The leading players operating in the global patient engagement solutions market are Cerner Corporation, Mckesson Corporation, and Allscipts Healthcare Solutions, Inc., among others, as per Transparency Market Research (TMR). These players are adopting numerous competitive strategies in order to hold a better position in the market. Key players are integrating state-of-the-art and new features into their patient engagement solutions for making these systems more beneficial in enhancing the health of patients.
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The global patient engagement solutions market stood at US$6.66 bn in 2014 and is poised to touch US$34.94bn in 2023, rising at a whopping 23.0% CAGR between 2015 and 2023. On the basis of delivery mode, the market is dominated by the segment of self-hosted delivery mode and this segment represented a share of 43.6% in 2014. It is also predicted to lead the market in forthcoming years. This is due to the extensive employment of patient engagement portals by big hospitals globally. On the other hand, the segment of Software as a Service delivery mode is poised to experience the swiftest development during the forecast horizon due to the high adoption of cloud-based services globally.
Patient Engagement Solutions Experience Huge Deployment in Pharmaceutical Companies
In terms of end user, the segment of pharmaceutical companies will maintain a lead position in the market and will rise at the most exponential CAGR. The global patient engagement solutions market by pharmaceutical companies is anticipated to touch US$7.64 bn by 2023, expanding at a remarkable 24.1% between 2015 and 2023. This is due to the fact that patient engagement solutions help pharmaceutical companies in capturing data and tracking of responses from the consumed medicines of patients. This helps the pharmaceutical companies in redeveloping and innovating their development strategies and medicines accordingly.
In terms of geography, the North America patient engagement solution market is poised to experience the most rapid growth. This is due to the increasing support provided through government reforms and the rising demand for good quality healthcare services within this region. In North America, the U.S. held the most dominant share of 70.9% in 2014 and the U.S. patient engagement solutions market is predicted to reach a value of US$8.53 bn by 2023, rising at an extraordinary 20.20% CAGR between 2015 and 2023.
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Absence of IT Expertise may Restrain Growth of Patient Engagement Solutions Market
The global patient engagement solutions market is predicted to grow due to favorable reforms by governments in healthcare management services’ field, states a TMR analyst. In addition, the ease of access is also enabling numerous users to implement patient engagement solutions. On the other hand, factors such as absence of IT expertise may inhibit the development of the global patient engagement solutions market. “Lack of expertise is a key concern in emerging nations”, says a TMR analyst. The dearth of technological inputs and fragile technological base have also emerged as key factors that may inhibit the market for patient engagement solutions in emerging nations.
In addition, cloud computing features storing of data which is then processed at a third-party data center. The companies that prefer storing their data on public cloud, lack the physical means of accessing it. This may introduce a threat for that particular company and its clients. Hence, the maintenance of data security and privacy has also emerged as a key roadblock in the development of the global patient engagement solutions market.
This information is based on the findings of a report published by Transparency Market Research titled, “Patient Engagement Solutions Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”