The patient engagement solutions market is expected to reach USD 18.68 Billion by 2022 from an estimated USD 8.80 Billion in 2017, at a CAGR of 16.2%. The key factors driving the growth of this market include the rise in aging population, increasing burden of chronic diseases, and focus of patients on self-managing their care has led to an increase in the adoption of patient engagement solutions globally. However, in spite of the numerous benefits certain barriers such as security of patient data and lack of interoperability are restraining the growth of this market.
On the basis of component, the patient engagement solutions market is broadly segmented into software, hardware, and services. In 2017, The software segment is estimated to account for the largest share of the global patient engagement solutions market. However, the market for the services (including services for consulting, storage, implementation of solutions, training, maintenance, and regular up gradation of technology) is expected to grow at the highest CAGR during the forecast period.
On the basis of component, the patient engagement solutions market is broadly segmented into software, hardware, and services. In 2017, The software segment is estimated to account for the largest share of the global patient engagement solutions market. However, the market for the services (including services for consulting, storage, implementation of solutions, training, maintenance, and regular up gradation of technology) is expected to grow at the highest CAGR during the forecast period.
North America accounted for the largest share of the patient engagement solutions market in 2016, followed by Europe. Federal mandates’ focus on Meaningful Use of Healthcare IT, need to curb rising healthcare cost and reduce hospital readmissions, rising number of accountable care organizations (ACO) as end users for patient engagement platforms, rising aging population in the US and Canada’s efforts to enhance healthcare delivery and digital health measures in Canada will also drive market growth during the forecast period.
Factors such as growing demand for advanced healthcare solutions and efficient healthcare delivery in Germany, role of NHS in the UK, implementation of the Dossier Médical Personnel (DMP) in France, and rising number of initiatives to improve care coordination in RoE are expected to boost the adoption of patient engagement solutions in these countries.
The key players in the market include McKesson Corporation (US), Allscripts (US), IBM (US), athenahealth (US), Cerner Corporation (US), and Orion Health (New Zealand).
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