According to this research, the rise of Patient Engagement Solution This year will be significantly different from the previous year. The Patient Engagement Solution market will grow at a CAGR 10.1% over the following five years.
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Patient engagement solutions are a key part of mobile health technology. Healthcare providers engage with patients during routine exams and when problems arise. Patient engagement solutions offer frequent monitoring of patient health and compliance, with real-time reporting to clinicians and rapid feedback to the patient. Ultimately, this can result in fewer office visits, procedures, and hospitalization.
The rising trend of using mobile applications has boosted the growth of this market. Moreover increased prevalence of chronic diseases and efforts by the government to create awareness about the engagement solutions have further helped this market to grow in the forest period. Due to these factors, the market has been attracting investors, which is further helping this market to grow.
But, as this sector is new in healthcare, there is a lack of IT professionals in this industry. Also, online patient data is like an open treasure and hence raises security concerns. These factors are hence restraining this market’s growth.
Key Market Trends
Application in Fitness and Health Management is expected to Register a High Growth Rate in the Forecast Period
mHealth is an important tool for improving patient engagement because so much of the technology is already consumer-facing. From fitness trackers and patient portals to smartphone apps and home monitoring equipment, mHealth permeates patients everyday lives. When these tools are easily available through a smartphone or a wearable sensor on a wrist, they can ideally lead patients to monitor their health and even interact with their providers every day.
Moreover, the need for these technologies is increasing due to increasing morbid conditions like obesity. In many countries, especially developed countries, the prevalence of obesity is high. For instance, as per a 2017 report by the OECD, 38.2% of the population in the United States was reported to be obese. Obese carries various health risk factors, including death in severe cases. Patient engagement solutions for fitness and health hence very important to track the obesity. This factor is hence expected to help the market growth.
North America dominates the patient engagement solutions market
As per the report of Centres for Medicare and Medicaid Services (CMS), the healthcare spending in the United States has been increased by 4.3% and per person, health spending was USD 10,348, in 2016. Around 17.9% of the total GDP is spent on healthcare in the country. Canada is not far behind, with an expenditure of about 11% GDP on healthcare, according to OECD data.
While considering hospitals as a major component of the health industry, its development is done with the help of novel technologies and services, such as patient engagement solutions, which help in the management of operations related to patient health in these developed countries. Being an integral part of the hospitals and for the ease of access to the patient’s health with a better connection to the same, patient engagement solutions are majorly utilized in these countries.
Due to the higher adaptability of innovative technologies and raising awareness among the general population about health, this region is expected to dominate the patient engagement solutions market.
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Key highlights of the market report:
- Predictions for the markets and its sub-markets’ annual growth rates.
- The Covid-19 pandemic’s effect on the business vertical.
- Trends in the market.
- The advantages and disadvantages of indirect and overt distribution platforms.
- Distributors, traders, and sellers with a track record.
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