By Katie Wike, contributing writer
In the next nine years the market for patient engagement is expected to increase by 500 percent.
A Grandview Research report predicts market growth over the next nine years will lead to a patient engagement market of $39 billion in 2024.
The report predicts government legislations and awareness initiatives will be important and influential factors in this growth. “For instance,” explain Grandview Research, “the Readmission Reduction Program initiated by the Centers for Medicare and Medicaid Services (CMS) inspire the providers to be actively involved in patient engagement solutions with the objective of containing the readmission rates while providing better inpatient services.”
Mobi Health News reports this market was valued at only $7.4 billion in 2015. Programs delivered via the web account for 75 percent of the market today. However cloud-based offerings will be the fastest growing, according to the report, with a 20 percent growth over the next nine years. Software is expected to grow the fastest; beating both hardware and services.
“Key end-users of this sector are payers, providers, and individual users,” the firm writes in its summary. “The individual users are projected to register marked growth attributable to the increasing use of mobile healthcare. However, the providers held the largest share in 2015 and are poised to exhibit a rapid growth pace with a CAGR of over 22 percent.”
Of the global regions considered, North America held the largest share in 2015 and accounted for over 40.0 percent of the patient engagement solutions market. Asia Pacific is anticipated to experience the fastest growth by 2024, due to the increasing disposable income, rising geriatric population, and the growing demand for improved healthcare solutions. Emerging nations, such as China and India, in Asia-Pacific are reported to expected notable growth over the forecast period. This is likely due to the rising medical tourism within the region.