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Patient Engagement Tech Market to Grow by USD 37.4 Billion (2024-2028) with Chronic Disease Rise, AI’s Influence on Market Trends – Technavio Report

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NEW YORK, Sept. 16, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global patient engagement technology market size is estimated to grow by USD 37.40 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 20.56% during the forecast period. Increasing cases of chronic diseases is driving market growth, with a trend towards digitization of healthcare. However, stringent regulations on patient engagement solutions poses a challenge. Key market players include agilon health Inc., ALLSCRIPTS HEALTHCARE SOLUTIONS INC., athenahealth Inc., CipherHealth, Computer Programs and Systems Inc., DrChrono Inc., eClinicalWorks LLC, Epic Systems Corp., GetWellNetwork Inc., International Business Machines Corp., Lincor Inc., Luma Health Inc., McKesson Corp., Medical Information Technology Inc., Medtronic Plc, Oneview Healthcare Plc, Oracle Corp., Solutionreach Inc., Sonifi Solutions Inc., and Tebra Technologies Inc..

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Patient Engagement Technology Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 20.56%

Market growth 2024-2028

USD 37406.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

17.67

Regional analysis

North America, Europe, Asia, and Rest of World (ROW)

Performing market contribution

North America at 39%

Key countries

US, UK, Germany, Canada, and China

Key companies profiled

agilon health Inc., ALLSCRIPTS HEALTHCARE SOLUTIONS INC., athenahealth Inc., CipherHealth, Computer Programs and Systems Inc., DrChrono Inc., eClinicalWorks LLC, Epic Systems Corp., GetWellNetwork Inc., International Business Machines Corp., Lincor Inc., Luma Health Inc., McKesson Corp., Medical Information Technology Inc., Medtronic Plc, Oneview Healthcare Plc, Oracle Corp., Solutionreach Inc., Sonifi Solutions Inc., and Tebra Technologies Inc.

Market Driver

In the last decade, digitization has transformed the healthcare industry with technologies like AI and cloud computing. This shift brings benefits such as improved doctor-patient coordination, real-time health information, and data security. Digitization’s impact is significant in healthcare and diagnostics, revolutionizing genomic research, big data, telemedicine, and 3D bioprinting. To enhance patient care, healthcare systems must engage digitally informed consumers. EHRs, like centralized, secure, and private cloud-based systems, simplify patient experiences and reduce human error. The adoption of advanced healthcare technology solutions, such as patient engagement solutions, is expected due to these factors. These solutions aim to improve health outcomes and drive the growth of the global patient engagement technology market.

The Patient Engagement Solutions market is experiencing significant growth as Payers, Providers, and Individual Users seek to improve healthcare consumerism. Chronic Diseases like diabetes and mental health, women’s health, and geriatric population management are key focus areas. Fitness and healthcare apps, telehealth, wearable devices, and patient portals are popular solutions. NextGen Healthcare and Care teams leverage software and hardware, including mobile devices and wearables, to enhance patient engagement. Health literacy and virtual consultations are essential for deadly and infectious diseases. AI technologies, clinical trials, and preventive care are trends in this market. Strict regulations ensure patient information security. Healthcare benefits, healthcare professionals, physicians, and technologists collaborate to provide effective patient engagement solutions. Standalone and integrated solutions cater to diverse needs.

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Market Challenges

The Health Insurance Portability and Accountability Act (HIPAA), enacted in 1996, sets strict guidelines for safeguarding patient data, known as Protected Health Information (PHI). HIPAA mandates healthcare providers to sign contracts with patient engagement software vendors, affirming their commitment to HIPAA compliance and PHI protection. However, HIPAA’s stringent privacy regulations restrict the functionality of advanced patient portals, failing to meet the criteria for efficient patient engagement solutions. These limitations include slow access to patient data, delayed medical information transfer, and lack of direct personalized communication. The healthcare industry acknowledges the challenges posed by HIPAA and its impact on the patient engagement technology market’s growth during the forecast period.The Patient Engagement Solutions market is experiencing significant growth due to the increasing need for effective communication and management of patient care, particularly among geriatric populations and those with chronic conditions like diabetes. Solutions include web-based, cloud-based, and on-premise software and hardware, such as patient portals, mobile applications, and wearables. Challenges include strict regulations, deadly and infectious diseases, and the need for healthcare benefits for all. Technologists, physicians, and healthcare professionals are turning to AI technologies, virtual consultations, and clinical trials to improve patient care and preventive care for diseases like arthritis. Services like consulting, support and maintenance, billing and payments, patient education, health and wellness, population health management, and in-patient health management are essential for success in this market. Standalone and integrated solutions cater to various needs, while patient information security remains a top priority. Smartphone users and mobile device users are driving the demand for solutions that can be accessed on the go.

