Patient Engagement Solutions Market to Exceed USD 70 Billion by 2031 | Skyquest Technology
Westford, USA, July 11, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global patient engagement solutions market will attain a value of USD 70 billion by 2031, with a CAGR of 17.54% during the forecast period (2024-2031). The engagement of patients and doctors online has been made easier and more effective for patients using the patient engagement tools. The patient engagement solutions market is growing due to expanding technology advancements, prevalence of chronic diseases, important activities by market players, and consumerism in healthcare. When patients and doctors communicate online, it improves diagnosis accuracy.
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Browse in-depth TOC on "Patient Engagement Solutions Market"
- Pages – 165
- Tables - 181
- Figures – 79
Patient Engagement Solutions Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 19.49 Billion |
| Estimated Value by 2031 | USD 70 Billion |
| Growth Rate | Poised to grow at a CAGR of 17.54% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Delivery Mode, Application, Therapeutic Area, Functionality and End-User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Interest in Personalized Medicine and Tailored Healthcare Experiences |
| Key Market Drivers | Growing Demand for Health Tracking Drives Patient Engagement Solutions Market |
Software Segment Held the Largest Market Share by Offering Easy Installation
The software segment held the largest revenue share at and is projected to grow at the fastest CAGR over the forecast period. Most of these solutions basically offer software for patient engagement and has gain popularity by providing easy installation, user-friendly interfaces, and constant updates. It is set to enhance care quality and raise patient satisfaction rates, by offering streamlined ease-of-access to health records from and for patients.
Services Section is Growing at a Faster Rate Due to Better Patient Care and Satisfaction
The services section is essential for proper implementation that is customized to the specific need of the customers and allows the best results for patient health. The services provided facilitate seamless and effective incorporation of a patient engagement solution, therefore maximizing its full potential in improving patient care and satisfaction. This implies that these services enable the engagement and utilization of patient engagement technologies by healthcare providers to improve overall healthcare delivery and outcomes.
Presence of Major Market Player Makes North America a Leading Consumer in the Market
North America dominated the market of the patient engagement solution in 2023 with a major share due to the presence of prominent market major players, uptake of medical and electronic health records, and large-scale investments by prominent corporations. Increased government funding in the sector of healthcare, along with advancements occurring in modern technology, is further expected to bolster the revenue growth of the market in the region.
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Patient Engagement Solutions Market Insights:
Drivers
- Growing Demand for Health Tracking Drives Patient Engagement Solutions Market
- Technological Advancements Fuel Growth in Patient Engagement Solutions Market
- Rising Focus on the Chronic Disease Management
Restraints
- High Costs of Healthcare IT Systems Pose Challenges
- Data Security Concerns Impede Adoption of Patient Engagement Solutions
- Lack of Clear Reimbursement Mechanisms for Using Patient Engagement Solutions
Prominent Players in Patient Engagement Solutions Market
The following are the Top Patient Engagement Solutions Companies
- IBM
- McKesson Corporation
- Allscripts
- ResMed
- Epic Systems Corporation
- Orion Health
- GetWellNetwork
- Athenahealth
- Oneview Healthcare
- MEDITECH
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Key Questions Answered in Patient Engagement Solutions Market Report
- How many segments are there in the Patient Engagement Solutions Market?
- Who are the major key competitors in the Patient Engagement Solutions Market?
- What strategies are used by the key market players in the Patient Engagement Solutions Market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of patient engagement solutions market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the patient engagement solutions market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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