CHICAGO, March 15, 2022 /PRNewswire/ -- According to the new market research report "Patient Experience Technology Market by Component (Technology (Patient Rounding, Patient experience survey), Consulting Services) & Facility Type (Acute Care, Post Acute Care, Non Acute Care (Physicians Office, Clinics)) - US Forecasts to 2026", published by MarketsandMarkets, the global market is projected to reach USD 299 million by 2026 from USD 179 million in 2021, at a CAGR of 10.7% during the forecast period of 2021-2026.
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The 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.
Impact of COVID-19 on US patient experience technology market
The COVID-19 pandemic has had a devastating global impact on the health of the population and a huge economic impact on most countries. As of 31st December 2021, 290 million cases have been reported worldwide, with 5,419,881 deaths (Worldometer). Since new patient satisfaction survey data reduced drastically during the pandemic, many of the standard survey questions in use currently are less immediately relevant. The COVID-19 pandemic also increased the need for social distancing among physicians and patients, which has driven the demand for telehealth solutions and the need for patient rounding solutions to make the patient care process hassle-free. Various players in this market introduced COVID-19-related features into their existing patient experience solutions, which are made available to users free of cost.
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"Technology segment is expected to grow at the highest rate during the forecast period"
Based on components, the US patient experience technology market is segmented into technology and consulting services. The technology segment accounted for the largest share of the US market in 2020. It is also estimated to grow at the highest CAGR during the forecast period, as technology is an indispensable part of the patient experience journey.
"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.
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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).
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