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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).
By: P&S Intelligence
On the basis of application, the market is divided into financial health management, health management, social and behavioral health management, and home health management. Out of these, the health management division accounted for the major share of the market in 2017, due to the rising adoption of technological solutions provided by patient engagement technology. These solutions are majorly being adopted in government organizations for spreading awareness regarding prevention of diseases among the general public.
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.
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.
Governments across various countries are implementing regulations and offering incentives in order to promote patient-centric care, which is leading to the growth of the patient engagement solutions market. In addition to this, governments of various countries are also initiating programs for increasing the awareness regarding patient engagement solutions among the people. These solutions can aid in considerably reducing the cost of healthcare and make medical services more affordable for people, which is why their adoption is rising.
In conclusion, government policies and incentives for increasing awareness regarding patient engagement solutions are leading to the growth of the market.