Market Trends of Global Patient Engagement Solution Industry
This section covers the major market trends shaping the Patient Engagement Solution Market according to our research experts:
Web-based and Cloud-based Services Segment is Expected to Witness Growth Over the Forecast Period
Web-based and Cloud-based services refer to web-based software that stores data via web-based servers, allowing providers to quickly access their data from virtually anywhere with an internet connection. The factors such as increasing initiatives taken by the government for the adoption of services, coupled with advancements in technology and developments in healthcare organizations, are driving the growth of the market.
The government in various countries is taking initiatives to support the growth of information technology in healthcare. For instance, in February 2021, as a part of the United Kingdom government launched an initiative to adopt a fully connected cloud-driven health service, over two million National Health Services (NHS) mail mailboxes were moved to Exchange Online, which is a part of Microsoft's Azure Cloud. This will enable smoother and more efficient communication between staff across NHS organizations and departments and provide improved access to information. This will increase the usage of (Health Information technology) HCIT Change Management services in the United Kingdom and boosts the growth of the market. Such initiatives would increase the overall adoption of web-based services, which will increase market growth.
Additionally, the joint initiatives taken by the government bodies and market players in the region are also driving the growth of the market. For instance, in September 2021, Deutsche Telekom's T-Systems partnered with Google Cloud to build and deliver sovereign cloud services to German enterprises, healthcare firms, and the public. The companies will jointly innovate to develop a large spectrum of next-generation sovereign cloud solutions and infrastructure. The company is considering building a similar sovereign cloud for Austria and Switzerland. This would help in the expansion of services into new geographies, which would increase market growth in the coming future.
Moreover, several companies are offering web-based solutions. For instance, in January 2021, WRS Health expanded its footprint with the availability of Neurology-Cloud. Derived from WRS Health's 20 years of experience, Neurology-Cloud is an electronic health record (EHR) that meets the needs of medical practices specializing in Neurology.
Thus, owing to the above-mentioned factors, the market segment is expected to project growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The North American market is rapidly growing due to the supporting initiatives taken by public and private organizations. For instance, according to the Congressional Research Service report published in July 2021, the United States had an estimated population of 326 million individuals in 2020. Most of those individuals had private health insurance or received health care services under a federal program (such as Medicare or Medicaid). About 8.6% of the United States population was uninsured. Individuals (including those who were uninsured), health insurers, and federal and state governments spent approximately USD 3.9 trillion on various types of health consumption expenditures (HCE) in 2020, which accounted for 18.8% of the nation's gross domestic product.
While considering hospitals as a major component of the health industry, their development is done with the help of novel technologies and services, such as patient engagement solutions, which help in the management of operations related to patient health in these developed countries. Various initiatives by key market players are another factor for the growth of the market. For instance, in June 2020, IBM and Wipro collaborated to assist Wipro customers in embarking on a seamless and secure hybrid cloud journey. Through this alliance, Wipro will develop hybrid cloud offerings to help businesses migrate, manage, and transform mission-critical workloads and applications, with security across public or private cloud and on-premises IT environments. Similarly, in February 2021, Humana (US) collaborated with IBM (US) to deploy IBM Watson Assistant for Health Benefits; it is an AI-enabled virtual agent built in the IBM Watson Health Cloud. This agent helps provide a better member experience while providing greater clarity and transparency on benefits and other related matters for Humana Employer Group members. Such initiatives would increase the market during the forecast period.
Due to the higher adaptability of innovative technologies and raising awareness among the general population about health, this region is expected to dominate the patient engagement solutions market.
