Patient Engagement Technology Market Forecast (2024-2031)
The Patient engagement technology market size is projected to reach US$ 99.61 billion by 2031 from US$ 25.22 billion in 2023. The market is expected to register a CAGR of 18.7% during 2023–2031. Strategic developments by market players followed by the joint initiatives taken by the government bodies are likely to remain key trends in the market.
Patient Engagement Technology Market Analysis
Increasing adoption of patient centric engagement solutions, surging favourable government initiatives, and rising number of startups are the major factors driving the market growth. Some of the recent startups in the patient engagement technology market are Medionce Solutions, HealthCode AI, Estimtrack, and others. Moreover, increasing in product development and product launches followed by the increasing adoption of smart devoces such as smartphones, tablets, and Pads in healthcare is expected to create ample opportunities in the market.
Patient Engagement Technology Market Overview
Increasing adoption of patient centric engagement solutions, surging favourable government initiatives, and rising number of startups are the major factors driving the market growth. Moreover, increasing in product development and product launches followed by the increasing adoption of smart devices such as smartphones, tablets, and Pads in healthcare is expected to create ample opportunities in the market. North America account for the major market share owing to the increasing demand of patient engagement technology systems in hospitals and clinics in the US and increasing healthcare funding dedicated towards development of IT-based solutions for healthcare characterize the growth in North America. Asia Pacific is anticipated to register the highest growth rate owing to the increase in the investments & developments of the innovative solutions by the market leaders, increasing disposable income, rising geriatric population, and the growing demand for improved healthcare solutions.
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Patient Engagement Technology Market: Strategic Insights
Market Size Value in US$ 21,354.38 Million in 2022 Market Size Value by US$ 59,003.21 Million by 2028 Growth rate CAGR of 18.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Patient Engagement Technology Market: Strategic Insights
| Market Size Value in | US$ 21,354.38 Million in 2022 |
| Market Size Value by | US$ 59,003.21 Million by 2028 |
| Growth rate | CAGR of 18.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Patient Engagement Technology Market Drivers and Opportunities
Rising Favourable Government Initiatives to Favor Market
The government in various countries is taking steps to assist in advancing information technology in healthcare. Foor instance, in February 2021, as a part of the United Kingdom government launched a program to employ a fully connected cloud-driven health service, over two million National Health Services (NHS) mail mailboxes were moved to Exchange Online, which is a part of Microsoft’s Azure Cloud. This facilitated smoother and more efficient communication among NHS organizations, and departments and increased information access. This will improve market growth by increasing the use of (Health Information Technology) HCIT Change Management services in the UK.
For instance, the 'Espace Numerique de Santé,' a digital health portal for patients set to launch in 2022, will include Dossier Medical Partagé (DMP). Patient summaries and immunization information will be added to the DMP in the future. Because of this integration, there will be no delays during the consultation because all of the data will be accessible. Such initiatives will boost the overall adoption of web-based services, resulting in the growth of the patient engagement technology market.
Increasing Use of Smartphones, Tablets, and Pads in Healthcare Create lucrative opportunities
The smartphone is one of the fastest-growing segments in the technology sector, and it has a proven significant impact on the healthcare sector. Smartphones are making day-to-day chores easier, and the technology is also streamlining care for both physicians and patients. According to a new survey, hospitals are making significant investments in smartphone and secure mobile platforms to enable communications between clinicians and patients. For example, purpose-built devices can be integrated with in-hospital patient call systems, so nurses are paged when a patient hits the call button, further increasing responsiveness.
The increasing penetration of smartphones and growing wireless network technology supports improvements in digital healthcare systems with novel opportunities to address more challenges associated with accessibility, quality, effectiveness, efficiency, and healthcare costs. Smartphones are increasingly being used by the common populace for accessing healthcare applications. The increasing use of smartphones is expected to trigger the use of mobile-based applications by healthcare providers and patients to streamline workflow and avoid inconveniences, such as hospital waiting time, availability of admission beds, and others, which will provide significant opportunities for patient engagement technology market players.
Patient Engagement Technology Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Patient engagement technology market analysis are component, therapeutic area, delivery mode, application, and end user.
- Based on component, the Patient engagement technology market is divided into services, hardware, and software. The software segment held a largest market share in 2023.
- By therapeutic area, the market is segmented into fitness, chronic diseases, women’s health, and others. The chronic diseases segment held the largest share of the market in 2023.
- In terms of delivery mode, the market is bifurcated into cloud based and on-premises. The cloud based segment held a significant share of the market in 2023.
- Based on application, the market is classified into health management, financial health management, home health management, and others. The health management segment held the largest share of the market in 2023
- Based on end user, the market is segmented into patients, payers, providers, and others. The providers segment held the largest share of the market in 2023
Patient Engagement Technology Market Share Analysis by Geography
The geographic scope of the Patient engagement technology market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market owing to the increasing demand of patient engagement technology systems in hospitals and clinics in the US and increasing healthcare funding dedicated towards development of IT-based solutions for healthcare characterize the growth in North America. The US holds the significant share of the patient engagement technology market. The growth of the market in the country is primarily driven by increasing adoption of advanced medical device technologies, growing digitalization of medical devices, increasing emphasis on improving treatment outcomes and increasing prevalence of chronic diseases. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Patient Engagement Technology Market Report Scope
Patient Engagement Technology Market News and Recent Developments
The Patient engagement technology market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Patient engagement technology market are listed below:
- Doceree launched its product named Spark at HIMSS 2024. It helps providers in enhancing the quality of care and ultimately elevating patient outcomes. Spark leverages advanced patented technology, clinical data, and AI-triggers to seamlessly deliver clinically relevant communications within existing clinical workflows, in real-time. (Source: Doceree Inc., Press Release, March 2024)
- HealthPlix launched launched Patient Engagement Feature for doctors in their EMRs. The new premium feature called Plix Connect for Doctor Patient Engagement. Plix Connect offers a range of benefits and functionalities that are aimed at enhancing patient engagement, streamlining processes, and ultimately improving the overall healthcare experience. (Source: HealthPlix Technologies, Company Website, February 2024)
- ZS, launched AI-powered ZAIDYN Connected Health solution. ZAIDYN Connected Health helps pharmaceutical companies, healthcare providers and payers innovate so they can understand unmet needs, better engage with patients and improve health outcomes. In an evolving healthcare ecosystem, it’s vital for these entities to have intelligence they can trust. (Source: ZS, Company Website, October 2023)
Patient Engagement Technology Market Report Coverage and Deliverables
The “Patient Engagement Technology Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Patient engagement technology market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Patient engagement technology market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Patient engagement technology market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Patient engagement technology market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Therapeutic Area, Delivery Mode, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, UAE, United Kingdom, US
Frequently Asked Questions
North America region dominated the Patient engagement technology market in 2023
Increasing adoption of patient centric engagement solutions, surging favourable government initiatives, and rising number of startups are the driving factors impacting the Patient engagement technology market.
Strategic developments by market players followed by the joint initiatives taken by the government bodies are the future trends of the Patient engagement technology market
The leading players operating in the Patient engagement technology market includes Allscripts Healthcare LLC, athenahealth Inc. (Veritas Capital), Carilex Medi GetWellNetwork Inc., AdvancedMD Inc., Cerner Corporation, Epic Systems Corporation, Orion Health group of companies, McKESSON CORPORATION, Lincor, Inc., Medecision among others
The estimated value of the Patient engagement technology market by 2031 is US$ 99.61 Bn
The expected CAGR of the Patient engagement technology market is 18.7%
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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