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Patient Engagement Solutions Market Worth $41.8 Billion

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The global patient engagement solutions market is expected to reach $41.8 billion by 2028, exhibiting robust growth at a compound annual growth rate (CAGR) of 13.2% over the period 2023-2028. This rapid expansion will be fueled by government regulations, rising demand for patient engagement platforms, and an increase in healthcare industry partnerships according to the latest analysis from market research firm MarketsandMarkets.

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Several key factors are powering momentum in the patient engagement solutions space. The implementation of new government rules and programs to encourage patient-centric models of care has spurred adoption. Regulatory moves like the Promoting Interoperability initiative from the U.S. Centers for Medicare and Medicaid Services (CMS) are creating incentives for providers to utilize electronic health records (EHRs) and other technologies to more actively engage patients. There has also been rising demand for patient engagement offerings as stakeholders recognize their ability to optimize workloads, enhance data transfers, and promote patient-focused care delivery.

While the patient engagement solutions industry outlook remains positive overall, there are challenges around cost and integration that may curb growth slightly. High upfront deployment expenses for robust IT systems can deter some healthcare organizations with limited budgets from adopting these platforms. Interoperability barriers across different healthcare providers also remain an issue obstructing wider implementation. Still, the market is expected to show resilience with opportunities in emerging geographies and continued product innovation from patient engagement solutions vendors.

Software Holdings Majority Market Share

Currently, software holds the dominant share of the global patient engagement solutions market by component. Integrated solutions allowing multiple functions to be completed from the same interface are most popular amongst healthcare providers. As of 2023, on-premise delivery models account for the majority of the market, although cloud-based models are forecast to expand at the fastest clip over the next five years thanks to inherent flexibility and cost advantages.

In terms of applications, health management solutions make up the largest product segment, spanning a wide range of tools enabling patients to engage with providers and take greater ownership over health outcomes. By therapeutic area, solutions for chronic illnesses like cardiovascular disease (CVD) and diabetes are seeing high demand. The market is also being propelled by patient engagement offerings addressing critical areas such as patient scheduling, billing, payments, and patient education functionality.

North America Leads in Market Size

North America stands as the largest regional patient engagement solutions market, holding the greatest market value share in 2022. The U.S. is home to many of the most prominent vendors in the space, with ample government support through favorable regulations also helping spur adoption amongst providers. The Asia Pacific market could be one to watch in the future thanks to expanding healthcare expenditure and IT infrastructure, as well as an emerging middle class, in key economies there like India and China.

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With strong tailwinds around patient-centric care and digital health acceleration, patient engagement solutions are emerging as a vital enabler improving healthcare experiences and outcomes for a range of stakeholders. Key players vying for market share gains include McKesson, Veradigm, athenahealth, Orion Health, GetWellNetwork, MEDITECH, IQVIA, Cognizant, and eClinicalWorks. New product development, global expansion, and strategic mergers and acquisitions will continue shaping this competitive landscape. Overall industry outlook will remain highly positive as patient engagement becomes an integral component of next-generation healthcare delivery poised for disruption through advancing IT capabilities.

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