Patient Engagement Solution Market Analysis, Growth, Vendors, Shares, Trends, Challenges with Foreca

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Patient Engagement Solutions (PES) combines a patient’s knowledge, skills, ability, and willingness to manage own health with communications from health provider designed to promote positive behaviors. For instance, if patient is suffering from cardiovascular disease, patient engagement solution takes effort to remind patient about of why, when, how, and where they can get relevant care for CVD, which in turn allows patients to control disease and avoid adverse events.

These solutions allow active participation of patient in management of their health due to increased understanding and knowledge about his/her health, which in effect also helps the better healthcare delivery by physician resulting into reduced cost and timing of treatment. This also helps physician to maintain patient base due to continuous engagement with patient. Furthermore, it assists healthcare organizations to share important health information with patients, educate them about their health conditions, and track progress and outcomes outside the facility walls thereby facilitating chronic disease management, care transitions, and readmissions rate reductions. Moreover, PES provides important health alerts and self-management action plans to patients, their health providers, and family caregivers with the help of relevant personal health information

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Patient engagement solution allows healthcare organization to obtain Accountable Care Organizations designation(which provides quality care at low cost by avoiding unnecessary spending and reducing medical error) by addressing various obstacle in patient engagement such as addressing data lag, closing care gap, and reporting patient progress.

Patient Engagement Solution Market-Market Dynamics

Patient engagement solutions market is expected to witness upward growth during forecast period due to rising prevalence of chronic disease worldwide. Chronic disease such as cancer, cardiovascular disease, diabetes, asthma (chronic lung disease) results into significant deaths each year. According to World Health Organization data (WHO) in 2017, around 40 million people die annually due to chronic disease, which accounts for 70% of all deaths worldwide. Cardiovascular diseases are responsible for 17.7 million death annually, followed by cancers (8.8 million deaths), respiratory diseases (3.9million deaths), and diabetes (1.6 million deaths). Patient engagement solutions benefits the better clinical management of this disease by engaging patient about their health and in turn maintaining patient base for hospital or clinic.

Increasing old age population worldwide is expected to further fuel patient engagement solutions market growth. According to the population Prospect report by United Nations in 2017, an estimated 962 million people were of age 60 or above, which accounted for 13% of the global population. By 2030, number of old people in the world is projected to be 1.4 billion, growing at annual rate of 3%. Various complications associated with old age can be better managed with PES. Advancement in big data analytics is expected to benefit the patient engagement solutions market, as it would help in management of vast data with precision in quality healthcare to individual.

Patient Engagement Solution Market-Regional Insights

On the basis of geography, patient engagement solutions market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to lead the population health management system market due to various reasons. U.S. currently has one of highest per capita expenditure on healthcare accounting for US$ 9146, according to statistics given by World Economic Forum in 2016. This cost could be saved with the greater application of patient engagement solutions resulting in quality comprehensive care with reduced hospital admissions. This would also lower the burden on health care infrastructure with shortage of physicians and hospitals beds.

Europe is expected to be second most lucrative market due to high percent of old age population, according to Europa Statistics in 2017, around 19% of current Europe population is more than 60 in age, which would rise to 25% in near future. Asia Pacific offers potential opportunity for the patient engagement solutions market growth, owing to highest death rates due to chronic disease. More than 12 million and around 80% worldwide chronic disease death were reported from this region, as per WHO factsheet in 2017. Healthcare infrastructure in this region is slowly improving, which is expected to promote use of population health management solution.

Patient Engagement Solution Market-Competitive Landscape

Some of the key players operating in the population health management system include Allscripts, Inc., Cerner Corporation, Conifer Health Solutions, Healthagen, LLC, Orion Health, Athena Health, OptumHealth, Epic Corporation, Inc., Philips Wellcentive, eClinicalWorks, Change Healthcare, Verscend Technologies, Inc., IBM Watson Health, Caradigm and Care Evolution.

Key players are engaged in mergers and acquisitions in order to improve the market footprint and expand inorganically. For instance, in August 2017, Allscripts announced to acquire McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash.

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