The patient engagement solutions market is projected to reach USD 19.3 billion by 2025 from USD 11.9 billion in 2020, at a CAGR of 10.1%. The growth of this market is driven by the implementation of government regulations and initiatives to promote patient-centric care, increasing demand for patient engagement solutions, and the increasing utilization of mobile health apps.
Implementation of government regulations and initiatives to promote patient-centric care
Governments across the globe are implementing various regulations and initiatives to encourage the adoption of patient engagement solutions. For instance, in 2020, EU Health Ministers signed a declaration to collaborate and set up an eHealth common area that will allow for the free movement of electronic health records across Europe. The declaration also calls for eHealth to be made an integral part of the Europe 2020 strategy. In the US, the Patient Protection and Affordable Care Act (PPACA) or Affordable Care Act (ACA) PPACA, signed in March 2010, has resulted in the increasing number of stakeholders subscribing to patient engagement solutions. Improved reimbursement laws in emerging countries to drive market growth.
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Covid 19 impact of the Patient Engagement Solutions Market
Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. Various players in this market have introduced COVID-19- related features into their existing patient engagement solutions, which are being made available to users free of cost. This is leading to improved adoption of the solutions in current times.
- In 2020, Get Real Health launched Talk With Your Doc, a telehealth solution that enables providers to manage their revenue-generating healthcare services and enables patient-provider relationships, especially during the COVID-19 pandemic.
- In 2020, Orion Health has developed the first comprehensive pandemic outbreak monitoring platform in order to curb the spread of the COVID-19 virus. The Coronavirus Outbreak Solution engages patients in their homes, facilitates communication between quarantined patients and healthcare service providers, and maintains visibility of those recently discharged.
- In 2020, BM and Wipro collaborated to launch an innovation center in India to build industry solutions leveraging cloud, artificial intelligence, machine learning, and the internet of things.
- In 2019, BirdEye partnered with athenahealth through the athenahealth EHR Marketplace program. BirdEye is now available to athenahealth’s growing network of healthcare providers.
- In 2019, Harris Healthcare acquired Uniphy Health Systems to extend its clinical software solution offerings and provide improved care coordination and physician and patient engagement through Uniphy’s platform.
Key Leading Players:
McKesson Corporation (US), Allscripts (US), IBM (US), AdvancedMD (US), Cerner Corporation (US), Epic Systems Corporation (US) are the dominating players of the patient engagement solutions market.
Asia Pacific accounts for the highest growth in the patient engagement solutions market during the forecast period.
Asia Pacific is expected to grow at the highest CAGR. The need for cost-effective and quality care, rising geriatric population, and the increasing prevalence of various chronic diseases are driving the growth of the patient engagement solutions market in the Asia Pacific. In addition, the current outbreak of COVID-19 in the Asia Pacific has resulted in the increased patient pool, especially in China and India. The growing patient volume, along with the rising need for accurate and timely diagnosis and treatment of this disease, will fuel the growth of the patient engagement solutions market in the APAC.