Patient Engagement Solutions Market Overview Share by 2035
Patient Engagement Solutions Market Overview
In order to build a sustainable competitive edge in the market, companies are actively focusing on offering wide range of features in their patient engagement solutions. The global Patient Engagement Solutions Market size is estimated to grow from USD 11.4 billion in 2023 to USD 96 billion by 2035, representing a CAGR of 19.44% during the forecast period 2023-2035.
Based on supplier strength, McKesson and Wolters Kluwer emerged as the leading players, having 190 and 187 years of experience in this industry, respectively. The Increasing Traction in the Field of Patient Engagement Solutions is Evident From amount of funding received by companies in the recent past. The maximum funding amount was invested in 2021 30%, followed by 25% invested in 2022.
This rise in funding activity in the past few years can be attributed to the increasing demand for patient engagement solutions and growing drawbacks of conventional healthcare methods. The overall trend represents a favorable growth in the number of funding instances, indicating a growing interest of various stakeholders in patient engagement solutions.
Venture series (55%) emerged as the most common types of funding adopted by investors in this domain indicative of the potential for growth and profitability within the domain, followed by seed funding 16%, other equity 15% and 8.3% debt financing.
Patient Engagement Solutions Market Segmentation
Key segments of Patient Engagement Solutions Market are Distribution by Deployment Option (Cloud-based Solutions, On-Premise Solutions and Web-based Solutions), Type of Solution Offered (Appointment Management Solutions, Electronic Health Record Integration Solutions, Patient Education Solutions, Remote Patient Monitoring Solutions and Other Solutions), Application Area (Financial Health Management, Fitness and Wellbeing, Home Health Management, Research and Development and Social Health Management), End-user (Healthcare Providers, Individuals, Payers and Other End-users), and Key Geographical Regions (North America, Europe, Asia, Middle East and North Africa, and Rest of the World).
Fine-grained sentiment analysis helps shaping patient engagement solutions by decoding emotions, enabling personalized care, and reforming the future of healthcare. Fine-grained sentiment analysis of patients’ experience with patient engagement solution apps highlights valuable insights on the key pain points, features, and suggestions for improvement.
Most common pain points among android and iOS apps are usability issues, followed by app performance and technical issues. Ease and use of accessibility has emerged as the most common key feature offered by android and iOS apps, followed by messaging and communication. The majority (75%) of patients have provided suggestions regarding technical issues and glitches for both android and iOS apps, followed by features and functionality 58%.
As per the base case forecast scenario, the market for patient engagement solutions is estimated to grow at an annualized rate of 18.2%, in the given time period. The opportunity is likely to be well distributed across deployment option, type of solution offered, application area, end-user and geographies. Cloud-based solutions presently captures the largest market share, followed by web-based solutions and on-premise. In addition, EHR integration is expected to capture highest market share based on type of solutions, followed by appointment management, till 2035.
Patient Engagement Solutions Market Key Players
The leading key players in the patient engagement solutions market are athenahealth, Coviu, GetWellNetwork, Health Catalyst, MediBuddy, Mocero Health, Orion Health, Physitrack, SolvEdge, Veradigm, Well-Beat and Wolters Kluwer.
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