This study involved four major activities in estimating the size of the Interactive patient engagement solutions market. Exhaustive secondary
research was done to collect information on the market, peer market, and parent
market. The next step was to validate these findings, assumptions, and sizing
with industry experts across value chains through primary research. The
bottom-up approach was employed to estimate the overall market size. After
that, market breakdown and data triangulation were used to estimate the market
size of segments and sub-segments.
Expected
Market Revenue Growth:
[152 Pages Report] The global interactive patient
engagement solutions market is projected to reach USD 291 million by 2026 from
USD 127 million in 2021, at a CAGR of 17.9%.
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Key Factors Driving Market Growth:
The growth of this 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 this market to a certain extent during the forecast period.
In Room Television segment is expected to grow at the highest
CAGR
On the basis of product, the
interactive patient engagement solutions market is segmented into in-room
televisions, interactive bedside terminals/assistive devices, and tablets. In
2020, the in-room televisions segment accounted for the largest share of 51.5%
of the global patient engagement solutions market. The large share of this
segment can be attributed to the rising development of TV-based solutions and
the increased adoption of in-room televisions by hospitals.
Hospitals
to establish the largest and fastest growing market size of Interactive patient
engagement solutions market
Based on end users, the patient engagement solutions market is
segmented into hospitals, clinics, and other end users. In 2020, the hospitals
segment accounted for the largest share of 81.8% of the interactive patient
engagement solutions industry. The large share of this segment can be
attributed to the rising demand for IT tools to tackle the demand of hospital
staff and the increasing demand for effective communication tools.
North
America To Witness Significant Growth From 2021 To 2026
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.
The COVID-19 pandemic has impacted medical
practices of all sizes. Healthcare facilities across the globe have been
overwhelmed by the large number of patients visiting them on a daily basis.
Small and medium-sized hospitals in most regions have been adversely impacted
by the pandemic. They are forced to shut down or run at a limited capacity.
This has created a financial crunch for such hospitals, which ultimately makes
it difficult for them to adopt interactive patient engagement solutions.
