Technological Advancements are the Primary Driver of the Global Patient Experience Management Market Growth
Inkwood Research estimates that the Global Patient Experience Management Market is evaluated to register a CAGR of 19.93% in terms of revenue during the forecasting years of 2021-2028.
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Patient experience is an integral component of healthcare.
It ensures healthcare aspects with regard to patients like easy access to
information, good communication with healthcare providers, and timely
appointments. Patient experience is increasingly prioritized as part of the shift
towards enhanced patient-centered care.
Advancements
in Patient Data Related Technologies Fuel Market Growth
Patient-centered care is thriving with growing technological
advancements. It has become a vital part of healthcare organization's strategic
plans. There has been an increasing utilization of virtual technology.
Telehealth is making healthcare access more convenient. Patients can 'visit' a
doctor and seek treatment within the confines of their homes.
Moreover, healthcare organizations turn to patient
relationship management (PRM) platforms to leverage, organize, and capture
patient data. Such tools integrate patients' socioeconomic status and medical
history, enabling access to maximum data to providers during treatment and
diagnosis. PRMs facilitate shared decision-making. This helps physicians with
their medical recommendations. Furthermore, patients can also access
information through mHealth apps. Also, virtual assistants are entering the
scene as a tool to engage patients.
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PRM is
finding Increasing Use in Pharma/Biotech/Med Device Companies
Patient experience has an important role in the reputation
of med-device/biotech/pharma companies. For instance, pharmaceutical companies
like Astellas are evaluating the long-term implications of offering an enhanced
patient experience. DT Consulting's CXQ Framework is used to examine patient
experience in pharma interactions.
Med Device companies provide wearable devices like
smartwatches which offer heart rate tracking, blood oxygen monitoring, sleep
monitoring, etc. These can enhance the patient experience by facilitating
access to apps for specific health conditions like diabetes.
Asia-Pacific:
Fastest-Growing Region
Smart healthcare is witnessing fast-paced progress in the
region, with rising budgets to supplement patient-centered care developments.
Surging digitalized networks and data monitoring systems offer growth
opportunities for the healthcare sector. Further, favorable government
initiatives, smart technologies, and the increasing adoption of EMR systems are
projected to make Asia-Pacific the prominent region in the global market by
2028.
The disparity in products offered by the competitors is
contributing to the moderate competitive rivalry in the market. Aritic, Change
Healthcare, CareCloud, Ecosoft Health, Accenture, All Covered, etc., are among
the leading players in the market.
About Inkwood Research
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research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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