Global Patient Engagement Solution Market Size

Patient Engagement Solution Market Analysis

The Global Patient Engagement Solution Market size is estimated at USD 24 billion in 2024, and is expected to reach USD 46.96 billion by 2029, growing at a CAGR of 14.38% during the forecast period (2024-2029).

During COVID, digital solutions in healthcare have played a major role as the countries went into lockdown with strict measures that led to a decline in many other healthcare services but telehealthcare emerged as one of the foremost tools during this pandemic which facilitates many healthcare services during the lockdown and is still growing. Also, many countries are incorporating digital health services into conventional healthcare systems owing to COVID-19 which is expected to have an impact on the studied market. For instance, according to the article "The European Digital Health Revolution in the wake of COVID-19," published in April 2021, the European Commission proposed the EU4Health program as part of a COVID-19 recovery response program. The initiative aims to raise EUR 5.1 billion for the digital transformation of the European health sector and ensure preparedness for future cross-border health threats. Thus, increasing investments by European governments toward the digital transformation of healthcare will drive market growth over the study period. According to the report "Digital Health and the Global Pandemic" published in 2020, in France, during the pre-coronavirus times, the national insurance fund recorded and reimbursed about 40,000 teleconsultations per month, which increased to more than 10 times in one week during the pandemic. Thus, the high surge in reimbursements for teleconsultations indicates the surge in teleconsultations during the pandemic, thus positively impacting the market in the region. Hence, supporting government initiatives, increasing product launches, and raising awareness about the use of digital solutions in healthcare during COVID has majorly impacted the market.

The rising trend of using mobile applications has boosted the growth of this market. Moreover, the increased prevalence of chronic diseases and efforts by the government to create awareness about the engagement solutions have further helped this market to grow in the forest period. Due to these factors, the market has been attracting investors, which is further helping this market to grow. Initiatives by the government are one of the key factors for the growth of the market. For instance, in March 2020, France's new healthcare act 2019, which is based on the government's plan 'My Health 2022' includes electronic health records (EHR) to be rolled out nationwide and will become essential to several e-Health platforms, artificial intelligence (AI) is a priority domain and telemedicine which will include the full coverage by the public health system. For instance, Dossier Medical Partagé (DMP) will become an integral part of the 'Espace Numerique de Santé,' a digital health platform for patients planned for 2022. The DMP will be further developed with patient summaries and vaccination information. Due to this integration, the ease of access to the information will prevent delays during the consultation as all the data will be available.

Patient engagement solutions are a novel field in healthcare. Thus, there is a lack of awareness of solutions among the people and IT professionals in this industry, which is a major restraint of the market. Moreover, security concerns are also hampering the growth of the market. These factors are hence restraining this market's growth.