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 Market Revenue Growth:
[152 Pages Report] The global 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%.
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Key Factors Driving Market Growth:
The growth of this market is driven by the need for the adoption of improved interactive patient engagement solutions, growing number of collaborations and partnerships between stakeholders, and favorable government regulations and initiatives to promote the adoption of these solutions. However, high infrastructural requirements and implementation costs and data security concerns are expected to restrain the growth of this market to a certain extent during the forecast period.
In Room Television segment is expected to grow at the highest CAGR
On the basis of product, the interactive patient engagement solutions market is segmented into in-room televisions, interactive bedside terminals/assistive devices, and tablets. In 2020, the in-room televisions segment accounted for the largest share of 51.5% of the global patient engagement solutions market. The large share of this segment can be attributed to the rising development of TV-based solutions and the increased adoption of in-room televisions by hospitals.
Hospitals to establish the largest and fastest growing market size of Interactive patient engagement solutions market
Based on end users, the patient engagement solutions market is segmented into hospitals, clinics, and other end users. In 2020, the hospitals segment accounted for the largest share of 81.8% of the interactive patient engagement solutions industry. The large share of this segment can be attributed to the rising demand for IT tools to tackle the demand of hospital staff and the increasing demand for effective communication tools.
North America To Witness Significant Growth From 2021 To 2026
In 2020, 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.
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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The key players have a strong foothold in the market and offer a wide range of products. Some of the key players in this market are GetWellNetwork (US), SONIFI Health (US), Epic Systems Corporation (US), and Allen Technologies (US).
These players adopted various growth strategies, such as product launches & upgrades, expansions, acquisitions, partnerships, agreements, and collaborations to further expand their presence in the market.