According to The Insight Partners new research study on ” Patient Engagement Technology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Therapeutic Area, Delivery Mode, Application, End User, and Geography,” the market is expected to grow from US$ 21.35 billion in 2022 to US$ 59.00 billion by 2028; it is estimated to grow at a CAGR of 18.5% from 2022 to 2028.
Patient engagement technology enables patients to be involved in self-care and significantly increases healthcare understanding regarding their health condition, allowing patients to make informed decisions regarding healthcare. The rising adoption of a patient-centric approach, shortage of nursing staff and doctors, and rising numbers of start-ups are the key factors that are driving the growth of the patient engagement technology market. However, the shortage of skilled IT technicians and the risks of cyber threats hamper the market growth.
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In 2021, North America dominated the patient engagement technology market. The US holds the largest share of the market in this region. The market growth in the country is attributed to the increasing adoption of advanced medical device technologies, growing digitalization of medical devices, and increasing emphasis on improving treatment outcomes. Moreover, the increasing prevalence of chronic diseases such as diabetes and obesity in the US is likely to create demand for patient engagement technology systems.
According to the Centers for Disease Control and Prevention (CDC), in 2019, almost 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people have two or more chronic diseases. Further, cancer is one of the leading causes of death in the region. Moreover, the rising aging population, the number of accidents, and the number of hospital admissions are major factors driving the number of surgical procedures worldwide. For instance, as per the data provided by Population Reference Bureau, the number of North & South Americans aged 65 and over is projected to nearly double from 52 million (16%) in 2018 to 95 million (23%) by 2060. Hence, the above-mentioned factors are expected to drive the growth of the patient engagement technology market during the forecast period.
Increasing Use of Smartphones, Tablets, and Pads in Healthcare
Technological advancements will significantly impact the healthcare industry. The smartphone is one of the fastest-growing segments in the technology sector, and it has a significant impact on the healthcare sector. Smartphones are making day-to-day chores easier, and the technology is also streamlining care for both physicians and patients. According to a new survey, hospitals are making significant investments in smartphone and secure mobile platforms to enable communications between clinicians and patients. For example, purpose-built devices can be integrated with in-hospital patient call systems, so nurses are paged when a patient hits the call button, further increasing responsiveness. In 2020, the number of smartphone users in Canada reached 31.38 million. The increasing penetration of smartphones and growing wireless network technology supports improvements in digital healthcare systems with new opportunities to address more challenges associated with accessibility, quality, effectiveness, efficiency, and healthcare costs.
Patient empowerment through enhanced health knowledge, timely appointment scheduling with doctors/caregivers, increasing adherence to recommended medical treatments, and rising interaction with providers via online tools are advantages of patient engagement technology solutions. These solutions are adopted based on the level of patient empowerment they provide. When patients access their medical records and track their progress, they become more engaged in their care. Thus, benefits associated with the patient engagement system are promoting the patient engagement technology market growth.