Patient Engagement Solutions Market to Reach Valuation of USD 41.0 Billion by 2028 - The Implementation of Government Regulations, Increasing Demand for Patient Engagement Solutions, Government Initiatives to Promote Patient-Centric Care, and the Growing Utilization of Mobile Health Applications are Driving the Market Growth

Vantage Market Research

May 04, 2022

In terms of revenue, the Patient Engagement Solutions Market is probable to reach USD 41.0 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.90% from 2022 to 2028.

The increasing awareness about mobile health, growth in incentives provided by the government, and increasing geriatric population are driving the growth of the Patient Engagement Solutions Market during the forecast period. Moreover, the increasing technological developments, the increasing occurrences of chronic diseases, and the adoption of EHR and m-health solutions are boosting the market growth in the coming years.

Key Highlights from the Report:

  • The service sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The growth of the service segment is attributed to the fact that the service component is essential in the application of organized solutions and which are expected to drive the growth of this segment in the upcoming years.
  • The cloud-based sub-segment holds a substantial market share in 2021. The scalability, flexibility, and affordability provided by cloud-based solutions are contributing to the growth of the on-premise segment during the forecast period.
  • Asia Pacific is the fastest regional segment. The increasing penetration of the smartphone, and internet users, improving healthcare infrastructure and the care quality, and an increase in the large patient population are the major factors for the growth of the Patient Engagement Solutions Market in the Asia Pacific region during the forecast period. The economic development in emerging countries such as China, and India is contributing to the growth of the Asia Pacific in the coming future.

Market Dynamics:

The demand for value-based drugs owing to growth in the peer pressure and the dramatic shift in the specific solution of the patient could further generate the growth opportunities for the patient’s engagement solutions market in the upcoming years. Furthermore, the rising technological developments, the incidences of chronic diseases, the adoption of EHR and mhealth solutions, and the supportive initiatives by the major shareholders in the market are some of the other factors expected to fuel the growth of the Patient Engagement Solutions in the years to come.

Additionally, the increase in wearable health technology and increasing adoption of cloud-based models in developing countries is projected to provide significant growth opportunities for the Patient Engagement Solutions Market in the upcoming years.

North America is the largest market. The growth of the market is attributed to increasing awareness levels and rising government spending on the healthcare sector. Moreover, the increasing investment in patient engagement software by the prime companies, increasing adoption of health, and she is the other factors driving the growth of the patient engagement solution in North America in the years to come.