February 15 - The patient engagement solution market is expected to reach $13.7 billion by 2019 from $5.5 billion in 2014 at a CAGR of 20% from 2014 to 2019.
Increasing demand for better clinical outcomes, rising incidence of chronic diseases, increasing efficiency of healthcare processes and reducing healthcare costs are some of the major drivers of the patient engagement solutions market. However the biggest driver of this market is the increasing number of federal healthcare mandates such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the Affordable Care Act of 2010 (ACA) that stress on value-based reimbursement and the quality of treatment rather than the traditional volume-based fee for reimbursement systems. The acts also offer incentives for healthcare stakeholders who adopt patient engagement solutions, resulting in increased adoption of patient engagement solutions. The U.S. currently dominates the patient engagement solutions market and a strong growth in this region will further increase the global patient engagement solutions market.
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The providers’ end-user segment is expected to account for the largest market share of the patient engagement solutions market during the forecast period. However payers and patients in Europe and the Pacific region are lucrative revenue pockets for this market in terms of end-user solutions.
The U.S. dominates the patient engagement solutions market followed by Europe. The Asian market is relatively new to healthcare analytics however increasing HCIT adoption and growth of medical tourism in this region will drive the growth of the Asian market.
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The patient engagement solutions market is highly fragmented with players such as McKesson Corporation (U.S.), Medecision, Inc. (U.S.), Allscripts, Inc. (U.S.), Phytel Inc. (U.S.), Cerner Corporation (U.S.), Orion Health (New Zealand), Aetna, Inc. (U.S.), Athenahealth, Inc. (U.S.), Emmi Solutions LLC (U.S.) and GetWellNetwork, Inc. (U.S.).
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