Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe.
The growth of this market is driven by the implementation of government regulations and initiatives to promote patient-centric care, increasing demand for patient engagement solutions.
Governments across the globe are implementing various regulations and initiatives to encourage the adoption of patient engagement solutions. For instance, in 2020, EU Health Ministers signed a declaration to collaborate and set up an eHealth common area that will allow for the free movement of electronic health records across Europe.
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The declaration also calls for eHealth to be made an integral part of the Europe 2020 strategy. In the US, the Patient Protection and Affordable Care Act (PPACA) or Affordable Care Act (ACA) PPACA, signed in March 2010, has resulted in the increasing number of stakeholders subscribing to patient engagement solutions. Improved reimbursement laws in emerging countries to drive market growth.
Concerns over patient health data security are creating barriers in the transfer of this data among various stakeholders in the healthcare industry. This, in turn, is affecting patient engagement initiatives in various healthcare organizations and is limiting the adoption of patient engagement solutions among prospective end users.
A number of factors, such as the implementation of government initiatives supporting the adoption of HCIT solutions, rising government healthcare expenditure, and the presence of skilled IT experts in emerging Asian countries, such as China and India, are expected to support the growth of the patient engagement solutions market in Asia.
Healthcare IT systems are high-priced software solutions. Moreover, the maintenance and software update costs of these systems may be more than the price of the software. Support and maintenance services, which include software upgrades as per the changing user requirement, represent a recurring expenditure, which amounts to almost 30% of the total cost of ownership.
The flexibility, scalability, and affordability offered by cloud-based solutions are supporting their growth in the patient engagement solutions market. Cloud-based solutions help healthcare organizations share and integrate information from different locations or systems in real-time.