According to our latest study on “Patient Engagement Technology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Therapeutic Area, Delivery Mode, Application, and End User,” the market is expected to grow from US$ 21.35 billion in 2022 to US$ 59.00 billion by 2028; it is estimated to grow at a CAGR of 18.5% from 2022 to 2028. The report highlights trends prevailing in the market and factors governing the market’s growth.
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The increasing prevalence of chronic diseases such as diabetes, obesity, and cardiovascular disorders, the high adoption rate of patient-centric engagement solutions, supportive government initiatives, and the rising number of start-ups are likely to fuel the patient engagement technology markets growth. However, the shortage of skilled IT technicians and the risk of cyberattacks are expected to hamper the growth of the patient engagement technology market.
Increasing Use of Smartphones, Tablets, and Pads in Healthcare
Technological advancements will significantly impact the healthcare industry. The smartphone is one of the fastest-growing segments in the technology sector, and it has a significant impact on the healthcare sector. Smartphones are making day-to-day chores easier, and the technology is also streamlining care for both physicians and patients. According to a new survey, hospitals are making significant investments in smartphone and secure mobile platforms to enable communications between clinicians and patients. For example, purpose-built devices can be integrated with in-hospital patient call systems, so nurses are paged when a patient hits the call button, further increasing responsiveness. In 2020, the number of smartphone users in Canada reached 31.38 billion. The increasing penetration of smartphones and growing wireless network technology supports improvements in digital healthcare systems with new opportunities to address more challenges associated with accessibility, quality, effectiveness, efficiency, and healthcare costs. The common populace is increasingly using smartphones for accessing healthcare applications. According to a report published in JMIR Mhealth Uhealth Journal in October 2016, 58.23% of mobile phone users, who participated in the US-based survey, had downloaded and used healthcare apps. The growing utilization of smartphones is expected to increase the use of mobile-based applications by healthcare providers and patients to streamline workflow and avoid inconveniences, such as waiting time in hospitals and the availability of admission beds. This will provide significant opportunities for the patient engagement technology market players.
Component-Based Insights
Based on component, the patient engagement technology market is segmented into software, hardware, and services. The software segment held the largest market share in 2021, and it is anticipated to register the highest CAGR during the forecast period.
Therapeutic Area-Based Insights
Based on therapeutic area, the patient engagement technology market is segmented into fitness, chronic diseases, women’s health, and others. The chronic diseases segment held the largest market share in 2021. However, the fitness segment is anticipated to register the highest CAGR during the forecast period.
Delivery Mode-Based Insights
Based on delivery mode, the patient engagement technology market is bifurcated into cloud-based and on-premises. The cloud-based segment held the largest market share in 2021 and is anticipated to register the highest CAGR during the forecast period.
Application-Based Insights
Based on application, the patient engagement technology market is segmented into health management, financial health management, home health management, and others. The health management segment held the largest market share in 2021, and it is anticipated to register the highest CAGR during the forecast period.
End User-Based Insights
Based on end user, the patient engagement technology market is segmented into patient, payers, providers, and others. In 2021, the providers segment held the largest share of the market. However, the payers segment is expected to register the highest CAGR in the patient engagement technology market from 2022 to 2028.
Allscripts Healthcare, LLC; athenahealth, Inc. (Veritas Capital); Carilex Medi GetWellNetwork, Inc.; AdvancedMD, Inc.; Cerner Corporation; Epic Systems Corporation; Orion Health group of companies; McKESSON CORPORATION; Lincor, Inc.; and Medecision are among the leading companies operating in patient engagement technology market.
The report segments the patient engagement technology market as follows:
Based on component, the patient engagement technology market is segmented into software, services, and hardware. Based on therapeutic area, the market is categorized into fitness, chronic diseases, women’s health, and others. Based on delivery mode, the market is bifurcated into cloud-based and on-premises. Based on application, the market is segmented into health management, financial health management, home health management, and others. Based on end user, the patient engagement technology market is segmented into patient, payers, providers, and others. Based on geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of SAM).
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