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Segment Overview

This patient engagement technology market report extensively covers market segmentation by

Delivery Mode1.1 On-premise solution1.2 Web and cloud-based solutionEnd-user2.1 Providers2.2 Payers2.3 Individual usersGeography3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 On-premise solution- On-premises patient engagement solutions involve purchasing licenses or software copies and storing the entire solution on a company’s premises. This setup offers enhanced security as healthcare data remains within onsite servers and IT infrastructure. However, managing and maintaining on-premises data comes with significant costs, including hardware, software licenses, integration capabilities, and IT personnel. Any system malfunctions or breakdowns result in high repair expenses. These factors limit the adoption of on-premises patient engagement solutions and contribute to a smaller market share compared to cloud-based alternatives.

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Research Analysis

The Patient Engagement Solutions market encompasses a range of technologies and services designed to enhance interaction between patients, payers, and providers. These solutions aim to improve health outcomes, manage chronic diseases, and promote preventive care. Fitness, women’s health, and mental health are key areas of focus. Solutions include virtual consultations, clinical trials, healthcare apps, and wearable devices. AI technologies and cloud-based or on-premise software are essential components, enabling personalized care and real-time monitoring. Patient portals and mobile applications facilitate assessment timelines and enable easy access to medical records. Preventive care is a significant driver, with wearables and mobile devices offering continuous monitoring and tracking. Overall, patient engagement solutions empower individuals to take control of their health and healthcare journey.

Market Research Overview

The Patient Engagement Solutions market encompasses a range of technologies and services designed to enhance communication and collaboration between payers, providers, individual users, and healthcare professionals. These solutions aim to improve health literacy, care team coordination, and patient experience for various populations, including those with chronic diseases such as diabetes and arthritis, women’s health, mental health, and geriatric patients. Fitness, healthcare consumerism, and telehealth are key trends driving market growth. Solutions include web-based, cloud-based, and on-premise software, hardware like wearable devices and patient portals, mobile applications, and virtual consultations. AI technologies and clinical trials are also playing an increasingly important role. Preventive care, billing and payments, patient education, and population health management are essential components of patient engagement solutions. Strict regulations ensure the secure handling of patient information. Social management, virtual consultations, and arthritis management are standalone applications, while integrated solutions offer consulting, support, and maintenance. NextGen Healthcare, Healthcare consumerism, and healthcare professionals, including physicians and technologists, are major stakeholders in this market. Solutions cater to smartphone users, diabetic patients, and the deadly and infectious diseases population. Patient engagement solutions enable healthcare benefits, improve healthcare literacy, and facilitate care team communication, making them an essential tool for delivering effective and efficient healthcare services.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Delivery ModeOn-premise SolutionWeb And Cloud-based SolutionEnd-userProvidersPayersIndividual UsersGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers

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Brands can now use video, data enrichment, and AI-powered capabilities to create interactive, hyper-personalized experiences and uncover deeper insights

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Typeform, the intuitive form builder and conversational data collection platform, today announced new features that provide business-to-consumer (B2C) businesses with the context, clarity, and convenience needed to better engage and understand their customers. Now businesses can further enhance the respondent experience, all while gathering richer, actionable data. 

Today, 70% of consumer decisions are based on emotion, including brand preference.¹ Buyers expect brands to tailor experiences to their personal preferences more than ever, but at the same time, they’re also becoming more cautious about sharing personal information. Typeform’s latest features help brands collect data directly from customers through interactive, personalized experiences they trust, then automatically enhance it with third-party insights to deepen their understanding. This empowers companies to deliver more targeted, data-driven marketing.

“Businesses can’t thrive on surface-level insights,” said Aleks Bass, Chief Product Officer, Typeform. “Our latest innovations give you the ability to dig deeper into truly knowing your customers by providing dynamic data collection experiences that encourage quality responses. Whether boosting conversions with a personalized product recommendation quiz or gathering feedback through video surveys, the common denominator is that your customers enjoy the experience.”

