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Patient Engagement Software

Delivered September 25, 2019. Contributor: Jennifer P.

Goals

To gain a better understanding of the patient engagement software market, as well as the competitive landscape for company Lumahealth.io, including market size, projected market size, key competitors, and consumer demographics

Early Findings

The total market size of patient engagement solutions globally was $12.86 billion in 2018.

Growth in this market is exceptionally rapid, with a projected CAGR of 20.43%.

 Growth was contributed to patients' growing demand for ability to self-manage their care, growing medical tourism, rising used of cloud-based networking, investments in healthcare IT, and shift to value based care models.  

The market is segmented by delivery mode into on premise, web-based, and cloud-based solutions, with web-based delivery holding 75% of the market in 2018.

Key competitors in the space include Healthy Interactions, Omedix, HealthGrid, Axial Exchange, and Conversa.  

 Healthy Interactions is a patient engagement platform for healthcare communication solutions, with an estimated annual revenue of $4 million.  

 Omedix is a patient engagement company that offers a range of solutions including patient reminders, portals, and medical website options, with a estimated annual revenue of $9.9 million.  

 HealthGrid is an enterprise based patient engagement platform that delivers personalized patient solutions, and has an estimated annual revenue of $5 million.

 Axial Exchange is a patient engagement solutions company for hospitals and health systems with an estimated annual revenue of $13 million.

 Conversa is a patient tracking platform that offers health issue tracking, digital checkups, and communication, with an estimated annual revenue of $3.5 million. 

A study on patient engagement solutions noted that when providers leverage apps and online portals for patient engagement, "they garner engagement rates of 60% and higher.”

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