Interactive Patient Engagement Solutions Market Estimated to Cross US$ 395 Million by 2027

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New York, United States: The Report on Interactive Patient Engagement Solutions Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Interactive Patient Engagement Solutions Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Interactive Patient Engagement Solutions market gathered revenue around USD 125 million in 2020 and market is set to grow USD 395 million by the end of 2027 and is estimated to expand at a modest CAGR of 19.7% during the prediction period 2021 to 2027.

Overview of Interactive Patient Engagement Solutions Market Study

Interactive Patient Engagement Solutions market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The growth of interactive patient engagement solutions market is driven by the need for the adoption of improved interactive patient engagement solutions, growing number of collaborations and partnerships between stakeholders, and favorable government regulations and initiatives to promote the adoption of these solutions. However, high infrastructural requirements and implementation costs and data security concerns are expected to restrain the growth of interactive patient engagement solutions market to a certain extent during the forecast period.

Drivers: Need for the adoption of improved interactive patient engagement solutions
Patient engagement solutions enable patients to plan their care more effectively. They make patients make informed healthcare decisions and optimize patient experience across the continuum of care. There is a constant need to improve such solutions to ensure that effective information is delivered to users. Companies are also developing audio and video devices to enable physically challenged patients to communicate easily with hospital staff. In April 2020, Allen Technologies developed a wireless nurse call solution specifically for hospitals setting up popup, mobile, and temporary facilities for COVID and non-COVID patients. The solution can be deployed in less than two hours and is scalable to an unlimited number of beds and nurses. In February 2020, eVideon (US) developed a new patient smart room service that enables patients to use their own devices to interact with the system by scanning a QR code to turn their smartphones into eVideon controllers. Such developments are expected to aid the adoption of interactive patient engagement solutions.

Restrains: Data security concerns related to the use of these solutions
A major concern with interactive patient engagement solutions is that 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 instance, solutions offered by eVideon and Lincor integrate a hospitals’ EHR systems to provide detailed information to the patient right from diagnosis to treatment offered. To overcome this issue, patient information across countries has been under the scanner of legal frameworks, such as the data privacy requirements legislated through HIPAA (Health Insurance Portability and Accountability Act). Similarly, the European Union has the EU Data Protection Regulation with implications for the protection of sensitive health data. In many countries, a patient’s protected health information (PHI) cannot be moved out of the country of origin.

Opportunities: Emerging countries offer high-growth potential
A number of factors, such as the implementation of government initiatives supporting the adoption of HCIT solutions and rising government healthcare expenditure, are driving the growth of this market in Asia. Technological advancements are playing a key role as authorities in China are focusing on reforming the country’s healthcare management sector, which is currently facing challenges such as underfunded rural health centers, overburdened city hospitals, and a nationwide shortage of doctors. The Indian government started the Digital India campaign in July 2015 to ensure that government services are made available to citizens electronically by improving IT infrastructure and improving internet connectivity in the country. Companies like Arbor Solutions and Barco NV have established their R&D centers and manufacturing facilities in Asian countries such as China and India to enhance their global reach and strengthen their market presence. The lucrative growth opportunities offered by the emerging markets, coupled with the expansion of major market players in this region, are expected to favor the growth of the interactive patient engagement solutions market.

North America to witness significant growth from 2021 to 2027
In 2020, North America accounted for the largest share of 60.9% of the interactive patient engagement solutions market. This market is also expected to grow at the highest CAGR during the forecasted period. The large share and the high growth of this market can be attributed to favorable government initiatives, the rising prevalence of chronic diseases, and rising awareness about digital healthcare products.

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COVID-19 Impact on Interactive Patient Engagement Solutions Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Interactive Patient Engagement Solutions market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Interactive Patient Engagement Solutions market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Interactive Patient Engagement Solutions market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Interactive Patient Engagement Solutions market include:

GetWellNetwork, Inc., SONIFI Health, Barco, Advantech Co., Ltd., Epic Systems Corporation, Allen Technologies, ARBOR Technology Corp., HealthHub Patient Engagement Solutions, i3solutions, Inc., Aceso Interactive, Inc., HCI, Inc., Remedi Technology, Lincor Solutions, Hospedia, Onyx Healthcare, Inc., BEWATEC Kommunikationstechnik GmbH, eVideon, PDI Communications, Inc., ClinicAll and Hôpitel.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Product
  • In Room Television
  • Interactive Bedside Terminal
  • Tablets
By Type
  • Inpatient
  • Outpatient
By End User
  • Hospitals
  • Clinics
  • other end Users

Why Buy this Report?

The purpose of Nova one advisor’s Interactive Patient Engagement Solutions market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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