Market Overview
MRFR (Market Research Future) projects the patient engagement solutions market 2020 to surpass USD 42,600 Million by 2025. It is also expected that the patient engagement solutions market size can expand at a rate of 18.90% between 2019 and 2025 (analysis period). We will provide COVID-19 impact analysis with the report, combined with an in-depth analysis following the coronavirus disease outbreak.
COVID-19 Impact on Patient Engagement Solutions Market
The novel coronavirus has caused a substantial reduction in patient visits to medical facilities, impacting patient adherence and the entire health system. Patient engagement solutions adopted by healthcare is proving to be a useful in the COVID-19 era, for filling the knowledge gap among patients, providing educational and informative services to deal with any disease and also offer information with regard to administration and dosage.
Digitization has emerged as the most sought after tool, especially owing to the mounting SARS-CoV-2 cases and the subsequent lockdown. People are able to remain connected to healthcare officials for exercise, stress and diet management, as well as information regarding insurance and more. Patient engagement solutions are also in demand in these chaotic times since they facilitate remote delivery. Given the lack of face-to-face interactions during the pandemic, patients are increasingly adopting telehealth and various digital platforms for health management, which could bolster the appetite for digital engagements in the future and also, benefit the patient engagement solutions market in the long term.
Top Boosters and Deterrents
Over the past few years, much before the COVID-19 outbreak, the patient engagement solutions market had already picked up a lot of steam, given the rising cases of chronic diseases and the expanding elderly population. In 2017, CDC statistics confirmed that close to 1.3 million diabetes cases were registered in the United States alone. In response to the surging prevalence of diabetes, firms are steering their focus towards developing patient engagement solutions. These solutions are proving to be particularly helpful for the self-care clinical services located in remote areas. Patient engagement solutions are also observing strong demand in healthcare as these facilitate cost reduction, operational efficiency, and accurate outcomes.
The market’s favorable growth is also the result of the frequent technological innovations, rising number of ambulatory services, and the supportive government initiatives across countries. Considerable investments by renowned firms in the healthcare IT industry paired with the soaring demand for patient engagement solutions in emerging countries could benefit the global market in the near future. For example, in 2019, Columbia Asia Hospitals with branches in India, Malaysia, Vietnam and Indonesia developed a patient engagement application suite along with MphRx. The application has digitally transformed healthcare while boosting patient engagement.
Top Companies
The companies that are dominating the global market include Welvu (US), Get Real Health (US), Allscripts Healthcare Solutions, Inc. (US), Medecision, Inc. (US), Orion Health Ltd. (New Zealand), Lincor Solutions (US), Oneview Ltd (Ireland), Mckesson Corporation (US), Athenahealth Inc. (US), Aetna Inc. (US), Cerner Corporation (US), IBM (US), to name a few.
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