This study involved four major activities in estimating the size of the Interactive patient engagement solutions market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Expected Revenue Growth:[152 Pages Report] The interactive patient engagement solutions market is projected to reach USD 291 million by 2026 from USD 127 million in 2021, at a CAGR of 17.9%
COVID-19 Impact on Interactive Patient Engagement Solutions Market:
Patients believe that the interactive patient engagement services offered by hospitals can increase the hospital bills and they won’t be able to pay for it due to increased lay off in jobs taking place. This is expected to hamper the adoption of such solutions.
The COVID-19 pandemic has impacted medical practices of all sizes. Healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. Small and medium-sized hospitals in most regions have been adversely impacted by the pandemic. They are forced to shut down or run at a limited capacity. This has created a financial crunch for such hospitals, which ultimately makes it difficult for them to adopt interactive patient engagement solutions.
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Major Interactive Patient Engagement Solutions Market Dynamics:
1. Need for the adoption of improved interactive patient engagement solutions
2. Growing number of collaborations and partnerships between stakeholders
3. Favorable government regulations and initiatives to promote the adoption of HCIT solutions
4. Emerging countries offer high-growth potential
5. Technological advancements
Major Key Players Mapped in Interactive Patient Engagement Solutions Market Research Report:
1. GetWellNetwork, Inc.
2. SONIFI Health
4. Advantech Co. Ltd.
5. Epic Systems Corporation
6. Allen Technologies
7. ARBOR Technology Corp.
8. HealthHub Patient Engagement Solutions
9. i3solutions, Inc.
10. Aceso Interactive, Inc.
Major Industry Growth Driver:
Patient engagement solutions enable patients to plan their care more effectively. They make patients make informed healthcare decisions and optimize patient experience across the continuum of care. There is a constant need to improve such solutions to ensure that effective information is delivered to users. Companies are also developing audio and video devices to enable physically challenged patients to communicate easily with hospital staff. In April 2020, Allen Technologies developed a wireless nurse call solution specifically for hospitals setting up popup, mobile, and temporary facilities for COVID and non-COVID patients. The solution can be deployed in less than two hours and is scalable to an unlimited number of beds and nurses. In February 2020, eVideon (US) developed a new patient smart room service that enables patients to use their own devices to interact with the system by scanning a QR code to turn their smartphones into eVideon controllers. Such developments are expected to aid the adoption of interactive patient engagement solutions.
The Geographical Regions Mapped in the Interactive Patient Engagement Solutions Market Report are:
1. North America
4. Rest of the World (RoW)
North America accounted for the largest share of 60.9% of the interactive patient engagement solutions market. This market is also expected to grow at the highest CAGR during the forecasted period. The large share and the high growth of this market can be attributed to favorable government initiatives, the rising prevalence of chronic diseases, and rising awareness about digital healthcare products.
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Recent Developments in Interactive Patient Engagement Solutions Market:
In March 2021, Get Well Network launched GetWell Anywhere, a mobile experience providing patients easy access to engagement solutions on their personal devices across all interactive patient care settings.
In January 2021, GetWellNetwork acquired Docent Health, an innovative enterprise consumer engagement platform. The combined product offerings will help GetWellNetwork to create a more comprehensive, seamless, and integrated patient engagement experience.
In September 2020, SONIFI Health collaborated with Siemens Connect Ecosystem. The collaborative effort was aimed at serving healthcare systems that are shifting towards smart rooms. The integration of Siemens platforms with SONIFI Health’s patient engagement system will help in providing hospitals and other healthcare organizations greater control and comfort to patients.