Technological Advancements to Drive Revenue Worth USD 299 million in Patient Experience Technology Market

This report aims to provide detailed insights into the patient experience technology market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.

Revenue Growth Analysis:

[88 Pages Report] The US patient experience technology market is projected to reach USD 299 million by 2026 from USD 179 million in 2021, at a CAGR of 10.7%

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Key Factors Driving Patient Experience Technology Market Growth:

Growth in this market is driven by factors such as the favorable government regulations and initiatives to promote the adoption of HCIT solutions, the advantages of patient rounding solutions, and the growing number of collaborations and partnerships between stakeholders. However, factors such as the high investments for IT infrastructure and the shortage of skilled IT professionals in the healthcare industry are expected to restrain the growth of this market to a certain extent during the forecast period.

Proven benefits of patient experience solutions in improving the financial performance of hospitals

Payers that look for better value also help drive hospitals to focus on patient experience. Programs such as Medicare’s Hospital Value-Based Purchasing (VBP) Program financially reward hospitals with better patient-reported experience scores. As a result, patient experience scores for factors as diverse as night-time noise levels and doctors’ and nurses’ communication skills have become a key hospital performance measure.

Favorable government regulations and initiatives to promote the adoption of HCIT solutions is Key Driver for Patient Experience Technology Market

The growing patient demand for quality care has prompted healthcare systems across the globe to adopt the latest technologies that help curtail costs, enhance care quality, and reduce administrative inefficiencies. This ensures access to better patient experience platforms across hospitals. The HITECH Act established ONC and provides the US Department of Health and Human Services with authority to establish programs to improve healthcare quality, safety, and efficiency through the promotion of health IT. Such initiatives are expected to propel the adoption of patient experience technology solutions.

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Acute Care Facilities segment is estimated to account for the largest share of the US patient experience technology market in 2020

Based on facility types, the US market is segmented into acute care, post-acute care, and non-acute care facilities. Acute care facilities accounted for the largest share of the US market in 2020. This can be attributed to the increased adoption of patient experience solutions by acute hospitals, the rapidly growing geriatric population, and the growing adoption of patient-centric care in acute hospitals.

Key Players:

Prominent players in the US patient experience technology market are Sodexo (France), Press Ganey Associates (US), Vocera Communications (US), Huron Consulting Group (US), Aramark (US), CipherHealth (US), Accenture (US), Qualtrics (US), GetWell (US), and HybridChart (US). Players in this market focused on partnerships, collaborations, agreements, acquisitions, and product launches & approvals to expand their market presence between January 2019 and December 2021.