The offerings were unveiled at Typeforum 2024, Typeform’s first-ever virtual product spotlight event, designed to showcase the latest innovations from the company. Newly released features include: 

Enhanced Video Capabilities: Typeform now allows customers to respond with video, providing businesses deeper insights through voice and expressions, not just text. This builds on Typeform’s existing feature that enables creators to record, edit, and embed personalized videos into forms, boosting engagement and conversions. Typeform research found that 65% of marketers believe video is an effective tool for engaging and interacting with customers in ways that feel more human and create connection and loyalty.²Clarify with AI: Typeform’s Clarify with AI acts as a virtual interviewer, prompting follow-up questions based on customer responses. When a customer is asked about their experience and answers vaguely, like “good,” the AI encourages more detailed feedback, asking, “Good, how? What stood out?” For customers, it feels like a personalized conversation. For brands, it delivers more insights. Automated B2C Data Enrichment: Earlier this year, Typeform introduced automated B2B data enrichment, making it easier than ever to understand customers at a deeper level without needing to ask additional questions. Now, consumer-level enrichment is available in the Typeform platform. With just a personal email address, companies can pull in key data points from trusted third-party sources, providing a more complete picture of who’s on the other side of the screen.AI-powered Qualitative Analysis: With this feature, businesses can instantly analyze large volumes of text and video responses to surface key themes and insights, saving hours of manual work. Data Quality Tools: Invisible reCAPTCHA ensures data integrity by blocking bots and automated submissions, allowing only genuine responses to be collected. This safeguard enhances data reliability, helping teams make accurate, data-driven decisions.Klaviyo Integration: Typeform will soon be launching a new integration with Klaviyo, designed for B2C and direct-to-consumer (DTC) marketers. It will ensure that every insight gathered flows seamlessly into Klaviyo. Manual data transfers are eliminated as segments automatically update with Typeform data, enabling hyper-targeted campaigns customized to each customer’s unique profile. This integration combines Typeform’s interactive data collection with Klaviyo’s automation, facilitating more natural, personalized customer connections while driving business growth.

“We built a powerful product recommendation quiz not just to help our customers, but to generate invaluable data that allows us to better segment and engage them with relevant marketing,” said Addison Wennar, Digital Communications Manager, OGEE. “With the holiday shopping season approaching, these insights will be key. Typeform already delivers the highest response rates for us, and I’m excited to see how the new features will amplify that impact.”

The features are available today in Typeform for Growth plans. Watch the Typeforum 2024 recordings and learn how to use Typeform to better understand and engage customers here

About Typeform
Typeform is a distinctly intuitive form builder that helps over 150,000 customers collect and validate the data they need to grow their businesses. Designed with striking visuals, a conversational flow, and powerful data capabilities, Typeform empowers brands to give and get more with each form. Typeform drives more than 500 million responses each year and integrates with essential tools including Zapier, HubSpot, and Slack. For more information, visit www.typeform.com.

1         Pendell, R. (2024, October 15). Customer brand preference and decisions: Gallup’s 70/30 principle. Gallup.com. https://www.gallup.com/workplace/398954/customer-brand-preference-decisions-gallup-principle.aspx#:~:text=70%25%20of%20decisions%20are%20based,Making%20Process:%20Rational%20or%20Emotional?

2          Data from a survey of 105 Typeform customers conducted on September 30, 2024.

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SOURCE Typeform S.L.

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Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions

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EDC has announced 39% revenue growth over the past year and a strengthened presence in the metals converting and composites industries. The company has also maintained key certifications, including CSIA, UL508A, Rockwell Automation, Siemens, and Ignition.

PARSIPPANY, N.J., Nov. 14, 2024 /PRNewswire-PRWeb/ — Electronic Drives and Controls, Inc. (EDC), a leading control system integrator and field service company for industrial automation and drive technology, today announced that the company has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year. To meet the growing demand for automation and drive solutions, EDC has expanded its team, hiring Ricky Arcky as human resources manager and Tyler Schaberick as systems engineer. EDC attributes this growth to maintaining industry certifications, digital marketing efforts, a dedicated team, and strong, long-term partnerships.

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients.”

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients,” said Chuck Dillard, Vice President of EDC. “Our recent hires and increased project load reflect our strategy to grow both wider and deeper with our existing clients, as well as entering new industries.”

“We’ve put in years of preparation and invested heavily in digital marketing to get the word out about our services, knowing that growth was inevitable,” Dillard added. “Our team has worked tirelessly and the results speak for themselves: clients continue to return to us because of our technical expertise and the strong results we deliver.”

EDC’s expertise in coating & laminating, wire and cable, PLC programming and upgrades, as well as drive service, has allowed the company to strengthen its presence in the metals converting industry, securing new and expanded projects across multiple client plants. EDC has also successfully completed upgrades for a new client in the composites industry, widening the portfolio of industries it caters to.

In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.

About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact

Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/

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SOURCE Electronic Drives and Controls, Inc. (EDC)

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Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions

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Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process

HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.

Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.

“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”

“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”

Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.

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SOURCE Covr Financial Technologies

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