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The demand of patient engagement solution has witnessed a huge growth in the past few years, due to the rise in the number of patients, continuously rising healthcare facility cost, rising health care budget by government and rise in adaptation to information and technology in healthcare are the reasons behind growing market of patient engagement solution globally.
Patient engagement solution plays an important role in cutting down the barrier between the patient and hospital management, it reduces and saves time for patient by providing current and previous health records, a patient does not need to stand in a queue in order to book their appointment. One of the key benefits of patient engagement solution for patient is that they can access it from any remote location.
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As per the report published by Fact.MR, the global patient engagement solution market is anticipated to exceed a valuation of around US$ 25 Bn by 2024, and is expected to expand at an impressive CAGR of around 21% over the forecast period of 2024 to 2031.
North America and Europe dominate the consumption of patient engagement solution across the world, due to continuously adaptation towards advanced technology in healthcare sector and making it paperless. For instance, National Health Service in UK planned to go completely paperless and offer EHR (Electronic Health Record) access to patients.
Key Takeaways from Market Study
- The market in South Asia is estimated to witness major growth in the forecast period, compared to 2024, accounting over 25% growth.
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- In 2024, North America is anticipated to register highest market share of around 36%, followed by Europe.
- In 2024, North America and Europe together accounted for 65% of global patient engagement solution market. The European market is expected to offer over US$ 30 Bn absolute dollar opportunity over the next ten years.
- In terms of end use, health management & financial health management holds around 60% of the overall market share in 2024.
- In deployment type, the web / cloud deployment is estimated to cover higher market share in 2024, accounting for around 70%.
“Increasing automation in healthcare sector can lead to significant growth in demand for patient engagement solutions. Besides, growing governments’ role in pushing healthcare across developing nations is expected to increase deployment,” says a Fact.MR analyst.
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Winning Strategy
Patient engagement solution market is dominated by the web / cloud based deployment as it accounts for more than 70% of market share globally. The major factor for a growing market of web / cloud deployment is due to the advantages offering by web / cloud based deployment, it offers patients and doctors to access from any remote location, patient does not need to go to the hospital every time and can have their medical documentation or consultation with the doctor.
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