Patient Engagement Technology Market is valued at an estimated USD 11.7 billion in 2019 and is projected to reach USD 25.9 billion in 2024, at a CAGR of 17.1% during the forecast periodaccording to a new report by MarketsandMarkets™.Patient Engagement Technology an Innovative Tool for Healthcare Industry, End User Market Trends and Analysis – (Price Analysis, Replacement Trends and Factor Analysis, Selection Criteria, Buying Behavior and Mobile health)
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Browse in-depth TOC on “Patient Engagement Technology Market”
15 – Tables
9 – Figures
64 – Pages
Healthcare providers, payers, and patients are increasingly adopting patient engagement technology, across the globe, particularly in the US. This report provides a qualitative assessment of the patient engagement technology in terms of pricing, vendor replacement trends, and selection criteria for adopting patient engagement technology from the providers’ perspective.
The patient engagement technology market is expected to grow as the healthcare industry witnesses a shift to a value-based reimbursement system from the traditional volume-based fee for reimbursement system rapidly. Adoption of patient engagement technology enables the healthcare industry to reduce costs while improving the quality of healthcare. The technology also provides positive returns on investment.
Furthermore, legislative reforms of the Affordable Care Act (ACA) in the U.S., government incentives, and rising aging population has stimulated the adoption of patient engagement technology in the healthcare industry. However, despite the numerous benefits, specific barriers such as huge investment requirements, fragmented end-user market, and security of patient data are restraining the growth of this market.
The pricing of patient engagement technology depends on several parameters that determine the cost of patient engagement technology. These factors are categorized into “Up-front Costs” and “On-going Costs.” The report provides a generalized trend of pricing of patient engagement technology.
Mobile health technologies have also emerged as potentially powerful tools to engage patients in healthcare. Mobile health technology can strengthen the care delivery process by improving providers’ capacity to reach vulnerable populations and actively engage them in their care. Majority healthcare organizations are providing mobile health technology to their patients.
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Restraint: Lack of HCIT Infrastructure
Limited or poor HCIT infrastructure in developing and underdeveloped countries is resulting in the low awareness and enrolment of patients for PES. The successful implementation of PES requires heavy investments in healthcare IT infrastructure.
- Investments are necessary for increasing data storage and processing capabilities.
- Web-based and mobile tools such as Android and iOS apps need to be developed to ensure patient participation and exchange of health information.
- IT developers are required to create sophisticated tools to store, analyze, and report data as well as support decision-making.
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