The global patient engagement solutions market is on a remarkable growth trajectory, with a valuation of $17.3 billion in 2022, projected to surge to $27.9 billion by 2027, representing a robust CAGR of 10%. This surge is attributed to the implementation of government regulations and healthcare initiatives aimed at enhancing patient-centric care, increased demand for patient engagement solutions in the post-pandemic era, and the rising utilization of mobile health (m-health) apps. However, challenges such as interoperability and a shortage of skilled IT professionals in healthcare may temper market growth.
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Driving Growth through Patient-Centric Care
One of the key drivers of market growth is the global shift towards patient-centric care. The implementation of government regulations and initiatives to promote patient-centric care, particularly in response to the COVID-19 pandemic, has propelled the adoption of patient engagement solutions. The CARES (Coronavirus Aid, Relief, and Economic Security) Act in the United States, for example, has increased flexibility for Medicare to cover telehealth services and authorized certifications for home health services by healthcare professionals. Such initiatives are driving the demand for patient engagement solutions worldwide.
Challenges in Healthcare Infrastructure Investment
While the demand for patient engagement solutions is rising, there are challenges to consider. The integration of these solutions with existing healthcare infrastructure requires substantial investments. Payers, who have invested heavily in their proprietary systems in the past, face the challenge of integrating these systems with patient engagement solutions, resulting in cost implications. Additionally, transitioning to cloud-based patient engagement solutions may necessitate significant changes in IT architecture, especially in hospitals serving as hubs connecting multiple healthcare providers. These challenges could impede the adoption of patient engagement solutions in some healthcare institutions.
High Costs of Healthcare IT Systems
Healthcare IT systems often come with high price tags, and the costs don't end with the initial software purchase. Maintenance, software updates, support, and training for end-users contribute significantly to the total cost of ownership. Moreover, the shortage of skilled IT professionals in the healthcare industry necessitates further training and adds to the cost of implementing and maintaining these systems. Evaluating the impact and benefits of IT systems in healthcare can be challenging, as many of the benefits are intangible, further complicating the cost analysis.
Emerging Markets Offer Growth Opportunities
Despite these challenges, emerging markets present significant growth opportunities in the patient engagement solutions market. Government initiatives supporting the adoption of healthcare IT solutions, increased government spending on healthcare facilities, and the presence of skilled IT professionals in countries like China and India are expected to drive growth in the Asia-Pacific (APAC) region. Technological advancements are playing a pivotal role in reshaping healthcare management in these countries.
North America Leads the Way
North America currently dominates the global patient engagement solutions market, driven by government regulations, cost reduction efforts in healthcare, a high prevalence of chronic diseases, and the presence of key market players in the region.
Key Players in the Market
Prominent players in the patient engagement solutions market include IBM, McKesson Corporation, Allscripts, Cerner Corporation, Epic Systems Corporation, Orion Health, GetWellNetwork, athenahealth, Oneview Healthcare, MEDITECH, IQVIA, Get Real Health, Cognizant, Symphony Care, Harris Healthcare, Kareo, CureMD Healthcare, eClinicalWorks, Lincor Solutions, AdvancedMD, WellStack, IQVIA, Vivify Health, Medhost, Validic, MEDISYSINC, and Patient point LLC.
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Conclusion
The global patient engagement solutions market is experiencing significant growth, driven by the increasing focus on patient-centric care and government initiatives. Challenges related to healthcare infrastructure investment and the high costs of IT systems are being addressed as the industry evolves. Emerging markets, particularly in the APAC region, offer substantial growth opportunities. As healthcare organizations strive to improve patient outcomes and experiences, patient engagement solutions are poised to play a pivotal role in shaping the future of healthcare delivery.
