Patient Engagement Technology in Health Care Market size is estimated to reach $30.3 Billion by 2025, growing at a CAGR of 17.2% during the forecast period 2020-2025. Patient engagement technology enables patients and their representatives to be involved in their self-care. The adoption of patient engagement technology enables the healthcare industry to reduce costs while improving the quality of healthcare. Increase in the adoption of mobile health devices, rise in the number of chronic diseases, increase in the number of responsible consideration associations and growing focus on patients for providing advanced care are the factors that are set to drive the growth of the global market for the forecast period 2020-2025.
Patient Engagement Technology in Health Care Market Report Coverage
The report: “Patient Engagement Technology in Health Care Market Forecast (2020-2025)”, by Industry ARC, covers an in-depth analysis of the following segments of the Patient Engagement Technology in Health Care Market.
By Component: Hardware, Software, Services, Integrated Solutions, Others.
By Application: Health Management, Social Management, Home Healthcare Management, Financial Health Management, Others.
By End User: Providers, Payers, Patients, Others.
By Geography: North America, Asia-Pacific, Europe, and Rest of World (ROW).
Key Takeaways
- Geographically, North America Patient Engagement Technology in Health Care Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high demand.
- Rise in the number of chronic diseases and positive government enactments is likely to aid in the market growth of Patient Engagement Technology in Health Care Market.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Patient Engagement Technology in Health Care Market report.
- The increasing awareness regarding mobile health applications and growing focus on the development of patient-centric engagement solutions are creating higher opportunities for the growth of market for the forecast period 2020-2025.
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Patient Engagement Technology in Health Care Market Segment Analysis - By Component
Based on the Component, Software segment held the largest share in 2019 owing to factors such as it helps in obtaining specific drug information and enables the efficient digital transfer of the prescription. It is easy to install and used in various applications such as healthcare management and home healthcare management.
Patient Engagement Technology in Health Care Market Segment Analysis - By Application
Based on the Application, Health Management segment held the largest share in 2019 owing to the factors such as enhanced patient compliance for care achieved through engagement solutions, quick response, growing focus on personalized medicine, rise in the healthcare expenditure and increase in the focus on value-based medicine.
Patient Engagement Technology in Health Care Market Segment Analysis - By Geography
Based on Geography, North America held the largest share in 2019. The growth in this segment is owing to the factors such as an increase in the investment in patient engagement software solutions, rise in the adoption of health technology and an increase in government spending on the healthcare sector. Asia-Pacific is estimated to be the fastest-growing segment owing to the factors such as a rise in the adoption of innovative technologies, an increase in investments by the developing countries and rise in the number of chronic diseases.
Patient Engagement Technology in Health Care Market Drivers
- Growing focus on patients for providing advanced healthcare and rise in the adoption of mobile health devices.
The increasing focus on patients for providing advanced health care is estimated to enhance the growth of Patient Engagement Technology in Health Care Market. Rise in the adoption of mobile health devices is also estimated to enhance the growth of Patient Engagement Technology in Health Care Market.
- Increase in the number of responsible consideration associations and positive government enactments.
There is an increase in the number of responsible consideration associations owing to the growing demand. This led to rapid increase in the growth of Patient Engagement Technology in Health Care Market. Positive government enactments is also estimated to enhance the growth of the Patient Engagement Technology in Health Care Market.
Patient Engagement Technology in Health Care Market Challenges
- Lack of talented experts and education and data security concerns.
Lack of talented experts and education is one of the major factors which is said to reduce the growth of the Patient Engagement Technology in Health Care Market. Data security concerns is also estimated to reduce the growth of Patient Engagement Technology in Health Care Market.
Patient Engagement Technology in Health Care Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Patient Engagement Technology in Health Care Market. Key companies of this market are Northwell Health, Athenahealth Inc, Cardinal Health Inc, United Health Group, Johnson and Johnson, MobileSmith, Medfusion, Tactio Health Group, mHealth Innovation, Cerner Corporation among others.
Acquisitions/Product Launches:
- In 2018, Northwell Health has launched a new patient engagement chatbot, which is powered by Conversa’s conversational AI platform to allow patients to stay connected to the care navigator throughout their recovery.
- In 2020, Athenahealth Inc has launched Athena Telehealth, a new embedded patient engagement technology that empowers healthcare providers to seamlessly conduct telemedicine visits with the patients.
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