Some of the leading players operating in the Patient Engagement Solutions Market athenahealth, Inc., Orion Health Ltd., GetWellNetwork Inc., Phytel, Inc., Medecision, Inc., Axial Exchange Inc., McKesson Corporation, and Allscripts Healthcare Solutions, notes Transparency Market Research (TMR). Key players are offering intuitive and innovative software and technology-based solutions focused on bolstering patient engagement, in order to gain a competitive edge over others.
The global patient engagement solutions market stood at US$6.66 bn in 2014 and is projected to reach US$34.94 Bn by the end of 2023. The market is expected to rise at a CAGR of 23.0% from 2015 to 2023.
On the basis of geography, the patient engagement solutions market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Of these, North America dominates the global market and is expected to remain so throughout the forecast period. The substantial growth of the regional market is attributed to a large number of government reforms to boost patient engagement and the focus of healthcare providers for quality care.
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Based on end user, the patient engagement solutions market is segmented into pharmaceutical companies, healthcare payers, and hospitals and providers. Currently, the hospitals and providers segment hold the major revenue share. However, the pharmaceutical companies segment is expected to grow at a stellar CAGR of 24.1% from 2015 to 2023. The growing popularity of patient-focused solution has spurred investment by pharmaceutical players.
The growing significance of patient engagement and the need to increase their involvement in the management of various diseases, especially chronic ailments, in a variety of critical care settings are the key factors driving the market. The imperative for holding a meaningful exchange between patient, provider, and clinicians is a key factor stimulating the demand for various patient engagement solutions. The increasing participation of patient populations with their providers is anticipated to enhance the quality care and boost clinical outcomes.