: Physicians and other clinicians are leveraging patient engagement solutions to engage patients, empower them in better and faster decision-making, and educate them on a range of topics ranging from process pathologies, drugs and diagnostics. The role of patient engagement in building patient loyalty in the hospital setting is a key pivot that has driven the deployment of such systems in the interactive patient engagement solutions market.
Patient Flow Management Solutions Market: Key drivers for the growth of the Patient Flow Management Solutions market include the high return on investment obtained from the adoption of these solutions, high demand for better quality of care and growing focus on patient satisfaction.
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