Global Patient Engagement Solutions Market to Expand at 23.0% CAGR 2015-2023 owing to Increasing Demand for Patient-centric Services
Patient engagement solutions are primarily designed to help the population maintain better health by including IT services and electronic equipment in their medical routine. Patient engagement services encourage patients to take wiser healthcare decisions, which results in improved and healthier healthcare outcomes. Currently, hospitals and healthcare institutions from across the world are offering support to deliver effective and quality healthcare services by minimizing healthcare costs.
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Improved Health Services to Support Patient Engagement Solutions Globally
The prime aim of effective patient engagement solutions is to build a good relationship between healthcare professionals and patients to encourage active participation from patients in maintaining individual health. The global patient engagement solutions market is predicted to rise from US$6.6 bn in 2014 to US$34.9 bn by 2023, progressing at a 23.0% CAGR for the period between 2015 and 2023. Factors such as the increasing support from the governments of various nations for patient-centric services, the increasing demand for improved healthcare services, and the increasing incidence of chronic diseases are predicted to propel the global patient engagement solutions market in the years to come.
The increasing applications of patient engagement solutions across various verticals are expected to create new growth opportunities for the global patient engagement solutions market. Recently, several leading companies were involved in strategic mergers and collaborations with organizations such as XG Health Solutions, Qualcomm Inc., and Geisinger Health System.
Craneware, Inc., the global leader in automated value cycle solutions, recently announced its partnership with VestaCare, Inc. to offer accelerated patient engagement solutions across Atlanta. Under the partnership agreement, Craneware Inc. will be offering new patient engagement technologies to simplify and accelerate payment of the patient’s financial obligations.
According to the CEO of Craneware Inc., currently, patients are struggling with the rise in healthcare costs, including the cost of insurance. This new addition of patient engagement solutions by Craneware Inc. with VestaCare Inc. aims to offer the patients a flexible program to address their healthcare financial responsibilities.
With more and more collaborations and mergers coming up across various verticals, players in the global patient engagement solutions market are expected to explore the untapped markets around the world in the near future. The collaborations are primarily aimed at developing new and improved patient healthcare solutions that could meet the users’ needs at low costs. Some of the leading companies in the global patient engagement solutions market are McKesson Corporation, Medecision, Inc., Emmi Solutions, LLC, GetWellNetwork Inc., Athena Health, Inc., Axial Exchange Inc., Phytel, Inc. (An IBM Company), and Allscripts Healthcare Solutions.
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Self-hosted Segment to Register Maximum Demand in Global Patient Engagement Solutions Market
The global patient engagement solutions market is divided by end use into healthcare payers, pharmaceutical companies, and hospitals and healthcare providers. In 2014, the global patient engagement solutions market was led by the hospitals and healthcare providers segment.
Self-hosted, application managed services, and software as a service are some of the commonly used delivery modes of patient engagement solutions. In 2014, the self-hosted solutions segment dominated the global patient engagement solutions market. However, the application managed services segment is predicted to progress at a considerable CAGR during the period between 2015 and 2023.