Patient engagement solutions
market is segmented on the basis of delivery mode and end-users. On the basis
of delivery mode it is further segmented as self-hosted, software as a service
(SaaS) and application managed services.
Statistics:
The global Patient
Engagement Solutions Market is estimated to account for US$ 20.0 Mn in
terms of value in 2020 and is expected to reach US$ 80.1 Mn by the end of 2027.
Global Patient Engagement
Solutions Market: Drivers
Launch of new products is
expected to propel growth of the global patient engagement solutions market
over the forecast period. For instance, in October 2020, Pomelo Health launched
its new website and released the latest version of its Patient Engagement
Platform.
Global Patient Engagement Solutions
Market: Opportunities
Increasing investment in digital
patient engagement is expected to offer lucrative growth opportunities for
players in the global patient engagement solutions market. For instance, in
August 2020, Hikma Ventures, venture capital arm of Hikma Pharmaceuticals PLC,
participated in a CAD4.0 million Series A round of financing for SeamlessMD to
expand digital patient engagement leadership.
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Global Patient Engagement
Solutions Market: Restraints
High initial investment is
expected to hinder growth of the global patient engagement solutions market.
Modernization of the healthcare systems in the form of healthcare information
technology (HIT) is demanding to develop new infrastructure particularly in the
developing countries for the services such as cloud computing. This new
information technology (IT) infrastructure is demanding for significant
financial investment which is restraining the patient engagement solution
market.
Key Takeaways:
The global patient engagement
solutions market was valued at US$ 16.6 Mn in 2019 and is forecast to reach a
value of US$ 80.1 Mn by 2027 at a CAGR of 21.9% between 2020 and 2027. Major
factor driving the growth of global patient engagement solutions market during
the forecast period include technological advancement, and increasing use of
software applications.
On premise delivery mode held
dominant position in the global patient engagement solutions market in 2019,
accounting for 45.3% share in terms of value, followed by Software as a Service
and Application Managed Service, respectively. Product launches is expected to
support growth of the segment.
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Market Trends
The global patient engagement
solutions market is witnessing several M&A activities. For instance, in
September 2020, CloudMD Software & Services Inc., a telehealth company,
entered into a Binding Term Sheet to acquire iMD Health Global Corp.
Increasing adoption of patient
engagement solutions is expected to propel growth of the market. For instance,
in August 2020, eVideon announced that Ojai Valley Community Hospital’s
Continuing Care Center adopted the company’s Patient Experience Platform and
Digital Signage solutions.
Global Patient Engagement
Solutions Market: Competitive Landscape
Major players operating in the
global patient engagement solutions market include, Medecision, Inc., Cerner
Corporation, Phytel, Inc., iMD Health Global Corp., Axial Exchange, Orion
Health, Emmi Solutions LLC, Athenahealth, Inc., RingCentral, InteliChart, Radix
Health, GetWellNetwork, Inc., Pomelo Health, eVideon, and SeamlessMD.
Global Patient Engagement Solutions
Market: Key Developments
Major players in the global
patient engagement solutions market are focused on launching new products to
expand their product portfolio. For instance, in June 2020, Pomelo Health
(formerly Chronometriq) launched the redesigned version of MagicSeat, a virtual
queue management system for clinics.
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