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.
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.
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.
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.
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.
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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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