Global Patient Engagement Platforms Industry Anticipate Significant US$93.4 Billion Expansion with a Notable 17% CAGR | FMI

The Global Patient Engagement Platforms Industry Share reached a valuation of USD 16.6 billion in 2021, and it is poised for substantial growth at a remarkable CAGR of 17% throughout the forecast period. By 2032, the market is projected to achieve an impressive milestone, surging to a total of US$ 93.4 billion.

Factors driving the patient engagement platform market share include favourable government laws and activities to promote the adoption of HCIT solutions, the benefits of patient rounding solutions, and the growing number of stakeholder alliances and partnerships.

However, constraints such as costly IT infrastructure investments and a dearth of trained IT workers in the healthcare industry are projected to limit the demand for patient engagement platforms to some extent over the forecast period.

Government policies and activities that encourage the adoption of HCIT solutions are driving the sales of patient engagement platforms forward.

The rising demand for high-quality treatment has driven healthcare systems around the world to implement cutting-edge technology that assists cut costs, improving care quality, and eliminating administrative inefficiencies. This guarantees that all hospitals have access to better patient experience platforms.

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The HITECH Act formed ONC and gave the US Department of Health and Human Services the authority to create initiatives to promote health IT and improve healthcare quality, safety, and efficiency. The usage of patient experience technology solutions is likely to increase as a result of such activities.

The majority of healthcare organizations engaged in patient engagement in healthcare lack the necessary infrastructure (technology, data, and other resources) to implement complex HCIT solutions.

Providers must make additional expenditures in infrastructure development to support IT systems in order to properly integrate patient experience technology solutions.

Owing to the efficiency of a patient experience technology solution is determined by the hardware and software available to the end-user, any end-user interested in implementing one must first invest extensively in these areas. Many hospitals have limited funds; such large investments are difficult for them to make.

Global Patient Engagement Platforms Industry adoption is on the rise as a result of factors such as the rising prevalence of chronic diseases and the growing geriatric population.

According to the American Diabetes Association 2020, 1.5 million new cases of diabetes are diagnosed in the United States each year. Companies are focused on the development of patient engagement solutions in response to the rising number of diabetic patients.

Data security issues are extremely critical in the digital patient engagement platforms since the infrastructure can be exposed to networks that are not part of the organization’s secure network.

Medical devices connected to home networks, public Wi-Fi, or cellular networks, for example, may broadcast information back to the hospital’s network. These external networks may not be secure, allowing unwanted access to the data being exchanged. As a result, patient comments may be shared with unintended recipients, which could be exploited and lead to a security breach.

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Key Takeaways

• In 2026, the market for patient experience technology in the United States is predicted to be worth $299 million.
• With a revenue share of over 75.0 per cent in 2021, the web and cloud-based category dominated the market. These solutions are becoming more popular as a result of remote access to real-time data tracking, integrated features, easy accessibility, low handling costs, and simple data backup.
• In 2020, the technology category impacted the majority of the patient experience technology and patient engagement platforms market outlook in the United States. Technology is an essential aspect of the patient experience journey, and it is expected to increase at the fastest CAGR during the projection period.
• In 2021, the software and hardware sector had the greatest patient engagement platforms market share of more than 60.0 per cent, and it is predicted to grow at the quickest CAGR over the forecast period.
• As the key component of every patient engagement solution, communication accounted for the greatest patient engagement platforms market share of approximately 35.0 per cent in 2021. A spike in demand and implementation of telehealth, mhealth, and other virtual communication options via audio, video, and text is responsible for this huge proportion.
• Due to the presence of significant players, increased acceptance of mhealth and EHR, and expanding investment in patient engagement software by big enterprises, North America held the largest revenue share of about 35.0 per cent in 2021.

“During the forecasted period, the Asia Pacific patient engagement platforms market is predicted to grow at an attractive rate of 18.8%. The growth of this region is aided by the economic prosperity of countries such as India and China.”

Competitive Landscape

Due to the presence of large and small enterprises, the demand for patient engagement platforms has been characterized by severe rivalry. A considerable portion of the market is controlled by key players. To increase their market presence, major firms are pursuing new strategies such as geographic penetration, new product/solution development, mergers and acquisitions, partnerships, and strategic alliances.

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Some prominent patient engagement platform vendors in the Global Patient Engagement Platforms Industry include NextGen Healthcare, Inc., CPSI, McKesson Corporation, Allscripts Healthcare, LLC, Experian Information Solutions, Inc., ResMed, Epic Systems Corporation, Klara Technologies, Inc., Koninklijke Philips N.V., and Cerner Corporation.

• Press Ganey (US) collaborated with The Beryl Institute (US) in 2021, a global network of healthcare professionals and seasoned champions. Press Ganey will focus on expanding the healthcare experience movement as a result of this partnership.
• Vocera (US) and Amazon (US) cooperated in 2021 to create the Vocera Skill tool for Alexa. Vocera Skill will add hands-free and immersive voice experiences for patients and their families to Vocera’s ecosystem.
• SONIFI Health (US) and CipherHealth (US) formed a strategic agreement in 2021 to combine their primary strengths and give health systems a more comprehensive approach to patient communication and successful care planning.

Key Segments

By Component:

• Technology
  • Patient Rounding
  • Patient Experience Survey
• Consulting Services

By Facility Type:

• Acute Care Facility
  • Acute Hospitals
  • Children’s Hospitals
  • Academic Medical Centre
  • Military Treatment  Facility
  • Ambulatory Surgery Centre
• Post Acute Care Facility
  • Long Term Acute Facility
  • Skilled Nursing Facility
  • Other
• Non Acute Care Facility
  • Physicians Office
  • Clinics

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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