Luton, Bedfordshire, United Kingdom, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the patient experience technology market.
The global patient experience technology market is predictable to grow at 15% CAGR from 2022 to 2029. It is expected to reach above USD 42.21 billion by 2029.
The patient engagement technology market is expected to grow rapidly as the healthcare industry undergoes a transition from traditional volume-based reimbursement system to value-based reimbursement system. By adopting patient engagement technology, the healthcare industry can reduce costs while improving the quality of care. This technology also provides a positive return on investment.
Mobile healthcare technology has also proven to be a potentially powerful tool for engaging patients in healthcare. Adoption of mHealth apps is on the rise due to the increasing emphasis on continuous monitoring of vital signs to control various chronic diseases such as cardiovascular disease, obesity and diabetes. Mobile health technology can enhance the care process 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 successful patient engagement. However, the majority of patient engagement technologies do not provide a positive patient experience and there have been multiple patient complaints about them, resulting in healthcare providers seeking to replace their current providers. I am urged. Therefore, the alternative market for patient engagement technology presents a significant opportunity for market vendors due to the poor usability of current patient engagement technology.
Recent Developments:
- In 2021, Press Ganey (US) partnered with The Beryl Institute (US), a global network of healthcare professionals and experienced champions. Through this partnership, Press Ganey will focus on advancing the healthcare experience movement.
- In 2021, Vocera (US) collaborated with Amazon (US) to build the Vocera Skill tool for Alexa. Vocera Skill will expand Vocera’s 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 offer health systems a more holistic approach to patient communication and successful care planning.
| Report Attribute | Details |
| Market size value in 2022 | USD 12billion |
| Revenue forecast in 2030 | USD 42.21 billion |
| Growth Rate | CAGR of 15% from 2022 to 2029 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2022 to 2029 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company 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; MEA |
| Country Scope | U.S.; Canada; U.K.; Germany; Italy; France; Spain; Netherlands; Sweden; Russia; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia;Israel; UAE |
| Key companies profiled | Cerner Corporation (Oracle); NextGen Healthcare, Inc.; Epic Systems Corporation; Allscripts Healthcare, LLC; McKesson Corporation; ResMed; Koninklijke Philips N.V.; Klara Technologies, Inc.; CPSI; Experian Information Solutions, Inc.; athenahealth, Inc.; Solutionreach, Inc.; IBM; MEDHOST; Nuance Communications, Inc. |
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Patient Experience Technology Market Players
The 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 Engagement
- Patient Relationship Management (PRM)
Patient Experience Technology Market by Application
- Hospitals
- Health Systems
Regional Analysis
North America will capture the largest revenue share of over 35.0% in 2021 due to the presence of major players, increasing adoption of mHealth and EHR, and increasing investment in patient engagement software by major players. Moreover, increasing awareness coupled with government spending on the healthcare sector is expected to accelerate the growth. Europe has her second largest share in 2021, driven by publicly funded plans 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 her EHR from 2018.
Driver: Favourable government regulations and initiatives to promote the adoption of HCIT solutions
Rising 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 his ONC and authorizes the U.S. Department of Health and Human Services to establish programs to improve the quality, safety, and efficiency of healthcare through healthcare IT advances. Initiatives like this are expected to drive adoption of technology solutions for the patient experience.
Opportunity: Proven benefits of patient experience solutions in improving the financial performance of hospitals
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 reporting. 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 to Clinics and Hospitals (Providers)/Payers
- Increased patient satisfaction and experience
- Improved clinical outcomes and quality of care
- More timely appointments and reduced rate of no-shows
- Assistance in meeting Meaningful Use (MU) criteria
- Reduction in hospital readmission rates
- Increased patient retention
- Reduce overall cost
Benefits to Patients
- Easy access to health information - Patients can easily access medical information anytime, anywhere through patient engagement technology or platform
- Easy communication between patient and provider - E-visits and secure messaging aids patients communicate with providers using their mobile devices.
- Monitor treatment progress effortlessly - Patients can opinion and share their medical records and obtain test results on their mobile devices
- Increased patient satisfaction: Greater understanding of care through PES; the inbuilt value-based care program feature in PES enables patients to pay mainly for the value care received.
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