Patient Engagement Technology an Innovative Tool for Healthcare Industry, End User Market Trends and Analysis

Posted on 2020-06-02 by MarketsandMarkets in Healthcare // 0 Comments

The global patient engagement technology market size is valued at USD 11.7 billion in 2019 and is expected to grow at a CAGR of 17.5%. Technological advancement, government initiatives, increased awareness, and growing benefits of implementing these technologies are important factors driving the growth of this market.

Selection of right patient engagement technology is critical for healthcare organizations/providers and is dependent on several factors such as ease of use, data security, integration with value-based care programs, cost of the patient engagement solution, integration capabilities, aligned functionality, and vendor reputation. The selection of a patient engagement technology must be made based on the organization’s strategic plan and objectives for implementation.

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Ease of accessibility was given the highest priority over other factors majorly due to the technicality involved in these solutions. Users are willing to select the patient engagement technology that covers the basic functionality and is easily accessible without any mental strain.

Data security concerns bags the second selection criteria due to increasing security breaches in the past years. Patient data is highly sensitive and must be protected from all security glitches. Organizations like HIPAA (Health Insurance Portability and Accountability Act) and ORCHA (Organisation for the Review of Care and Health Apps) are working towards safeguarding sensitive data by performing stringent quality checks on every patient engagement tools. Security concerns increase the burden of purchasing these solutions.

Patient engagement solutions integrated with value-based care programs enable the physicians to focus more on value than volume-based care. Users ranked this criterion after data security. These programs ensure the care provided to patients is of added value. Such programs drive patients to switch to physicians using such technologies leading to the growth of this market.

The cost of patient engagement was indicated as a significant criteria for selection by provides. An increase in patient engagement vendor has lowered the budgetary constraints of complex patient engagement solutions. Owing to this, even small scale hospitals are willing to adopt such technologies driving market growth.

Other factors, such as integration capabilities, aligned functionality, and vendor reputation also play a crucial role in the overall purchase mechanism of patient engagement. Vendors in the market need to focus on these factors to increase their customer base and establish a strong foothold in the market.

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