Patient Engagement Solutions Industry Investment, Development Cost, Key Suppliers, Competitive Landscape, Market Trend & Revenue Forecast, and Procurement & Services Intelligence Report 2020-2025

“Grand View Research, Inc”
According to new study by Grand View Research, The patient engagement solution market is segmented into three main types; namely, web-based, cloud-based, and on-premise. The Web-based segment is the largest segment among all with more than 70% market share.

Patient Engagement Solutions Category Intelligence

Governments across the globe are continuously investing in improving patient engagement in healthcare infrastructure, driving the procurement needs for the patient engagement solutions market. North America holds the highest share of the market, owing to increasing government initiatives in this region is contributing toward the overall healthcare market demand. For instance, the U.S. government spends more than 15% of its annual GDP healthcare sector. In Europe, European Health Information Initiative (EHII) provides support for the exchange of expertise, builds capacity, and improves processes involved in health data collection and reporting. Moreover, government organizations such as the European Association of Public Health (EUPHA) work in collaboration with EHII, widening the scope of growth for the health information exchange market in the region.

Besides government investments in the healthcare industry, the recent development of mHealth also improves patient – physician interactions and diagnostics. mHealth or mobile health means the integration of mobile technology in healthcare solutions. The main objective of mobile health apps is to strengthen health access quality by enhancing the patient-provider relationship. Mobile health technology helps enhance communication among patients and providers, chronic disease monitoring, offers quick access to health data, and significantly improves the patient experience. The mhealth apps also inform patients and providers about preventive health measures, treatment support, and clinical trial assistance.

Patient Engagement Solutions Category Intelligence Highlights:

•           Patient engagement solution providers are collaborating with small regional software development companies to outsource the development and implementation services, and maintain high-profit margins, low overhead costs, and their overall competitiveness in the market

•           The market features a fragmented competitive landscape and several small players entering the market

•           Suppliers widely prefer performance-based operating models to reduce risks and improve the potential for value creation

•           Growing adoption of mobile healthcare systems (mHealth) is aiding to the growth of patient engagement solutions market

•           The global patient engagement solution industry is fragmented and competitive, with many large corporations striking strategic partnerships with mid-sized or small-sized companies to leverage their low-cost software development capability.

•           The cost of software development is majorly influenced by the salary of core developer, UI/UX designer along with EHR integration cost.

•           Though North America has the highest market share, APAC is the leading outsourcing destination for major software companies across the globe due to its strong IT infrastructure and low software development cost.

Grab your copy, or request for a free sample of the “Patient Engagement Solutions Industry Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.

Patient Engagement Solutions Industry Services

•           Consulting

•           Implementation & Training

•           Support & Maintenance

•           Others

Patient Engagement Solutions Cost Intelligence Highlights:

Grand View Research has identified the following key cost components for developing a patient engagement solution:

•           Development cost (Includes salary of key personnel)

o          Core developer

o          UI/UX designer

o          Electronic Health Records (EHR) integration

o          Security reinforcement/compliance

o          Appointment scheduling functionality

o          Live chat supporting media file exchange

o          Online medication refill system

o          Integration of educational materials section

•           Project management

•           Quality assurance

•           Business analytics

•           S&G overheads, R&D

•           Working capital

•           Tax

•           Profit

Software development, the major cost component accounting for more than 45% of the total cost of development.

 

Patient Engagement Solutions Industry – Supplier Intelligence – Capability based ranking & selection criteria with weightage:

Operational Capabilities – Weightage

Years in Service-15%

Geographical Service Presence-35%

Employee Strength-15%

Revenue Generated-15%

Key Clients-12%

Certifications-8%

Functional Capabilities – Weightage

Delivery Type-50%

Web based

Cloud based

On-premise

Others

Component Type-25%

Software

Hardware

Services

Therapeutic Area-25%

List of Key Suppliers in the Patient Engagement Solutions Market

•           Mckesson Corporation

•           Athenahealth Inc.

•           Allscripts Healthcare Solutions Inc.

•           Cerner Corporation

•           Orion Health Ltd

•           Getwellnetwork Inc.

•           Lincor Inc.

•           Get Real Health

•           Oneview Healthcare

•           Yourcareuniverse

Add-on Services provided by Grand View Research Pipeline:

Should Cost Analysis

In the Patient Engagement Solution Procurement Intelligence study, we have estimated and forecasted pricing for the key cost components. Software development costs are the largest cost component of a patient engagement solution. Software development cost is determined by the salary of core developers and UI/UX designers, HER integration, security compliance, etc. The cost of core developers and UI/UX designers accounts for more than 20% of the patient engagement solution development cost.  The usual core developer team comprises 2 iOS developers, 2 Android developers, 1 team lead, 1 cybersecurity engineer, and 1 backend developer. The average time spent by the team on the development of a patient engagement solution is 392 hours. The UI/UX designer team comprises 4 designers, 1 team lead, and 1 cybersecurity engineer. The average time spent by the team on the development of a patient engagement solution is 485 hours. Salaries of core developers and UI/UX designers have increased around 6% and 3%, respectively, since 2017. However, remunerations are not expected to increase rapidly in the wake of the outbreak of the COVID-19 pandemic, and growth would remain rather tepid till 2025.

Rate Benchmarking

Offshore software development is one of the most important aspects while analyzing the rate benchmarking of a patient engagement solution. In our research, we have analyzed the hourly rates of patient engagement software development per region by using rate benchmarking analysis. We found that the average patient engagement solution development cost in the APAC region is 96% lower than the cost of North America and Western Europe. The average hourly rate of software development in Western Europe and North America is USD55-70. Whereas, patient engagement software development in APAC costs USD25-30 per hour.

To gain a comprehensive understanding of the other aspects of rate benchmarking, please subscribe to our services for the complete report.

Salary Benchmarking

Labor is one of the key cost components incurred while offering a product or service. Understanding the pricing structure of salary is important for organizations in selecting the appropriate supplier and to build a good negotiation strategy. It is also an important factor in determining whether the category under focus should be outsourced or built in-house.

Our research indicates that Orion Health’s software engineers earn 25% higher salaries than software engineers from industry leaders like McKesson, Allscripts. However, the YoY increment rate in such companies largely depends on KRAs.

Supplier Newsletter

It is cumbersome for any organization to continuously track the latest developments in their supplier landscape. Our newsletter service helps them remain updated, to avoid any supply chain disruption which they may face, and keep a track of the latest innovations from the suppliers. Outsourcing such activities help clients focus on their core offerings.

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain which helps in efficient procurement decisions.

Our services include (not limited to):

•           Market Intelligence involving – market size and forecast, growth factors, and driving trends

•           Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

•           Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

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