23 January 2020
Visiongain’s new report the Patient Engagement Solutions Market Report 2020-2030: Forecasts by Delivery Mode (Web based, Cloud based, On premise), by Component (Software, Services, Hardware) by Application (Social Management, Health Management, Home Healthcare Management, Financial Health Management) plus analysis of leading companies indicates that the global patient engagement solutions market will grow at a CAGR over 18% by 2030.
It is predicted that high prevalence of chronic disease coupled with patient emphasis on self-management treatment would lead to demand. Growing medical tourism coupled with increasing use of cloud-based networking models and investment in healthcare IT in developing countries is expected to further boost growth. Favorable legislation and public awareness campaigns are expected to drive the market. For example, the Readmission Reduction Program initiated by the Centers for Medicare and Medicaid Services (CMS) encourages providers to participate actively in patient engagement approaches with the goal of reducing readmission rates while providing better hospital services.
Improved patient involvement achieved through such engagement activities would affect health outcomes and ultimately increase the quality of the current medical process of health care. Technological advances, exposure to big data and an increase in healthcare consumerism are the main factors that could push the market for patient experience solutions in different organizations. It is also predicted that the introduction of home care and the transition from volume to value-based care will lead to market growth in patient satisfaction solutions. For Instance, 62.0 percent of respondents are confident in online communication with health care providers, according to a 2015 survey conducted by Deloitte for U.S. customers. In other developed countries, the trend is similar, highlighting the increase in home and virtual care adoption. Nonetheless, due to the system's affordability, scalability and versatility, the cloud-based segment is expected to experience the highest CAGR of over 20 percent during the forecast period. For example, YourCareUniverse, Inc.'s YourCareLink interface engine enables fast, secure and accurate data transfer. In addition, large quantities of information can be processed on such systems and this data is available regardless of the location of the patient, resulting in patient satisfaction and increased clinical results. The industry is divided into technology, hardware, and services centered on components. This section helps to understand the technical dimension of strategies for patient involvement. The Healthcare Information and Management Systems Society (HIMSS) helps to keep patient information safe and secure. In addition, the application section is categorized as standalone or integrated applications. The service section, on the other hand, is divided into training, consulting and implementation. Within healthcare organizations, these elements are applicable to home healthcare and therefore account for the largest market share. The market is categorized as payers, providers and individual users based on end-use use. The category of individual users is expected to report significant growth due to the increasing use of mobile medical services. Providers, however, hold the largest market share and are projected to exhibit a rapid CAGR of over 20.7 percent over the forecast period, due to the increased competition to sustain the competitive edge on the market.
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