Easy accessibility of patient engagement technology and data security of patient information are the most crucial factors determining the purchase of patient engagement technology
The global 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%. Increasing adoption of patient engagement solutions, technological advancement, government initiatives, increased awareness, and rising benefits of implementing these technologies are significant 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 accessibility and ease of use, data security, integration with value-based care programs, cost efficient software, integration capabilities, aligned functionality, and vendor reputation. The selection of a patient engagement technology must be made based on the objectives for implementation and organization’s strategic plan.
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Accessibility and ease of use was given the highest priority over other factors majorly due to the technicality involved in these solutions and awareness created amongst patients. Users are willing to choose the patient engagement technology that includes the basic functionality and is easily accessible without any mental strain.
Data security concerns is the second selection criteria due to increasing data leaks, security breaches in the past years. Patient data is highly sensitive and must be protected from all security glitches. Organizations such as HIPAA (Health Insurance Portability and Accountability Act) and ORCHA (Organisation for the Review of Care and Health Apps) are working for safeguarding sensitive data by performing stringent quality checks on every patient engagement tools. Data security concerns raise the burden of purchasing these solutions.
Patient engagement solutions integrated with value-based care programs allow the physicians to concentrate more on value than volume-based care. Users ranked this criterion after data security. These programs rewards healthcare providers with incentive payments for the quality of care they provide to patients (under quality payment programs such as Medicare Access and CHIP Reauthorization Act). 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 an important criterion for selection by provides. A surge in patient engagement vendor has decreased the budgetary constraints of complex patient engagement solutions. Owing to this, even small-scale hospitals are willing to implement 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.
Related Reports:
Patient Engagement Technology an Innovative Tool for Healthcare Industry, Global End User Market Trends and Analysis - (Price Analysis, Replacement Trends and Factor Analysis, Selection Criteria, Buying Behavior and Mobile health)
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