How are Government Policies Aiding in Increasing Adoption of Patient Engagement Solutions?
As per a report by P&S Intelligence, the global patient engagement solutions market is predicted to reach a value of $21.9 billion by 2023, from $8.5 billion in 2017, progressing at a 16.9% CAGR during the forecast period (2018–2023). The key factors leading to the growth of the market are the increasing use of mobile health solutions, enhancing healthcare infrastructure, and rising requirement for wearable health technology. Moreover, the promotion of patient-centric care through government regulations is also driving the market.
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When therapeutic area is taken into consideration, the patient engagement solutions market is categorized into mental health, fitness, women’s health, chronic diseases, and others. Among all these, the chronic diseases category occupied the largest share of the market in 2017, and it is further expected to register the fastest CAGR of 17.8% during the forecast period. Government organizations of various developing and developed countries are adopting several patient engagement solutions for reducing the surging healthcare burden, which is being caused due to the rising prevalence of chronic diseases.
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In terms of component the patient engagement solutions market is divided into services, hardware, and software, out of which, the software division accounted for the largest share of the market in 2017. Software customization has gain immense popularity in the healthcare sectors, as these solutions aid in simplifying complex data and streamlining the healthcare process. The division is further classified into standalone software and integrated software.
In conclusion, government policies and incentives for increasing awareness regarding patient engagement solutions are leading to the growth of the market.