The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global patient engagement solutions market. In addition, complete analysis of changes on the global patient engagement solutions market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During COVID-19 pandemic, global patient engagement solutions market was more or less affected due to supply chain distribution, declining demand for patient engagement solutions from various application like health management, home health management, financial health management, social and behavioral management, which has certainly affected the market growth to major extend. However, post COVID-19 the market has witnessed the rising new growth opportunities and is expected to have emerging demand in upcoming years.
MARKET OVERVIEW- GLOBAL PATIENT ENGAGEMENT SOLUTIONS MARKET
MARKET DRIVERS
The key factor driving the market growth are the growing technological developments, adoption of EHR and m-health solutions, the prevalence of chronic diseases, supportive initiatives by key market stakeholders, and consumerism in healthcare are some of the key drivers of this market. Furthermore factors such as the growing burden of chronic diseases and a rise in the geriatric population have led to the adoption of patient engagement solutions worldwide. For instance, as per the American Diabetes Association 2020, there were 1.5 million new cases of diabetes in the U.S. annually. In response to the growing number of diabetic patients, companies are focusing on the development of patient-centric engagement solutions.
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MARKET OPPORTUNITY
care quality, and the presence of local players are some of the key factors that are anticipated to offer lucrative growth opportunities to the market over the forecast period. This factors are expected to increase the market opportunity across the globe. Moreover economic development in countries such as India and China is also supporting the growth of this region.
MARKET RESTRAINTS
The major restraining factor for the global patient engagement solutions market is concerns over patient health data security are creating barriers in the transfer of this data among various stakeholders in the healthcare industry. This, in turn, is affecting patient engagement initiatives in various healthcare organizations and is limiting the adoption of patient engagement solutions among prospective end users. These factor is expected to restrain the global patient engagement solutions market.
MARKET GROWTH CHALLENGES
The COVID-19 pandemic has disrupted global supply chain networks in an unprecedented way. Supply-demand imbalances have pushed manufacturers across sectors to grapple with multiple challenges including, the maintenance and software update costs of these systems may be more than the price of the software. Furthermore, support and maintenance services, which include software upgrades as per the changing user requirement, and represent a recurring expenditure, which amounts to almost half total cost of ownership. These are the factors which is challenging for global patient engagement solutions market
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global patient engagement solutions market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various patient engagement solutions in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
MARKET SEGMENTAL OVERVIEW
The global patient engagement solutions market comprises of different market segment like component, deployment mode, application, end user, therapeutic area.
PATIENT ENGAGEMENT SOLUTIONS MARKET BY COMPONENT
The component studied in the global patient engagement solutions market hardware, software, services. Patient engagement software and hardware form the core offering of the solution. It is easy to install, use, and retrieve records owing to intuitive user interfaces and continuous product upgrades. Service segment is expected to increase during the forecast period. The services segment is one of the crucial parts of the effective operation of patient engagement solutions. It helps in leveraging and optimizing patient engagement solutions as per the customer needs and to maximize patient health outcomes.
PATIENT ENGAGEMENT SOLUTIONS MARKET BY END USER
The global patient engagement solutions market finds its major end user in hospitals and healthcare providers, healthcare payers, individual users, others. Hospitals and healthcare providers serve the largest volume of patients and are also the line of treatment for consultation from general to specialist health concerns. These end users are thus the largest adopters of patient engagement solutions. In December 2021, Northwell Health in the U.S. deployed a patient engagement platform by playback health at its select clinical sitesto promote mobility and share point-of-care medical data while adhering to security standards for health information.
PATIENT ENGAGEMENT SOLUTIONS MARKET BY THERAPEUTIC AREA
The global patient engagement solutions market finds its major therapeutic area in chronic diseases, fitness, women's health, mental health, others. The rising geriatric population in key markets, the prevalence of chronic diseases, and the adoption of digital technologies catalyzed by the COVID-19 pandemic have contributed to the large share of the segment. Patient engagement solutions support chronic disease management by facilitating prevention and detection of the condition, along with managing the condition with the provider or through self-management.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of patient engagement solutions market is certainly based range of market players operating in the healthcare market with increasing demand for production of patient engagement solutions. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market Mckesson Corporation, Cisco Systems, Inc., Welvu, Inc.,Get Real Health, EMMI Solutions, LLC, GetWellNetwork Inc, Phytel, Inc., Allscripts Healthcare Solutions, Athenahealth, Inc., YourCareUniverse Inc., among others.
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