North America Patient Engagement Solutions Market Analysis

North America Patient Engagement Solutions Market Analysis


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North American patient engagement solutions market is projected to grow from $7.14 Bn in 2022 to $15.54 Bn by 2030, registering a CAGR of 10.2% during the forecast period of 2022-30. The main factors driving the growth would be the rising prevalence of chronic diseases, the requirement to lower costs of healthcare for greater accessibility, government laws supporting the healthcare system, and the concentration of key market players operating in the area. The market is segmented by component, delivery mode, application, therapeutic area, functionality, and end-user. Some of the major players include Allscripts, Cerner Corporation, McKesson, Athena Health, Telus Health, and WELL Health Technologies.

ID: IN10NAHS015 CATEGORY: Healthcare Services GEOGRAPHY: North America AUTHOR: Neha Davda

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North America Patient Engagement Solutions Market Executive Summary

North American patient engagement solutions market is projected to grow from $7.14 Bn in 2022 to $15.54 Bn by 2030, registering a CAGR of 10.2% during the forecast period of 2022-30. North America, which consists of the US and Canada, has one of the highest GDPs in the entire globe. In 2020, North America's GDP is expected to exceed $20.5 trillion, according to the World Bank. In North America, healthcare expenses vary from one country to the next, but they are typically enormous. The US spends 17.2% more on healthcare as a proportion of GDP than any other country in North America, according to the WHO. In Canada, healthcare expenditures as a share of GDP were 10.3%.

With the presence of important players, increased mHealth and EHR adoption, and growing investment in patient engagement software by the leading companies, North America held the greatest revenue share of approximately 35.0% in 2021.

The U.S. dominates the market in North America, and it is anticipated that it will show a CAGR of over 10.2 % until the end of the decade. The government's growing investment in the healthcare sector and the public's growing understanding of the importance of following medication schedules are credited with the country's improvement.

North America Patient Engagement Solutions Market

Market Dynamics

Market Growth Drivers

The rising prevalence of chronic diseases, the requirement to lower costs of healthcare for greater accessibility, government laws supporting the healthcare system, and the concentration of key market players operating in the area are the main factors propelling the market's expansion in North America.

Market Restraints

A lot of healthcare providers could be discouraged from making the required investment due to the cost of designing and implementing patient engagement solutions. The market's expansion in the region is being constrained by the high cost of patient engagement solutions.

Competitive Landscape

Key Players

  • Allscripts
  • Cerner Corporation
  • Mckesson
  • Athena Health
  • Telus Health
  • WELL Health Technologies

Notable Deals

August 2021: Mckesson and Merck declared a strategic partnership that would enable the two healthcare titans to harness the power of real-world evidence (RWE) for the benefit of improving patient outcomes and the standard of cancer therapy.

September 2021: Telus has completed its $1.71 Bn acquisition of LifeWorks, marking the beginning of an era of employer-focused healthcare. As a result of this transaction, Telus Health now provides corporate clients with coverage in more than 160 nations and for 50 Mn people worldwide, expanding its global reach.

Healthcare Policies and Regulatory Landscape

A complex regulatory environment for healthcare governs the market for patient engagement solutions in North America. The usage and execution of patient engagement solutions are governed by a number of laws and regulations pertaining to healthcare, including the Health Insurance Portability and Accountability Act (HIPAA) and the Affordable Care Act (ACA). HIPAA establishes national guidelines for safeguarding the security and privacy of personal health data, and it mandates that covered organisations put in place administrative, physical, and technical measures to guarantee the privacy, integrity, and accessibility of Electronic Protected Health Information (ePHI). Contrarily, the ACA advocates for patient-centred care and stresses the significance of patient engagement in enhancing health outcomes. 

Reimbursement Scenario

The market for patient engagement solutions in North America is heavily influenced by reimbursement policies. CMS, which oversees government healthcare programs including Medicare and Medicaid, is primarily responsible for regulating healthcare reimbursement practises in the US. For the purpose of encouraging healthcare providers to adopt patient engagement strategies and advance value-based care, CMS has created a number of payment models and reimbursement initiatives.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Patient Engagement Solutions Market Segmentation

By component (Revenue, USD Billion):

  • Hardware
  • Software
  • Standalone Software
  • Integrated Software
  • Services

By Delivery Mode (Revenue, USD Billion):

  • PREMISE Mode
  • CLOUD-BASED Mode

By Application (Revenue, USD Billion):

  • Health Management
  • Home Health Management
  • Social
  • Financial Health Management

By Therapeutic area (Revenue, USD Billion):

  • Chronic Diseases
  • Cardiovascular Diseases (CVD)
  • Diabetes
  • Obesity
  • Other chronic Diseases
  • Women's Health
  • Fitness
  • Other Therapeutic Areas

By Functionality (Revenue, USD Billion):

  • E-Prescribing
  • Virtual Consultation
  • Patient/Client Scheduling
  • Document Management

By End-user (Revenue, USD Billion):

  • Providers
  • Payers
  • Patients
  • Other End users

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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The North American patient engagement solutions market is projected to grow from $7.14 Bn in 2022 to $15.54 Bn by 2030, registering a CAGR of 10.2% during the forecast period of 2022 - 2030.

The North American patient engagement solutions market is segmented by component (hardware, software, standalone software, integrated software and services), by delivery mode (premise mode and cloud-based mode), by application (health management, home health management, social health management and financial health management), by therapeutic area (chronic diseases, cardiovascular diseases, diabetes, obesity, women’s health, fitness and other therapeutic areas), by functionality (e-prescribing, virtual consultation, patient/client scheduling and document management) and by end-user (providers, payers, patients and end-user).

Some of the major players in the North American patient engagement solutions market are Allscripts, Cerner Corporation, McKesson, Athena Health, Telus Health and WELL Health Technologies.


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  • Analysis of the market share and competitive landscape
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Last updated on: 10 October 2023
Updated by: Shivam Zalke

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