Patient Engagement Technology in Health Care Market | IndustryARCRise in the Adoption of Mobile Healthcare Devices Is Boosting the Patient Engagement Technology in Health Care Market Growth.Patient Engagement Technology in Health Care Market Size is estimated to reach $32.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 16.5% over the forecast period of 2022-2027. Patient engagement is a dynamic, strategic method used by healthcare organizations to provide patients with holistic, end-to-end care. The level at which healthcare clients, patients are actively involved in decisions about their health, wellness, and care are referred to as patient engagement. From remote patient monitoring (RPM) to wearable devices to patient portals to electronic health records (EHR) and more, mobile health devices and technology have totally revolutionized the ways in which healthcare professionals communicate and engage with their patients, supporting patient-centric care and self-managing treatment. Furthermore, patient engagement technologies are growing rapidly as the healthcare sector is transitioning from a service fee to a value-based reimbursement paradigm. Besides this, social distancing owing to the pandemic resulted in the demand for remote patient monitoring systems as well as the necessity for timely interchange of patient health records. The growing prevalence of chronic diseases, adoption of innovative technologies in healthcare, increase in technology-savvy population, and adoption of mobile healthcare devices are some of the factors driving the Patient Engagement Technology in Health Care Market growth during the forecast period 2022-2027.
Patient Engagement Technology in Health Care Market Segmentation Analysis - By Application
Patient Engagement Technology in Health Care Market based on the application can be further segmented into Health Management, Social Management, Home Healthcare Management, Financial Health Management, Others. The Health Management segment held a dominant market share in the year 2021. Health Management is aimed to aid healthcare workers in collecting, storing, retrieving, and exchanging patient healthcare information more quickly, allowing for better patient care. It includes various features including appointment management, billing management, prescription management, operation theatre management, and others. Easy patient data retrieval, improved visibility and transparency, cost-effectiveness, and availability of electronic medical records (EMR) are the major factors driving the market growth.
However, the Home Healthcare Management segment is estimated to be the fastest-growing, with a CAGR of 11.4% over the forecast period of 2022-2027 owing to the necessity for social distancing on account of the pandemic and growing number of geriatric population and people with high risk and prevalence of chronic diseases. Home healthcare Management is generally less expensive, more convenient, and equally effective as hospital care. Furthermore, patients are readmitted less frequently when they follow home healthcare management. For instance, according to a report published by the Institute of Medicine report, the readmission rate for patients discharged to home healthcare is substantially lower which is 18% than the readmission rate for those discharged from skilled nursing facilities which is 22%, thereby fueling the market growth.
Patient Engagement Technology in Health Care Market Segmentation Analysis - By Component
Patient Engagement Technology in Health Care Market based on components can be further segmented into Hardware, Software, Services, Integrated Solutions, Others. The software segment held a dominant market share in the year 2021. Patient engagement software is a technology that is used to automate patients' healthcare management, communicate with them, encourage them to become actively involved in their own well-being and healthcare choices, resulting in better care, and managing the patient-provider relationship. The ease of use and access to a wide range of features such as automated appointment reminders optimized and simplified payment process secured messaging and data privacy, and others from the comfort of home, is propelling the market growth.
However, the services segment is estimated to be the fastest-growing, with a CAGR of 10.3% over the forecast period of 2022-2027. Patient Engagement Services assist healthcare providers in integrating the best resources and providing patients with optimized care and engagement options for overall improved management and treatment of health problems. Virtual visits, personalized outreach, data integrated wearables, and patient education videos are the major services driving the market growth.
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Patient Engagement Technology in Health Care Market Segmentation Analysis - By Geography
The Patient Engagement Technology in Health Care Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 34% in the year 2021 as compared to the other counterparts on account of the technology-savvy population, rising investments in patient engagement software, and increasing adoption of EMR systems. For instance, according to the estimations of the Centers for Disease Control and Prevention, the percentage of office-based physicians using an EMR/EHR system was 89.9 percent in 2019.
However, Asia-Pacific is estimated to be the fastest-growing, with a CAGR of 7.8% over the forecast period of 2022-2027 owing to the demand for better healthcare facilities, increasing healthcare expenditure, adoption of innovative technologies, and growing geriatric population with a high risk of chronic diseases. According to United Nations ESCAP, one in four people in Asia and the Pacific will be over 60 years old by 2050, fuelling the market growth.
