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Patient heroes have the power to positively change the status quo because of their influence, knowledge, passion, and commitment to improving the patient journey.
The global patient engagement solutions market size is expected to reach $70.5 billion by 2028, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 21.4% from 2021 to 2028. Driving the market is the expected exponential growth due to the adoption of mHealth; increasing prevalence of chronic conditions such as diabetes, asthma, and arthritis; improved healthcare services; enhanced patient education; patient data tracking; and diagnostic treatments.
Over the past year, as healthcare providers were battling with the constant upsurge in numerous cases, patients were looking to digital technologies for the support that promoted the adoption of a product. The pandemic has resulted in the introduction of multiple COVID-19- related patient engagement solutions by various players. The growing number of smartphone users around the globe expedited the adoption of mHealth across the sector both from providers and consumers, which in turn, has augmented the dependability of patients on mHealth apps.
While techologies and solutions are certainly part of the equation to solving the myriad challenges patients face on a daily basis, it’s the people who are the real game changers. These are individuals who go the extra mile to better serve patients and patient communities. Their dedication to making a difference is often rooted in their own personal stories, and their lights shine bright as beacons of hope for those they serve.
Patient Engagement Trends
The web: Web-based/cloud-based solutions emerged as the largest delivery type segment in 2020 and accounted for more than an 80% revenue share as it supports hassle-free information flow between patients and healthcare providers. Moreover, bulk data can be stored in these platforms and enable remote access to information on almost every aspect of an illness or disorder.
Software: The software segment dominated the market in 2020, owing to continuous development in patient engagement solutions along with its increasing applications in consulting, education, and implementation. Software solutions are easy to install and use, enable quick access to specific drug information, and enable healthcare providers to digitally upload prescriptions.
Value-based competition: Companies are adopting various strategies to sustain competition. New product/solution development, partnerships, mergers, acquisitions, strategic collaborations, and geographical penetration are some of the key strategies adopted by market players.
Chronic diseases: Rising prevalence of chronic diseases such as cardiovascular diseases, obesity, and diabetes, which require constant monitoring, is expected to drive the demand for patient-engagement services in the coming years.