Report : South America Patient Engagement Technology Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Services, Hardware, and Software), Therapeutic Area (Fitness, Chronic Diseases, Women’s Health, and Others), Delivery Mode (Cloud-Based and On-Premises), Application (Health Management, Financial Health Management, Home Healthcare Management, and Others), and End User (Patients, Payers, Providers, and Others)
At 17.2% CAGR, the SAM Patient Engagement Technology Market is speculated to be worth US$ 2,295.22 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM patient engagement technology market was valued at US$ 884.07 million in 2022 and is expected to reach US$ 2,295.22 million by 2028, registering an annual growth rate of 17.2% from 2022 to 2028. Strategic developments by market players and increasing use of smartphones, tablets, and pads in healthcare are the critical factors attributed to the market expansion.
The key market players are adopting various strategies to grow in the market further. The joint initiatives taken by the government bodies and market players in the region are driving the market's growth across the region. For instance, in September 2021, Deutsche Telekom's T-Systems teamed with Google Cloud to build and supply sovereign cloud services to businesses, healthcare providers, and the public. The two companies collaborated to create a broad range of next-generation sovereign cloud solutions and infrastructure. This aided aid in the extension of services into new geographies, boosting the market growth. Another factor driving the market growth is various initiatives by leading market players. For instance, IBM and Wipro collaborated in June 2020 to help Wipro clients to embark on a seamless and secure hybrid cloud journey. Wipro would develop hybrid cloud products as part of this partnership to assist businesses in migrating, managing, and transforming mission-critical workloads and applications while maintaining security across public and private cloud and on-premises IT environments. Similarly, Harris Computer Systems' Healthcare group acquired Uniphy Health Systems LLC, a highly regarded clinical communication and collaboration platform, in May 2019. Through Uniphy's platform, the company's clinical software solution offerings expanded, with greater care coordination and physician and patient involvement. Such initiatives will boost the market growth in the future.
On the contrary, shortage of skilled IT technicians hurdles the growth of SAM patient engagement technology market.
Based on component, the SAM patient engagement technology market is segmented into services, hardware, and software. The software segment held 43.8% market share in 2022, amassing US$ 386.94 million. It is projected to garner US$ 1,035.13 million by 2028 to expand at 15.1% CAGR during 2022–2028.
Based on therapeutic area, the SAM patient engagement technology market is segmented into fitness, chronic diseases, women’s health, and others. The chronic diseases segment held 44.2% market share in 2022, amassing US$ 391.08 million. It is projected to garner US$ 989.82 million by 2028 to expand at 14.2% CAGR during 2022–2028.
Based on delivery mode, the SAM patient engagement technology market is bifurcated into cloud-based and on-premises. The cloud-based segment held 59.8% market share in 2022, amassing US$ 528.86 million. It is projected to garner US$ 1,400.39 million by 2028 to expand at 14.9% CAGR during 2022–2028.
Based on application, the SAM patient engagement technology market is segmented into health management, financial health management, home healthcare management, and others. The health management segment held 39.7% market share in 2022, amassing US$ 350.62 million. It is projected to garner US$ 943.37 million by 2028 to expand at 15.2% CAGR during 2022–2028.
Based on end user, the SAM patient engagement technology market is segmented into patients, payers, providers, and others. The providers segment held 36.9% market share in 2022, amassing US$ 325.87 million. It is projected to garner US$ 861.86 million by 2028 to expand at 14.9% CAGR during 2022–2028.
Based on country, the SAM patient engagement technology market has been categorized into Brazil, Argentina, and rest of SAM. Our regional analysis states that Brazil captured 46.3% market share in 2022. It was assessed at US$ 409.69 million in 2022 and is likely to hit US$ 1,090.00 million by 2028, exhibiting a CAGR of 17.7% during the forecast period.
Key players dominating the SAM patient engagement technology market are AdvancedMD, Inc.; Allscripts Healthcare, LLC; Cerner Corporation; Epic Systems Corporation; McKesson Corporation; and Orion Health Group of Companies among others.
- In Sep 2019, Cerner Corporation and GetWellNetwork, collaborated to bridge gaps between providers and patients from inpatient to outpatient settings and the home. Care teams can engage patients before and after admission. Cerner and GetWellNetwork helps patients become more aware of the details of their treatment and active in the decision-making process, while also supporting lower costs for providers.
- In Jun 2018, AdvancedMD received the prestigious MedTech EHR Innovation Award within the EHR category. The MedTech Breakthrough Awards program is the premier awards and recognition platform that evaluates and recognizes solutions and companies in a range of categories, including Robotics, Clinical Administration, TeleHealth, Patient Engagement, Electronic Health Records (EHR), mHealth, Medical Devices, Medical Data and more.
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