The global interactive patient engagement solutions market is estimated to garner a sizeable revenue by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing burden of chronic diseases such as obesity, high blood pressure and diabetes, coupled with the rise in geriatric population around the world. According to the Food and Agriculture Organization of the United States, in 2001, chronic diseases contributed about 60 percent of the 56.5 million total deaths in the world, with about 46 percent of the burden of the disease. This proportion raise up to 57 percent by 2020.
Along with these, the mounting need to adopt interactive patient engagement solutions, and implementation of favorable government regulations for promoting the adoption of these solutions are also crucial factors expected to boost the growth of the market in the forthcoming years. Furthermore, escalating technological advancements and digitalization initiatives in the healthcare sector, especially in emerging economies, is also projected to offer profitable opportunities to the market in the near future.
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The market is segmented by product into in room television, tablets, and interactive bedside terminals, out of which, the tablets segment is anticipated to hold the largest share in the global interactive patient engagement solutions market. This can be accounted to the ability of these devices to simplify gathering and accessing information by just the touch of a fingertip. The mobility of tablets and the user-friendly experience provided by them is also predicted to propel the growth of the market segment in the future. Additionally, on the basis of end user, the hospitals segment is evaluated to grab the largest share over the forecast period, which can be credited to the high budgets allocated to hospitals for technological development, and large patient pool preferring hospital treatment globally.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, 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. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global interactive patient engagement solutions market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to witness the highest growth and gather the largest share over the forecast period largely on the back of the high awareness about digital healthcare products in the region. 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. 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.
Moreover, the market in Asia is also assessed to register a significant growth during the forecast period ascribing to the rise in initiatives by healthcare providers to educate caregivers and patients about the benefits of interactive patient systems in the region.
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The global interactive patient engagement solutions market is further classified on the basis of region as follows:
Our in-depth analysis of the global interactive patient engagement solutions market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing burden of chronic diseases around the world, and need to adopt interactive patient engagement solutions.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
High cost of deployment of interactive patient engagement solutions is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the high awareness about digital healthcare products in the region.
The major players in the market are SONIFI Solutions, Inc., Onyx Healthcare, Inc., Hospedia Ltd., i3solutions, Inc., Advantech Co., Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, product, end user, and by region.
The hospitals segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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