Large patient purchase reductions shut down of sales offices in various locations, non-renewal of purchase contract and negative impact of Covid 19 on supply chain. This led to a slight decrease in the growth of the market in 2020 since 2019. Yet, experts claim that a steady recovery is expected by second quarter of 2021.
Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe.
According to market research report, Patient Engagement Solutions Market by Component (Hardware, Software, Services), Delivery Mode (On Premise, Cloud), End User (Provider, Payer), Applications (Home Health, Financial Health), Therapeutic Area - Analysis and Global Forecast to 2025", The patient engagement solutions market is projected to reach USD 19.3 billion by 2025 from USD 11.9 billion in 2020, at a CAGR of 10.1%.
Governments across the globe are implementing various regulations and initiatives to encourage the adoption of patient engagement solutions. For instance, in 2020, EU Health Ministers signed a declaration to collaborate and set up an eHealth common area that will allow for the free movement of electronic health records across Europe.
Concerns over patient health data security are creating barriers in the transfer of this data among various stakeholders in the healthcare industry. This, in turn, is affecting patient engagement initiatives in various healthcare organizations and is limiting the adoption of patient engagement solutions among prospective end users.
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A number of factors, such as the implementation of government initiatives supporting the adoption of HCIT solutions, rising government healthcare expenditure, and the presence of skilled IT experts in emerging Asian countries, such as China and India, are expected to support the growth of the patient engagement solutions market in Asia.
The lack of internal IT expertise in the healthcare industry necessitates training for end users in order to maximize the efficiency of various healthcare IT solutions, thereby adding to the cost of ownership of the systems.
The flexibility, scalability, and affordability offered by cloud-based solutions are supporting their growth in the patient engagement solutions market. Cloud-based solutions help healthcare organizations share and integrate information from different locations or systems in real-time.
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The patient engagement solutions market is segmented into chronic diseases, women’s health, fitness, and other therapeutic areas. In 2019, the chronic diseases segment accounted for the largest share of the global patient engagement solutions market. The large share of this segment can be attributed to the high burden of chronic diseases and the need to effectively manage these conditions while reducing the overall healthcare costs.