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.
As the market for patient engagement technology is patient-driven, pleasant patient experience plays a critical role in successful patient engagement. However, the majority of patient engagement technology fails to deliver a positive patient experience, and there have been numerous complaints from the patient population regarding the same, which in turn has triggered providers to replace their current vendors. Thus, the replacement market for patient engagement technology offers significant opportunities for vendors in the market due to the poor usability of current patient engagement technology.
The global patient engagement solutions 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 period.
Patients will adopt patient engagement solutions if they benefit from their use. In most cases, these benefits are direct monetary benefits. A white paper published by UbiCare stated that due to the use of PES, there is a 25% per day reduction in LOS (length of stay) for hip replacement patients and 13% for knee replacement patients.
Other benefits of these solutions include patient empowerment with higher levels of health literacy, timely appointment scheduling with doctors/caregivers, increased adherence to prescribed medical treatments, and consultation with providers through online tools. The adoption of patient engagement solutions depends on the degree of empowerment they offer to patients. Patients become more active in their care when they have access to their health records and can monitor their health status
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.
Certain patient engagement solutions are complex, and their cost can be a burden to patients. As a part of this study involving 250+ participants, MNM found around 29% of physicians are reluctant to encourage patients to adopt these solutions due to their high costs. Around 51–55% of hospital executives and clinical leaders say that payers should incur the cost of adopting patient engagement technologies. Physicians suggest that chronically ill patients must access these tools to understand their treatment regime better, yet they are unable to do so due to the high cost of PES. Lowering the cost of PES would ensure their increased adoption, and a higher number of physicians can recommend these solutions to patients.
This report provides a qualitative assessment of the patient engagement technology in terms of pricing, vendor replacement trends, factors affecting replacement trends, and selection criteria of adopting patient engagement technology from providers’ perspective.
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Table of Contents
1.1 Market Definition
1.2 Rationale for the Adoption of Patient Engagement Solutions
2 Research Methodology
2.1 Research Methodology Steps
2.2 Data Triangulation Methodology
2.3 Primary Research – Sampling Frame
3 Executive Summary
4 Force-Field Analysis
4.1 Driving Forces
4.2 Restraining Forces
5 Market Overview
6 End-User Market Potential Analysis
6.1 Major Use Cases of Patient Engagement Technology (Physician Perspective)
6.2 Major Use Cases of Patient Engagement Technology (Patient Perspective)
7 Hospital Buying Behavior Assessment
7.2 By Hospital Size
7.3 By Role
8 Pricing Analysis of Patient Engagement Solutions
8.2 Licensing Fees
8.3 Implementation Fees
8.4 Annual License Maintenance Fees
8.5 Upgradation and Integration Fees
8.6 Consulting Fees
9 Replacement Trends for Patient Engagement Solutions (Qualitative Assessment)
9.1 Factors Triggering Vendor Replacement
10 Role of Mhealth in Patient Engagement
10.1 Importance of Mhealth in the Patient Engagement Market
10.2 Implementation Status of Mobile Health Solutions
11 Selection Criteria for Patient Engagement Solutions (Provider Perspective)
11.2 Cost of Patient Engagement Solution
11.3 Integration Capabilities
11.4 Vendor Reputation
11.5 Accessibility and Ease of Use
11.6 Aligned Functionality
11.8 Integrated Value-Based Care Programs
12 Recent Developments
List of Tables (15 Tables)
Table 1 Primary Research (Interviews) – Sampling Frame
Table 2 Calculation for Drivers
Table 3 Calculation for Restraints
Table 4 Global Patient Engagement Technology Market, By Component, 2017-2024 (USD Million)
Table 5 Global Patient Engagement Technology Software Market, By Type, 2017-2024 (USD Million)
Table 6 Global Patient Engagement Technology Market, By Application,2017-2024 (USD Million)
Table 7 Global Patient Engagement Technology Market, By Therapeutic Area, 2017-2024 (USD Million)
Table 8 Global Patient Engagement Technology Market, By Delivery Mode, 2017-2024 (USD Million)
Table 9 Major Use Cases of Patient Engagement Technology for Physicians
Table 10 Major Use Cases of Patient Engagement Technology for Patients
Table 11 Pricing Analysis of Patient Engagement Solutions
Table 12 Factors Supporting Mobile Health Market Growth
Table 13 Deployments
Table 14 Collaborations/Partnerships
Table 15 Acquisitions
List of Figures (9 Figures)
Figure 1 Force Field Analysis
Figure 2 End User Potential Analysis
Figure 3 Purchase Intention, By Hospital Size
Figure 4 Purchase Intention, By Role
Figure 5 Pricing Analysis of Patient Engagement Technology
Figure 6 Replacement Trends
Figure 7 Factors Affecting the Replacement Trends
Figure 8 Implementation Status of Mobile Health Solutions for Patient Engagement
Figure 9 Selection Criteria
Patient engagement has become an extremely popular topic over the last few years. It has taken center stage in healthcare and is dominating almost every conversation and headlining several conferences in the field of healthcare. It is igniting interest of all the stakeholders in the healthcare industry — physicians, health care professionals, providers, payers, technologists, planners, and even the government. Getting patients engaged in their healthcare process electronically is a crucial task and can be accomplished by using patient engagement technology. Patient engagement technology (hardware, software, and services) enables patients and their representatives to be involved in their self-care. Engaging patients in their ‘self-care’ significantly increases the understanding of their health conditions and allows patients to make informed healthcare-related decisions. These technologies encourage patients to moderate their behavior in alignment with their agreed care plan and motivate self-care behavior. Implementation of patient engagement technology allows organizations to quickly and securely share accurate time-sensitive information with all the participants in the healthcare delivery process regardless of their role. Patient engagement technology allows provider to make more informed and sustainable decisions improving the value added to the care of the patient.
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Factors such as legislative reforms of the Affordable Care Act (ACA) in the U.S., demand for improved quality of care, the Meaningful Use (MU) program of federal government’s Office of the National Coordinator’s (ONC), increased security on mobile health apps by ORCHA (Organisation for Review of Care and Health Apps) and HIPAA (Health Insurance Portability and Accountability Act) to safeguard sensitive data from security breaches, enhanced worker productivity, rising awareness among population, and incentives by various governments for the adoption of patient engagement technology are driving the growth of the patient engagement technology market. The benefits provided by patient engagement technology such as cost reduction, reduction in hospital readmission rates, increased patient outreach, and improved quality of healthcare are increasing the deployment of these technologies. Furthermore, increasing focus on value-based medicine due to peer pressure and shifting focus towards patient-centric systems and technology with better interoperability with other software is expected to drive the global patient engagement technology market in the coming years.
However, in spite of numerous benefits of patient engagement technology, certain barriers such as requirement sophisticated tools and infrastructure, lack of health literacy in a large portion of the population, fragmented end-user market, poor access to healthcare, and security of patient data are hindering growth of this market.