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, All Covered, etc., are among the leading players in the market.

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