|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 6 Billion||USD 9 Billion||7.03%||2022|
Patient Engagement Technology Market
The global patient engagement technology market size was evaluated at $6 billion in 2022 and is slated to hit $9 billion by the end of 2030 with a CAGR of nearly 7.03% between 2023 and 2030.
Patient engagement technology is making patients well-informed about the problem and motivating them to take care of their own medications. This will help the patient to know all possible treatment, medication & recovery options, and other aspects that will support his choice. It provides a number of ways with which a patient can track his progress/recovery through technologies such as mobile devices, wearables, patient portals, and mobile applications.
Favorable government schemes in emerging and developed countries will favor the growth of the global market
The global patient engagement technology market is expanding at a notable rate and is majorly driven by favorable government initiatives in both developed and developing countries. The global market demand is subject to the rapidly increasing awareness among patients about patient engagement technology. Moreover, a rise in the number of deadly diseases such as chronic and infectious diseases is expected to drive the market demand over the ensuing years. Surging healthcare benefits for individuals are further fueling global market expansion. The patient engagement technology is creating an interest of stakeholders in the healthcare sector encompassing healthcare professionals, physicians, healthcare insurance providers & healthcare insurance subscribers, and technologists. Additionally, the adoption of patient engagement technology in the healthcare sector is predicted in reducing costs, thereby improving healthcare quality and simultaneously creating new growth dimensions for the global market.
Lack of awareness about the new technology can hinder the growth of the global industry
Lack of proper knowledge about the protection of patient information can restrict demand for patient engagement technology, thereby halting the growth of the global patient engagement technology industry.
Supportive government laws & new technology launches will open new growth facets for the global market
Favorable government initiatives and the launching of new healthcare technologies made available to individuals are anticipated to open new growth avenues for the global patient engagement technology market.
Strict regulations associated with the use of the technology can put a huge challenge to the global industry
Strict government laws pertaining to use of the patient engagement technology can prove to be a huge challenge in the expansion of the global patient engagement technology industry.
The global patient engagement technology market is sectored into component, application, and region.
In component terms, the global patient engagement technology market is segregated into services, hardware, and software segments. Furthermore, the software segment, which gathered nearly 61% of the global market revenue share in 2022, is projected to register the fastest CAGR in the ensuing years. The growth of the segment in the estimated timeline can be due to the large-scale use of software in patient engagement technology-based products as the software assists the patients in connecting with healthcare service providers.
Based on the application, the global patient engagement technology industry is sectored into financial health management, health management, social management, and home healthcare management segments. Moreover, the health management segment, which garnered a huge chunk of the global industry revenue share in 2022, is projected to dominate the global industry over the analysis timeframe. The segmental expansion over the assessment timeline can be subject to growing awareness about health management in the patient population base.
|Report Attributes||Report Details|
|Report Name||Patient Engagement Technology Market|
|Market Size in 2022||USD 6 Billion|
|Market Forecast in 2030||USD 9 Billion|
|Growth Rate||CAGR of 7.03%|
|Number of Pages||222|
|Key Companies Covered||YourCareUniverse Inc., Lincor Solutions Ltd., WelVU Inc., McKesson Corporation, Phytel Inc., PatientPoint, Medecision Inc., Oneview Healthcare, Orion Health Ltd., GetWellNetwork Inc., and others.|
|Segments Covered||By Component, By Application, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America is projected to maintain global market domination over the assessment period
North America, which contributed about three-fourths of the global patient engagement technology market revenue in 2022, is likely driven owing to rising concerns for healthcare management by senior citizens in countries such as the U.S. and Canada. According to the survey conducted by Alignment Healthcare Organization, nearly fifty-nine percent of senior patients have concerns related to their health in the near future. This technology has helped senior citizens in effectively managing their health on their own, connecting with healthcare service providers, and addressing their health concerns.
Asia-Pacific patient engagement technology industry is set to register the fastest CAGR in the upcoming years due to the large-scale presence of key players in countries such as India, China, and Japan. An increase in the patient population pool and a rise in medical service costs will prompt the growth of the industry in the region.
The global patient engagement technology market profiles key players such as:
Patient engagement technology is making patients well-informed about the problem and motivating them to take care of their own medications.
The global patient engagement technology market growth can be owing to favorable government initiatives in both developed and developing countries.
According to a study, the global patient engagement technology industry size was $6 billion in 2022 and is projected to reach $9 billion by the end of 2030.
The global patient engagement technology market is anticipated to record a CAGR of nearly 7.03% from 2023 to 2030.
The Asia-Pacific patient engagement technology industry is set to register the highest CAGR over the forecasting timeline owing to the large-scale presence of key players in countries such as India, China, and Japan. An increase in the patient population pool and rise in the medical service costs will prompt the growth of the industry in the region.
The global patient engagement technology market is led by players such as YourCareUniverse, Inc., Lincor Solutions Ltd., WelVU, Inc., McKesson Corporation, Phytel, Inc., PatientPoint, Medecision, Inc., Oneview Healthcare, Orion Health Ltd., and GetWellNetwork, Inc..
The patient engagement technology market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.