Increasing Adoption of Patient Engagement Solutions Market
Increasing Adoption of Patient Engagement Solutions Market
A shortage of skilled IT professionals in the healthcare industry are expected to restrain the growth of this market during the forecast period.

The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for virtual consultation through various telehealth and patient engagement solutions and the need for the accurate and timely exchange of patient health records. Various players in this market have introduced COVID-19- related features into their existing patient engagement solutions, which are being made available to users free of cost. 

Additionally , due to the growing patient volumes, the demand for EMR and EHR platforms to manage complex patient data has increased. Many countries have also been hit by the second wave of COVID-19, resulting in complete lockdowns. Restrictions related to social distancing have led to a slight increase in the use of patient engagement solutions. 

The CARES Act also increases flexibility for Medicare to cover telehealth services; authorizes Medicare certification for home health services by physician assistants, nurse practitioners, and certified nurse specialists; and increases Medicare payments for COVID-19-related hospital stays and durable medical equipment. Such initiatives/regulations are expected to increase further the demand and adoption of patient engagement solutions in major markets worldwide. 

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[211 Pages Report] The patient engagement solutions market is projected to reach USD 27.9 billion by 2027 from USD 17.3 billion in 2022, at a CAGR of 10.0% during the forecast period. The factors driving the growth of this market are implementation of changing government regulations and healthcare initiatives to promote patient-centric care, high demand for patient engagement solutions in the post pandemic era, and the growing utilization of m-health apps. 

Payers have made substantial investments in infrastructure and proprietary systems in the past. Moving or integrating these systems with patient engagement solutions will pose various challenges to these organizations in terms of cost. It will also require changes to their current systems that are optimized to handle only their current requirements. 

Also, the move to cloud-based patient engagement solutions would involve changing the current IT architecture, especially in hospitals that already serve as hubs connecting multiple physicians, labs, and pharmacists. Hence, finding the resources to achieve large-scale interoperability and interconnectivity could hamper the transition to cloud-based patient engagement solutions for such healthcare institutions. 

The maintenance and software update costs of these systems may be more than the software price. Support and maintenance services along with software upgrades , represent a recurring expenditure, which amounts to almost 30% of the total cost of ownership. The lack of internal skilled  IT professionals  in the healthcare industry necessitates training for end users to increase the efficiency and results of various healthcare IT solutions, thereby adding to the cost of ownership of the systems. 

Some of the key players are IBM (US), McKesson Corporation (US), Allscripts (US), Cerner Corporation (US), Epic Systems Corporation (US), Orion Health (New Zealand), GetWellNetwork (US), athenahealth (US), Oneview Healthcare (Ireland), MEDITECH (US), IQVIA (US), Get Real Health (US), Cognizant (US), Symphony Care (US), Harris Healthcare (US), Kareo (US), CureMD Healthcare (US), eClinicalWorks (US), and Lincor Solutions (US), AdvancedMD (US), WellStack(US), IQVIA (US), Vivify Health (US), Medhost (US), Validic (US) MEDISYSINC (US), and  Patient point LLC (US). These players are increasingly focusing on new product launches and partnerships to expand their product offerings in the patient engagement solutions market.