Patient Engagement Technology in Health Care Market Drivers
The rise in the adoption of Mobile Healthcare Devices is boosting the market growth
Mobile health devices are used to measure, record, and connect data as well as to aid in closing the healthcare knowledge gap, which inhibits patients from being active participants in their own healthcare and well-being. Mobile health devices include smartphones, pulse oximeters, wearables for activity tracking, wirelessly connected scales, blood pressure sensors, glucometers, and others. The increasing smartphone adoption and growing investments in the digital health market are propelling the market growth. According to IQVIA Institute for Human Data Science, more than 350,000 mobile health applications are available on the market. Telehealth and telemedicine enable health professionals and patients to schedule appointments using mobile technology such as video conferencing, thereby eliminating barriers to healthcare access. According to a study conducted by Gordon et al. and published in BioMed Central, Mobile technology in the health professional and patient relationship enhances not only satisfaction but also access to care, care quality, and productivity, thereby driving the Patient Engagement Technology in Health Care Industry growth.
The increasing prevalence of chronic diseases is driving market growth
According to the Centers for Disease Control and Prevention, six out of ten Americans have at least one chronic disease, such as heart disease and stroke, cancer, or diabetes. These and other chronic diseases are the main causes of death and disability in the United States, as well as a major driver of healthcare costs. Patient engagement technology helps in providing individualized support to patients having chronic diseases through automated, proactive, and timely digital communication pathways. Furthermore, it helps in transmitting data gathered using in-home remote physiologic monitoring devices gathering patient-reported outcome measures, and notifying the healthcare professional when the patients metrics are out of range. Self-management treatments including patient education and participation as well as healthcare professionals’ inputs help in chronic disease management especially in type 2 diabetes and heart strokes. For instance, it helps the patients to keep a track of their blood glucose, educates the patients about the various precautions and effects of diabetes, guides them on food choices, and others. According to CDC’s estimations, more than 30 million Americans have type 2 diabetes. Moreover, WHO estimates the number of people having type 2 diabetes in the UK to increase to 5.5 million by 2030, propelling the market growth.
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Patient Engagement Technology in Health Care Market Challenges
The dearth of skilled professionals and data security concerns pose threat to market growth
Patients can access their health information by using a health IT interface or applications but it raises security concerns. A patient portal can be used by a potential hacker or healthcare data thief to gain access to a patient's data, putting that patient liable to identity theft. Medical records contain a lot of personal information about an individual such as their payment method, full name, birth date, and address which provides further ammunition to hackers to commit fraud. Furthermore, low health literacy and lack of skilled and trained professionals is estimated to impede the market growth.
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. The top 10- Patient Engagement Technology in Health Care Market companies are-
Northwell Health
Johnson and Johnson
Athenahealth Inc
Medfusion
Cardinal Health Inc
United Health Group
mHealth Innovation
MobileSmith
Tactio Health Group
Cerner Corporation
Recent Developments
In December 2021, Playback Health and Northwell Health announced a multi-year agreement to develop a patient engagement platform at clinical sites throughout the health system. The software technology used by Playback empowers patients by providing them with medical data that they can revisit, replay, and share with others, allowing them to better understand their disease or treatment and engage more fully in their care.
In October 2021, EXL Health launched an omni-channel Patient Engagement Platform that uses real-world patient data and strong analytics to generate highly individualized care management programs. It identifies patients in need of intervention, and then uses a combination of automated chatbots, Text messaging, conversational AI and one-on-one interaction with nurse care managers to ensure adherence.
In January 2021, Nuance Communications launched an AI-powered virtual assistant platform for patient engagement, transforming the voice and digital experiences throughout the patient journey. The platform combines and expands the capabilities of the electronic medical record, customer relationship management, and Patient Access Centre solutions.
Key Takeaways
Geographically, North America held a dominant market share in the year 2021 on account of the technology-savvy population, technological advancements in the healthcare industry as well as growing adoption of Electronic Medical/Health Records. Asia-Pacific is expected to offer lucrative growth opportunities to the manufacturers owing to the increasing prevalence of chronic diseases, demand for better healthcare facilities, and the adoption of innovative technologies. The robust growth of the services segment followed by the software segment is predicted to augment the market growth during the forecast period of 2022-2027.
Increasing adoption of mobile healthcare devices, as well as the growing geriatric population with a high risk of chronic diseases, is estimated to drive the market growth of Patient Engagement Technology in the Health Care Market. Lack of trained professionals and data hacking continues to pose threat to the market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Patient Engagement Technology in Health Care Market Report.
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