PATIENT ENGAGEMENT SOLUTION MARKET ANALYSIS

Patient Engagement Solutions combine a patient’s knowledge, skills, ability, and willingness to manage own health with communications from health provider designed to promote positive behaviors.

Statistics:

The global patient engagement solutions market is estimated to account for US$ 20.0 Mn in terms of value in 2020 and is expected to reach US$ 80.1 Mn by the end of 2027.

Global Patient Engagement Solutions Market: Drivers

High prevalence of chronic diseases is expected to propel growth of the global patient engagement solutions market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Moreover, increasing geriatric population is also expected to aid in growth of the global patient engagement solutions market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.        

Statistics:

On premise delivery mode held dominant position in the global patient engagement solutions market in 2019, accounting for 45.3% share in terms of value, followed by Software as a Service and Application Managed Service, respectively.

Figure 1. Global Patient Engagement Solutions Market Share (%), by Value, by Delivery Mode, 2019

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Global Patient Engagement Solutions Market: Restraints  

Risk regarding data security is expected to hinder growth of the global patient engagement solutions market. Cloud computing faces the risk data breach. Virtual cloud systems also face security concerns because of their hypervisor.

Moreover, lack of IT expertise, especially in emerging economies, is also expected to hinder growth of the global patient engagement solutions market.

Global Patient Engagement Solutions Market: Opportunities  

Increasing investment in digital patient engagement is expected to offer lucrative growth opportunities for players in the global patient engagement solutions market. For instance, in August 2020, SeamlessMD raised US$ 4 million in a Series A financing round led by MEDTEQ+, bringing the company’s total funding to US$ 7.4 million.

Moreover, increasing adoption of patient engagement solutions is also expected to aid in growth of the market. For instance, in August 2020, InteliChart announced that Nova Southeastern University has selected Healthy Outcomes to orchestrate engagement across their medical enterprise.

The global patient engagement solutions market was valued at US$ 16.6 Mn in 2019 and is forecast to reach a value of US$ 80.1 Mn by 2027 at a CAGR of 21.9% between 2020 and 2027.

Figure 2. Global Patient Engagement Solutions Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

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Market Trends/Key Takeaways

Major players in the global patient engagement solutions market are focused on adopting M&A strategies to expand their product portfolio. For instance, in June 2020, Pomelo Health (formerly Chronometriq) acquired Health Myself, a healthcare management company.

Increasing adoption of patient engagement solutions is expected to propel growth of the global patient engagement solutions market. For instance, in August 2020, Radix Health announced a partnership with Holyoke Health Center, a federally qualified community health center serving communities, under which the health center will use Radix Health’s DASHconnect to automate appointment scheduling and patient notifications.

Global Patient Engagement Solutions Market: Competitive Landscape

Major players operating in the global patient engagement solutions market include, Medecision, Inc., Cerner Corporation, Phytel, Inc., iMD Health Global Corp., Axial Exchange, Orion Health, Emmi Solutions LLC, Athenahealth, Inc., RingCentral, InteliChart, Radix Health, GetWellNetwork, Inc., Pomelo Health, eVideon, and SeamlessMD.

Global Patient Engagement Solutions Market: Key Developments

Major players in the global patient engagement solutions market are focused on adopting partnership strategies to expand their product portfolio. For instance, in August 2020, Radix Health partnered with APDerm, a network of patient-centered dermatology providers, to implement a digital front door that covers most elements of the patient journey including provider search, scheduling, communications and digital check-in.

Similarly, in September 2020, RingCentral partnered with ENT and Allergy Associates, LLP, under which the later will utilize the company’s Contact Center solution to communicate with patients and provide them with the best possible care, while enabling Patient Rapid Response Center (PRRC) employees to work from anywhere driving increased flexibility.