Interactive Patient Engagement Solutions Market Forecasts to 2028 – Global Analysis By Type (Inpatient, Outpatient), Product (In Room Television, Interactive Bedside Terminal, Smart Bands), Application, and By Geography

Interactive Patient Engagement Solutions Market Forecasts to 2028 – Global Analysis By Type (Inpatient, Outpatient), Product (In Room Television, Interactive Bedside Terminal, Smart Bands), Application, and By Geography

According to Stratistics MRC, the Global Interactive Patient Engagement Solutions Market is accounted for $125.06 million in 2021 and is expected to reach $407.94 million by 2028 growing at a CAGR of 18.4% during the forecast period. Patient engagement is a well-established process in which healthcare providers and patients work together to improve health. This concept is used to describe everything from patient portals to social media strategies, from tracking vitals with wearables to patients actively participating in their own health and wellness. It combines a patient’s knowledge, skills, ability, and willingness to manage their own care more effectively which will help in improving health outcomes, drive better patient care, and achieve lower costs.

Market Dynamics:

Driver:

Growing penetration of the internet

The never-ending growth in the accessibility of internet around the world along with numerous technological advancements comprising blockchain, cloud services, Internet of Things (IoT), Artificial Intelligence (AI), and 5G among others have significantly boosted the economic growth in the last two decades. For instance, as of April 2021, there were more than 4.5 billion users that were actively using the internet globally. In addition, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe.

Restraint:

Financial crunches due to the pandemic

Healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. Small and medium-sized hospitals in most regions have been adversely impacted by the pandemic. This has created a financial crunch for such hospitals, which ultimately makes it difficult for them to adopt interactive patient engagement solutions. Patients believe that the interactive patient engagement services offered by hospitals can increase the hospital bills and they won't be able to pay for it due to increased lay off in jobs taking place. This is expected to hamper the adoption of such solutions.

Opportunity:

Rising new product launches

Majorly, the technological advancements are playing a key role in flourishing the market. Companies are developing audio and video devices to enable physically challenged patients to communicate easily with hospital staff. The development of Epoxy’s smart solutions brings advanced nurse call features, which enable patients to call nurses from patient’s room, patient’s toilet in which patient’s calls can be sent directly to the relevant staff members enabling Instant communication. These products enhance patient safety, enriched patient satisfaction, and increased staff efficiency.

Threat:

Data breaches and security issues

The data hosted by the vendor is not secured and may lead to data breaches. Patient information is considered sensitive, and a high degree of privacy needs to be maintained so that this information is accessible to authorized users only. When a patient accesses engagement solutions using, their own device using the internet facility offered by the hospital, the chances of data security breach increases; most of these solutions display a patient’s vital reading and diagnostic charts. For example, the solutions offered by eVideon and Lincor integrate a hospitals’ EHR systems to provide detailed information to the patient right from diagnosis to treatment offered.

The hospitals segment is expected to be the largest during the forecast period

The hospitals segment is estimated to have a lucrative growth. The hospitals are increasingly generating revenue prospects for solution providers in the interactive patient engagement solutions market, with relentless focus of the healthcare systems on improving patient outcomes. The role of patient engagement in driving patient customer loyalty in hospital settings is a key pivot that has spurred the deployment of such systems in interactive patient engagement solutions market. Physicians and other clinicians are harnessing patient engagement solutions to engage patients, empower them in better and timely decision making, and educate them on range of topics ranging from disease processes, medications, and diagnostics.

The in-room television segment is expected to have the highest CAGR during the forecast period

The in-room television segment is anticipated to witness the fastest CAGR growth during the forecast period due to the rising development of TV-based solutions and the increased adoption of in-room televisions by hospitals. The interactive in-room television system encourages active patient engagement by offering bedside access to education, positive distraction and communication tools. This technology delivers improved patient experience, health outcomes and hospital productivity.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. In particular, economies in the Asia Pacific region have recently witnessed rise in revenue prospects of interactive engagement solutions. Moreover, the rising demand in the Asia Pacific interactive patient engagement solutions market hinges mainly on the growing focus of healthcare providers to educate patients and their caregivers on the benefits of such systems in empowering decision making.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period due to the rising awareness about digital healthcare products, and the favourable government initiatives. In addition, supportive government policies for digitization of pharmaceutical sector, and growing occurrence of chronic diseases are also predicted to boost the region’s market growth in the imminent time. For instance, as per the Centers for Disease Control and Prevention, as of January 2021, 6 in 10 adults in the United States have a chronic disease, and 4 in 10 adults in the country have two or more.

Key players in the market

Some of the key players profiled in the Interactive Patient Engagement Solutions Market include Aceso Interactive, Inc, Advantech Co., Ltd, Allen Technologies, ARBOR Technology Corp, Barco, Epic Systems Corporation, GetWellNetwork, Inc, HCI, Inc, HealthHub Patient Engagement Solutions, Hospedia, i3solutions, Inc, Lincor Solutions, Onyx Healthcare, Inc, Remedi Technology, and SONIFI Health.

Key Developments:

In January 2021, GetWellNetwork announced the acquisition of Docent Health, an innovative enterprise consumer engagement platform that enables healthcare organizations to scale personalized outreach through AI-enabled communication technology. Docent Health primarily leverages intelligent, real-time text messaging to improve patient outcomes and retention by guiding patients to the “next best step” in their care across episodes, a critical time when patients often don’t know what additional services they need or are at risk of seeking care outside of their home network.

In September 2020, Siemens and SONIFI Health today announced that SONIFI Health has joined the growing Siemens Connect Ecosystem – a network that brings together experts in software development, IT, cybersecurity, remote and digital services, and business intelligence.

Types Covered:
• Inpatient
• Outpatient

Products Covered:
• In Room Television
• Interactive Bedside Terminal
• Smart Bands
• Tablets

Applications Covered:
• Financial Health Management
• Health Management
• Home Healthcare Management
• Patient Education
• Social Management

End Users Covered:
• Clinics/Ambulatory Care Settings
• Hospitals
• Individual Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances