Increase in the size of the patient engagement technologies market in 2022
Luton, Bedfordshire, UK, Nov. 01, 2022 (GLOBE NEWSWIRE) — Accuracy Consultancy, the market research and advisory wing of Improve Digital Consultancy Private Limited has completed and published the final version of the detailed research report on the Patient Experience Technology market.
The global patient experience technology market is expected to grow at a CAGR of 15% from 2022 to 2029. It is expected to reach over USD 42.21 billion by 2029.
The patient engagement technology market is expected to grow rapidly as the healthcare industry shifts from a traditional volume-based reimbursement system to a value-based reimbursement system. By embracing patient engagement technology, the healthcare industry can reduce costs while improving the quality of care. This technology also offers a positive return on investment.
Mobile healthcare technology has also proven to be a potentially powerful tool for engaging patients in healthcare. The adoption of mHealth apps is on the rise due to the growing emphasis on continuous monitoring of vital signs to control various chronic diseases such as cardiovascular disease, obesity, and diabetes. Mobile health technology can improve the process of care by improving the ability of health care providers to reach vulnerable people and actively engage them in their care. The majority of healthcare organizations offer mobile healthcare technology to their patients.
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As the patient engagement technology market is patient-centric, a positive patient experience plays a key role in the success of patient engagement. However, the majority of patient engagement technologies do not provide a positive patient experience and there have been many patient complaints about them, leading healthcare providers to look to replace their providers. current. I’m in a hurry. Therefore, the alternative patient engagement technology market presents a significant opportunity for vendors in the market due to the low usability of current patient engagement technology.
- In 2021, Press Ganey (USA) partnered with the Beryl Institute (USA), a global network of experienced healthcare professionals and champions. Through this partnership, Press Ganey will focus on advancing the healthcare experience movement.
- In 2021, Vocera (USA) collaborated with Amazon (USA) to create the Vocera Skill tool for Alexa. Vocera Skill will expand the Vocera ecosystem to include hands-free and immersive voice experiences for patients and families.
- In 2021, SONIFI Health (US) and CipherHealth (US) entered into a strategic partnership to leverage the key capabilities of both solution providers and provide healthcare systems with a more holistic approach to communicating with patients and of successful care planning.
|Market size value in 2022||$12 billion|
|Revenue forecasts in 2030||$42.21 billion|
|Rate of growth||15% CAGR from 2022 to 2029|
|Base year for the estimate||2021|
|Historical data||2017 – 2020|
|Forecast period||2022 to 2029|
|Quantitative units||Revenue in USD Million and CAGR from 2022 to 2029|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
|Segments Covered||Delivery Type, Component, Functionality, Therapeutic Area, Application, End User, Region|
|Regions covered||North America; Europe; Asia Pacific; Latin America; AEM|
|Country Scope||WE; Canada; UK; Germany; Italy; France; Spain; Netherlands; Sweden; Russia; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia ; Israel; United Arab Emirates|
|Profiled Key Companies||Cerner Corporation (Oracle); NextGen Healthcare, Inc.; Epic Systems Corporation; Allscripts Healthcare, LLC; McKesson Corporation; ResMed; Koninklijke Philips NV; Clara Technologies, Inc.; CPSI; Experian Information Solutions, Inc.; athenahealth, Inc.; Solutionreach, Inc.; IBM; MEDHOST; Nuance Communications, Inc.|
|Pricing and purchase options||Take advantage of personalized purchasing options to meet your exact research needs. Explore purchase options|
Patient Experience Technology Market Players
Patient Experience Technology Market Key Players include Epic MyChart Bedside, Spok, Access Care Planning (formerly Mobizio), Getwell, athenaCoordinator, eClinicalWorks, SimplePractice, Luma Health, Allscripts, ChiroTouch, Phreesia, DrChrono, SoftClinic, Solutionreach , WebPT, RevenueWell, Weave , Salesforce Health Cloud, patientNOW, PracticeSuite.
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Key Market Segments: Patient Experience Technology Market
Patient Experience Technology Market by TypeInteractive Patient Care Systems (IPC)
- Patient Case Management
- Patient involvement
- Patient Relationship Management (PRM)
Patient Experience Technology Market by Application
North America will capture the largest revenue share of more than 35.0% in 2021 due to the presence of major players, growing adoption of mHealth and EHR, and increased investment in patient engagement software by key players. Moreover, increased awareness associated with public spending in the health sector is expected to accelerate growth. Europe has its second-largest share in 2021, driven by publicly funded schemes such as the UK’s National Health Service (NHS). For example, the NHS plans to go completely paperless by 2020 and allow patients to access its EHR from 2018.
Driver: Favorable government regulations and initiatives to promote adoption of HCIT solutions
Growing patient demand for quality care is driving healthcare systems around the world to adopt modern technologies that help reduce costs, improve quality of care and reduce administrative inefficiencies. This ensures access to a better patient experience platform for all hospitals. The HITECH Act establishes its ONC and authorizes the US Department of Health and Human Services to establish programs to improve the quality, safety, and efficiency of health care through advances in health informatics. Initiatives like this should drive the adoption of technological solutions for the patient experience.
Opportunity: Proven Benefits of Patient Experience Solutions in Improving Hospital Financial Performance
Payers looking for better value are also helping hospitals focus on the patient experience. Programs like Medicare’s Hospital Value-Based Purchasing (VBP) program reward hospitals financially for better patient notification. As a result, patient experience scores for a variety of factors, such as nighttime noise levels and doctor-nurse communication skills, have become key performance indicators for hospitals.
Benefits for clinics and hospitals (providers)/payers
- Increased patient satisfaction and experience
- Improved clinical outcomes and quality of care
- More timely appointments and reduced no-show rate
- Assistance in meeting Meaningful Use (MU) criteria
- Reduction in hospital readmission rates
- Increased patient retention
- Reduce overall cost
Benefits for patients
- Easy Access to Health Information – Patients can easily access medical information anytime, anywhere through technology or patient engagement platform
- Easy communication between patient and provider – Electronic visits and secure messaging help patients communicate with providers using their mobile devices.
- Monitor treatment progress effortlessly – Patients can view and share their medical records and get test results on their mobile devices
- Increased patient satisfaction: better understanding of care through PES; the value-based care plan functionality built into EPS allows patients to pay primarily for the value of care received.
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