Global patient engagement technology market is projected to witness a CAGR of 15.08% during the forecast period 2024-2031F, growing from USD 20.41 billion in 2023 to USD 62.78 billion in 2031F. The market’s growth is supported by the introduction of favorable government policies, rapid population growth, the increasing prevalence of various diseases, the rising usage of mobile applications, and strategic partnerships between various market players. The rising investments towards enhancing IT infrastructure by various healthcare establishments are bolstering the global patient engagement technology market size. The seamless patient assistance offered by these technologies allows healthcare professionals to track patient adherence effectively while ensuring a real-time connection with the patients.
Additionally, the increasing investments by leading companies towards patient engagement startups are expected to support the expansion of the market in the coming years. In April 2024, Providence spun out Praia Health, a platform designed to aid healthcare providers in building strong relationships with their patients by connecting them to helpful services and resources. The Series A funding round was closed at USD 20 million by Frist Cressey Ventures and includes participants such as Providence Ventures, Inc., SignalFire Management Services, L.L.C., and Epsilon Health Investors, LLC. The platform aims to unify fragmented point solutions and data sources, including those designed for billing and care delivery, care navigation, and booking appointments at the consumer level. With the development of such platforms, personalization of the patients’ healthcare journeys will become possible, and the healthcare professionals will be provided with an accurate picture of the patient’s health.
Increasing Prevalence of Chronic Diseases Boosts Market Demand
The rise in the number of patients living with various chronic diseases in various regions across the globe is one of the major drivers supporting the expansion of the market. According to the estimates of the U.S. Centers for Disease Control and Prevention, approximately 38.4 million individuals (accounting for 11.6% of the population of the United States) are living with diabetes as of 2024. Thus, various companies should be encouraged to invest in the development of patient-centric engagement solutions to ensure the effective management of such diseases.
Patient engagement technologies increase the patient’s information accessibility and improve healthcare outcomes. They are also responsible for reducing expenses by streamlining workflow and improving patient coordination. In November 2023, Prisma Health, the largest healthcare provider in South Carolina, announced that they saved USD 4 million within the first two years by incorporating digital patient communication. The healthcare provider made these savings with the help of Artera, the patient engagement company. Meanwhile, to enhance the quality of care provided to the patients, the emphasis on developing novel technologies and launching advanced products is also increasing, resulting in the introduction of novel patient engagement solutions.
Rising Mergers, Collaborations and Acquisitions Support Market Growth
The increasing investments by various companies in developing novel products and software are expected to provide lucrative growth opportunities for the market in the coming years. Such activities support the development of novel products and technologies and allow companies to expand their customer base, increasing patient accessibility to various technologies. In January 2024, Innovaccer Inc., the leading digital healthcare company, announced the acquisition of Cured Inc., a CRM and healthcare digital marketing platform. The deal allowed the digital healthcare company to add 20 new customers to its portfolio of approximately 95 digital health and health system clients. Some of Cured’s customers include HonorHealth, VCU Health, Sutter Health, and UCHealth. The accusation is expected to aid Innovaccer in becoming a leader in patient experience technology and execute its forward strategy.
North America Accounts for a Significant Share of the Market
The growth of the market in the region can be attributed to the increasing emphasis on enhancing the quality of care provided to patients, the rapid expansion of the healthcare sector, the strong presence of leading market players, and the rising acceptance of advanced technologies and services. Patient engagement technology allows healthcare professionals to gather actionable patient health data, reducing costs for healthcare providers and patients and enhancing the patient experience, thus bolstering their utilization. The growing efforts of the various companies based in the region towards developing advanced solutions are also supporting the market expansion. For instance, in September 2023, Zocdoc, Inc., one of the leading appointment booking platforms, launched its free suite of tools to aid healthcare providers in managing, keeping, and reaching patients. The company is expected to continue its efforts to support the enhancement of the tools, provide patient-provider messaging, and incorporate additional services such as facilitation of payments, among others, to bolster patient engagement and save time on different admin tasks. Such developments are also expected to support the growth of the region’s market in the coming years.
Software Account for Significant Global Patient Engagement Technology Market Share
The software segment will account for a significant market share in the coming years. This growth can be attributed to various healthcare institutions’ rising adoption of software to streamline workflow and provide enhanced patient experience. Furthermore, such software also aids in improving the quality of care provided for various chronic diseases and disorders, including cancer. According to the estimates of the National Cancer Institute, in 2022, 20 million new cases of cancer were reported, and the number is expected to increase to 29.9 million by 2040. This increase in cancer cases is propelling the requirement for patient engagement software to enhance oncology care as the software ensures focused patient interaction while providing intelligent symptom management and enabling digital patient monitoring.
Future Market Scenario (2024-2031F)
According to the global patient engagement technology market analysis, the market is expected to receive lucrative growth opportunities in the coming years. Patient engagement tools are expected to be used in research studies as an intervention or treatment for various diseases and disorders. For instance, Stanford University is conducting an interventional study that is expected to conclude in August 2025 to improve access and adherence to overactive bladder treatment with the help of mobile technology-based interventions and personalized behavioral modifications. The study aims to evaluate the effectiveness of a patient-centered tool in initiating the treatment.
Technological innovations in patient engagement are expected to deliver digital healthcare transformation in the coming years. Omnichannel healthcare is expected to become an integral component of healthcare digitalization, aiding patients in receiving a unified pathway to enhance their experience. The digital transformation of the healthcare sector with the help of artificial intelligence is expected to drive the market’s growth. Artificial intelligence will allow the completion of various repetitive operations and tasks time-efficiently, enhancing patient experience and ensuring a deeper engagement among patients and their doctors.
Report Scope
“Patient Engagement Technology Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global patient engagement technology market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.
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