Interactive Patient Care Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Interactive Patient Care market size is projected to reach a CAGR of 15.5% from 2023-2030.

Patient engagement is ideally 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. By collaborating and engaging with patients in the decision-making process, healthcare providers can make better decisions regarding a patient’s health, improving the patient-provider relationship, and overall patient retention.

Growing technological developments, adoption of EHR and mhealth solutions, the prevalence of chronic diseases, supportive initiatives by key market stakeholders, and consumerism in healthcare are some of the key drivers of this market.

On the other hand, the number of players in the patient interactive care systems is limited in the market. The requirement is limited as this is not an essential part of the daily medical regime followed in medical facilities. It’s a tech-based system which often comes with a heavy price tag which is still restricting its market growth.

With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategies to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.

Delvens Industry Expert's Standpoint

The global interactive patient care market is expected to experience significant growth in the coming years. The increasing demand for better patient care services, the growing adoption of advanced technologies in healthcare, and the rising prevalence of chronic diseases are some of the major factors driving the growth of this market. The market is highly competitive and fragmented, with several players operating in the market. Companies are adopting various strategies such as mergers and acquisitions, partnerships, collaborations, and product launches to expand their market presence and increase their customer base. Moreover, the growing adoption of telehealth and remote patient monitoring systems is expected to further boost market growth. These technologies enable healthcare providers to provide personalized care to patients, improve patient outcomes, and reduce healthcare costs.

Market Portfolio

Key Findings

• The product segment is further bifurcated into Hardware and Software. The hardware segment is anticipated to dominate the market during the forecast period. This can be attributed to the rising development of TV-based solutions and the increased adoption of in-room televisions by hospitals are some of the key factors for the market growth of this segment.

• The type segment is further segmented into Inpatient and Outpatient. The impatient segment is anticipated to dominate the market during the forecast period. The requirement for improved patient care and favourable government initiatives for the adoption of these solutions are the factors driving the growth of this segment.

• The end-user segment is further fragmented into Hospitals, Clinics and other end-Users. Hospitals segment, in the end, users accounted for the largest and the fastest share of the global Interactive patient engagement solutions market. Increasing demand for IT tools to tackle the demand of hospital staff and rising demand for effective communication tools are driving the growth of this segment.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America accounted for the largest share of the global interactive patient engagement solutions market. Favourable government initiatives, the rising prevalence of chronic diseases, rising awareness about digital healthcare products and several key players in the interactive patient engagement solutions market-based in the US are key factors driving market growth in the region.

Regional Analysis

North America to Dominate the Market

• North America accounted for the largest share of the global interactive patient engagement solutions market.
   
• Favourable government initiatives, the rising prevalence of chronic diseases, rising awareness about digital healthcare products and several key players in the interactive patient engagement solutions market-based in the US are key factors driving market growth in the region.

Competitive Landscape

• Sonifi Health
• Hospedia Limited
• Evideon
• Epic Systems Corporation
• Allscripts Healthcare Solutions
• McKesson Corporation
• Orion Health Ltd.
• Cerner Corporation
• Phytel Inc.
• Medecision Inc.

Recent Developments

• In 2021, GetWellNetwork (US) entered into a three-year agreement with Hills Health Solutions. Under the terms of this agreement, Hills will become the exclusive distributor of GetWellNetwork’s GetWell Loop and GetWell Inpatient products in Australia and New Zealand.
   
• In 2021, SONIFI Health (US) partnered with Pennsylvania’s Lehigh Valley Health Network (US) to implement engaging technology solutions that improve patient experiences and clinical interactions across the healthcare organization.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors.
   
• Gain authentic and granular data access for the Interactive Patient Care market so as to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope