Rising Focus on Patient-Centric Care Fueling Patient Engagement Solutions Use
Patients suffering from chronic diseases such as cancer, obesity, diabetes, and cardiovascular diseases (CVDs) require constant engagement with medical facilities as such ailments affect people for a long duration and need constant monitoring. According to the International Diabetes Federation (IDF), 700 million people in the age bracket of 20–79 years will be suffering from diabetes by 2045. Further, the World Health Organization (WHO), CVDs, diabetes, and cancer account for 17.9 million, 1.5 million, and 9.3 million deaths respectively, each year.
Browse detailed report on Patient Engagement Solutions Market Analysis and Growth Forecast to 2030
Moreover, the rising government incentives and regulations promoting patient-centric care is expected to fuel the patient engagement solutions market at a CAGR of 16.9% during 2018–2023. The market was valued at $8.5 billion in 2017 and it is projected to reach $21.9 billion revenue by 2023. Moreover, the implementation of value-based programs boosts the usage of such solutions as they help in reducing healthcare costs, improving healthcare outcomes, and offering an enhanced level of patient satisfaction.
Patient management software, hardware, and services offered by the aforementioned solution providers are used in health management, financial health management, home health management, and social and behavioral health management applications. In recent years, patient engagement solutions were primarily used in health management applications, due to the surging adoption of technological solutions, owing to the rising government initiatives toward spreading awareness among people regarding disease prevention. Owing to the wide application base of such solutions, they are used by individuals as wells as healthcare organizations.
According to P&S Intelligence, North America dominated the patient engagement solutions market in the recent past, due to the surging incidence of chronic ailments and the soaring number of healthcare information technology (HIT) solution providers in the region. For instance, according to the Centers for Disease Control and Prevention (CDC), cancer, diabetes, and heart disease are the most common causes of disabilities and fatalities in the U.S. Moreover, the presence of a well-established healthcare infrastructure is boosting the adoption of patient engagement solutions in the region.