As per findings by Persistence Market Research, the worldwide patient engagement solution market reached a valuation of around US$ 12.2 Bn in 2020, and is anticipated to surge at a CAGR of 13% over the next ten years.
Patient engagement software solutions facilitate patient data management and hospital management. These are patient engagement platforms that automate appointment management, which reduces long waiting hours for patients.
The healthcare sector has shifted from paper to electronic due to speedy growth of digital technology. This has resulted in growth of patient engagement services globally. Healthcare organizations generate a significant amount of data daily, and managing a lot of data can be a challenging task with in-house equipment. With the help of cloud computing and virtual infrastructure, caregivers can obtain real-time information and offer evidence-based treatment for patients.
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Companies are involved in partnerships, mergers, acquisitions, and innovative product launches to drive revenue and sustain in the competition.
- In January 2021, Nuance Communications, Inc. introduced a new patient engagement platform that provides seamless, consistent, and unified omni-channel experiences, advanced and unified data analytics, and integrates and extends capabilities of core systems infrastructure. The company launched an AI-powered patient engagement virtual assistant platform to transform voice and digital experiences across the patient journey.
- In October 2019, McKesson and Augmedix expanded a collaboration to enhance the doctor-patient relationship. With this collaboration, McKesson will offer Augmedix EHR charting services to specialty practices with a mission for providers to spend less time on data entry and more time on patient care.
- In June 2021, Athenahealth, a leading provider of network-enabled software and services for medical groups and health systems, announced that with iOS, 15 customers in the U.S. can offer their patients the option to share important everyday health information stored in the Apple Health app –heart rate, detected falls, hours of sleep, or exercise minutes – directly with their providers.
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Key Takeaways from Market Study
- The South Asia & Pacific region is expected to create lucrative growth opportunities for market players due to increased need for cost-effective and quality care, and replacement and progression of medical infrastructure in the region.
- Key players in the market are focusing on acquisitions to complement their product portfolios, so as to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve direct customer relations.
- The market in the U.S. is projected to expand at a CAGR of 9.3% through 2031, while that in Germany at around 10.7%.
- Market growth in China, Japan, and India is expected to be much higher, at CAGRS of around 15%, 17.0%, and 23%, respectively.
“Key players are focusing on continuous developments and implementation of new technologies/software such as advanced patient engagement technology and integrated patient engagement software offering various applications such as social management, financial health management, and home healthcare management. Real-time patient monitoring and online appointment scheduling features will create attractive opportunities for the market participants,” says a Persistence Market Research analyst.
Easy & Efficient Access to Patient Engagement Tools & Solutions Driving Market Growth
Healthcare providers are using powerful patient engagement tools with artificial intelligence (AI), Internet of Things (IoT) and chatbots to provide highly personalized medical advice. Internet of Things is monitoring micro-processes such as patient discharge and hospital bed availability. Technology to facilitate more engagement and to smoothen patient care will be highly sought-after in the healthcare market.
Medical professionals can effectively communicate with patients, create new channels of patient engagement, and treat them with the help of new connected health solutions. This will help in informing patients about their health and give them better outcomes.
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