Patient Engagement Technology Market Size, Share Report, Analysis, Trends, Growth, 2030

Patient Engagement Technology Industry Prospective:

The global patient engagement technology market size was evaluated at $6 billion in 2022 and is slated to hit $9 billion by the end of 2030 with a CAGR of nearly 7.03% between 2023 and 2030.

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Patient Engagement Technology Market: Overview

Patient engagement technology is making patients well-informed about the problem and motivating them to take care of their own medications. This will help the patient to know all possible treatment, medication & recovery options, and other aspects that will support his choice. It provides a number of ways with which a patient can track his progress/recovery through technologies such as mobile devices, wearables, patient portals, and mobile applications.

Key Insights

• As per the analysis shared by our research analyst, the global patient engagement technology market is projected to expand annually at the annual growth rate of around 7.03% over the forecast timespan (2023-2030)
• In terms of revenue, the global patient engagement technology market size was evaluated at nearly $6 billion in 2022 and is expected to reach $9 billion by 2030.
• The global patient engagement technology market is anticipated to grow rapidly over the forecast timeline owing to rapidly increasing awareness among patients about patient engagement technology.
• In terms of component, the software segment is slated to register the highest CAGR over the analysis period.
• Based on application, the health management segment is expected to dominate the segmental growth over the assessment timeline.
• Region-wise, the Asia-Pacific patient engagement technology industry is projected to register the fastest CAGR during the assessment timeline.

Patient Engagement Technology Market: Growth Factors

Favorable government schemes in emerging and developed countries will favor the growth of the global market

The global patient engagement technology market is expanding at a notable rate and is majorly driven by favorable government initiatives in both developed and developing countries. The global market demand is subject to the rapidly increasing awareness among patients about patient engagement technology. Moreover, a rise in the number of deadly diseases such as chronic and infectious diseases is expected to drive the market demand over the ensuing years. Surging healthcare benefits for individuals are further fueling global market expansion. The patient engagement technology is creating an interest of stakeholders in the healthcare sector encompassing healthcare professionals, physicians, healthcare insurance providers & healthcare insurance subscribers, and technologists.  Additionally, the adoption of patient engagement technology in the healthcare sector is predicted in reducing costs, thereby improving healthcare quality and simultaneously creating new growth dimensions for the global market.

Patient Engagement Technology Market: Restraints

Lack of awareness about the new technology can hinder the growth of the global industry

Lack of proper knowledge about the protection of patient information can restrict demand for patient engagement technology, thereby halting the growth of the global patient engagement technology industry.

Patient Engagement Technology Market: Opportunities

Supportive government laws & new technology launches will open new growth facets for the global market

Favorable government initiatives and the launching of new healthcare technologies made available to individuals are anticipated to open new growth avenues for the global patient engagement technology market.

Patient Engagement Technology Market: Challenges

Strict regulations associated with the use of the technology can put a huge challenge to the global industry 

Strict government laws pertaining to use of the patient engagement technology can prove to be a huge challenge in the expansion of the global patient engagement technology industry.

Patient Engagement Technology Market: Segmentation

The global patient engagement technology market is sectored into component, application, and region.                

In component terms, the global patient engagement technology market is segregated into services, hardware, and software segments. Furthermore, the software segment, which gathered nearly 61% of the global market revenue share in 2022, is projected to register the fastest CAGR in the ensuing years. The growth of the segment in the estimated timeline can be due to the large-scale use of software in patient engagement technology-based products as the software assists the patients in connecting with healthcare service providers.

Based on the application, the global patient engagement technology industry is sectored into financial health management, health management, social management, and home healthcare management segments. Moreover, the health management segment, which garnered a huge chunk of the global industry revenue share in 2022, is projected to dominate the global industry over the analysis timeframe. The segmental expansion over the assessment timeline can be subject to growing awareness about health management in the patient population base.

Patient Engagement Technology Market: Report Scope

Patient Engagement Technology Market: Regional Insights

North America is projected to maintain global market domination over the assessment period

North America, which contributed about three-fourths of the global patient engagement technology market revenue in 2022, is likely driven owing to rising concerns for healthcare management by senior citizens in countries such as the U.S. and Canada. According to the survey conducted by Alignment Healthcare Organization, nearly fifty-nine percent of senior patients have concerns related to their health in the near future. This technology has helped senior citizens in effectively managing their health on their own, connecting with healthcare service providers, and addressing their health concerns.

Asia-Pacific patient engagement technology industry is set to register the fastest CAGR in the upcoming years due to the large-scale presence of key players in countries such as India, China, and Japan. An increase in the patient population pool and a rise in medical service costs will prompt the growth of the industry in the region.

Patient Engagement Technology Market: Competitive Space

The global patient engagement technology market profiles key players such as:

• YourCareUniverse Inc.
• Lincor Solutions Ltd.
• WelVU Inc.
• McKesson Corporation
• Phytel Inc.
• PatientPoint
• Medecision Inc.
• Oneview Healthcare
• Orion Health Ltd.
• GetWellNetwork Inc.

The global patient engagement technology market is segmented as follows:

By Component

• Services
• Hardware
• Software

By Application

• Financial Health Management
• Health Management
• Social Management
• Home Healthcare Management

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa