Home care contract manufacturing market has grown significantly since 2017 and is expected to grow at a CAGR of 11.42% from 2020-2025. Some of the homecare product manufacturers have expanded their business geographically during the lockdown period.
The continuous rise in the adoption of electric vehicles due to the COVID-19 pandemic and the high fuel prices has increased the need for new technology development across the electric vehicle battery market. A startup EV battery manufacturer QuantumScape, funded by the likes of Volkswagen, has raised USD 1.5 billion intending to manufacture low-cost batteries that could lead to electric vehicles with significantly longer ranges, are safer to operate, boast longer lifespans and support faster charging.
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.
Outsourcing legal services to third-party providers helps law firms to reduce the cost of legal services without compromising on service quality. This allows firms to increase their profit margins and, in turn, offer competitive rates to their clients. However, a rising need for stringent security systems has been observed among both, clients and LPO service providers, to ensure the privacy of client data.
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.
The global patient engagement solutions market is expected to witness sustainable growth (CAGR of 21%) from 2020 to 2025 mainly due to the rapid penetration of mhealth applications and platforms into the healthcare industry coupled with the provision of uninterrupted and rapid internet access utilizing 3G and 4G networks.
The global patient engagement solutions market is expected to witness sustainable growth (CAGR of 21%) from 2020 to 2025 mainly due to the rapid penetration of mhealth applications and platforms into the healthcare industry coupled with the provision of uninterrupted and rapid internet access utilizing 3G and 4G networks.
Moreover, the rapid adoption of mobile health and EHR applications is expected to boost the demand for digital patient engagement solutions globally. The rising trend of actively involving patients in the process of healthcare delivery and keeping all treatments transparent is also expected to boost the sale of such engagement solutions during the forecast period.
Patient Engagement Solutions Category IntelligenceGovernments 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.
“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 patient engagement solution development companies are continuously engaging with numerous cloud storage and application providers, who act as intermediaries between hospitals and solution providers as a part of their forward integration strategy.
“The cost of software development is majorly influenced by the salary of core developer, UI/UX designer along with EHR integration cost.”
Software development is the biggest cost component (~47%) of an overall patient engagement solution. In the fields of software development, major cost components such as EHR integration and developer rates determine the overall cost of the service.
“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.”
India has been the leading sourcing destination for software development since early 2000 mainly because India has a larger proportion of developers with a college major in a CS-related field as compared to the rest of the world.
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.
The average annual salary of developers in India is almost 2.5 times lower than the average salary of developers all over the world; 5 times lower than the average salary in the U.S., 4 times lower than the average salary in the U.K., and 3 times lower than the average salary in Germany.
From a sourcing perspective, the majority of suppliers develop the software in-house as it reduces the security risks, maintenance-related complexities, and increased the flexibility in customization.
