The patient engagement technology market is projected to rapidly grow as the healthcare industry witnesses a change to a value-based reimbursement system from the traditional volume-based fee for reimbursement system.
Northbrook, IL 60062 -- (SBWIRE) -- 09/26/2022 -- Patient Engagement Technology Market is projected to reach USD 27.9 billion by 2027 from USD 17.3 billion in 2022, at a CAGR of 10.0%, according to a new report by MarketsandMarkets™. The Patient Engagement Technology Market report examines and studies the patient engagement technology in terms of pricing, role of Mhealth, vendor replacement trends, and selection criteria of implementing patient engagement technology from providers' perspective.
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The patient engagement technology market is projected to rapidly grow as the healthcare industry witnessed a change to a value-based reimbursement system from the traditional volume-based fee for reimbursement system and quality treatment. Adoption of patient engagement technology provides the healthcare industry to minimize price while improving the quality of healthcare. The patient engagement technology also delivers positive returns on investment.
Furthermore, legislative reforms of The Health Insurance Portability and Accountability Act (HIPAA), Affordable Care Act (ACA) in the U.S. and Health and Social Care Act 2008 in Europe, government incentives, increasing aging population, and rising awareness to self-monitor health, has stimulated the adoption of patient engagement technology in the healthcare industry. However, in spite of numerous benefits, certain barriers such as large investments requirement, fragmented end-user market, and security and safety of patient data are restraining the growth of this market.
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The study provides granular information about the pricing of patient engagement technology with a breakdown into several price components. The report also provides insights on replacement market for patient engagement technology and factors affecting the replacement trends; this market presents numerous opportunities for vendors in the market due to the dearth of allied functionality and interoperability issues in the existing patient engagement technology.
The research findings included in the report encapsulate the buying behavior of hospitals for patient engagement technology. It analyses hospitals buying behavior taking into account the role of key stakeholders in the hospital and the size of the hospital. Physicians are reported to use this technology majorly to improve patient communication and satisfaction, better serve patients to self-manage their care, and a large percentage of patients reported that they used it for viewing diagnostic tests and records. Selection criteria considered by providers for embracing patient engagement technology is also considered in the scope of the study. A separate section on assessment of lucrative end-user segments is a value-add for the report as well as for its stakeholders. The report also analyzes at length vendor replacement trends and the implementation status (2022) of mobile technology used for patient engagement against various applications.
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