The global patient engagement solutions market is expected to grow from $5.5 billion in 2014 to $13.7 billion by 2019, growing at a compound annual growth rate of 20 percent, according to a new MarketsandMarkets report.
Health care providers, payors and patients around the world, especially in the U.S., are increasingly purchasing these solutions.
A plethora of factors are driving the market including the Affordable Care Act, Meaningful Use program, popularity of mobile health, rise in the elderly population, need for better worker productivity and incentives from the government.
These solutions help hospitals bring down costs, reduce the amount of readmissions, boost patient outreach, improve the quality of health care and even help them get a return on investment. Additionally, the move towards value-based care and the focus on patient experience will fuel the market in the future.
Despite all of the benefits that the patient engagement solutions bring to hospitals, they also come along with a few challenges. They come with a relatively high price tag and the security of the patients' information is a concern. Other hurdles in the way are the lack of health literacy for a big portion of the population, the disjointed end-user market and poor access to health care.
Right now, North America makes up the majority of the global market due to the increase in health care costs, the move towards quality care, legislative reforms, the rise in both the elderly and chronically ill population and government incentives.
The European and Asian markets are expected to experience growth because their governments are pushing health information technology and patient engagement and the demand for quality care at lower costs.
The major players in the global market include McKesson Corporation, Medecision, Inc., Allscripts, Inc. Phytel Inc., Cerner Corporation, Orion Health, Aetna, Inc., Athenahealth, Inc., Emmi Solutions LLC and GetWellNetwork, Inc.