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Patient engagement is ideally a well-established process in which healthcare providers and patients work together to improve health. This concept is used to describe everything from patient portals to social media strategies, from tracking vitals with wearables to patients actively participating in their own health and wellness. It combines a patient’s knowledge, skills, ability, and willingness to manage their own care more effectively which will help in improving health outcomes, drive better patient care, and achieve lower costs. By collaborating and engaging with patients in the decision-making process, healthcare providers can make better decisions regarding a patient’s health, improving the patient-provider relationship, and overall patient retention.
COVID-19 scenario analysis
With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.
Technological progress, cost containment, and increased access will in the near future be an integral part of healthcare reforms. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls. This segment's growth will increase several folds over the next two years. The social distancing measures further mandated online consultation of patients with moderate symptoms. In addition, it significantly reduces the burden on hospitals already swamped by counts of COVID-19 patients. Furthermore, the pandemic led to severe resource constraints, which is expected to result in the development of competitive pricing and value-based pricing models, thereby increasing the revenue by involving the products that possess a certain level of prestige in ownership or are completely unique. This will increase prices without a significant effect on the volume and will eventually accelerate the market growth in future.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Factors such as rise in geriatric population and increase in burden of chronic diseases such as diabetes, obesity, and high blood pressure have led to the adoption of patient engagement solutions worldwide. Healthcare apps that are easily downloadable in smartphones are increasing day by day. Increased knowledge and understanding encourages patients to become actively engaged in their own health, well-being, and healthcare choices, leading to improved care. Growing number of collaborations and partnership between stakeholders and government regulations and initiatives to promote healthcare IT services drive the growth of the market. This year, Salesforce launched a global vaccine management CRM platform, vaccine cloud, to help governments, healthcare groups, and launch vaccine programs. Major concern related to these solutions is data security and privacy.
New product launches to flourish the market
Technological advancements are playing a key role in flourishing the market. Companies are developing audio and video devices to enable physically challenged patients to communicate easily with hospital staff. The development of Eoxys smart solutions brings advanced nurse call features, which enable patients to call nurses from patient’s room, patient’s toilet in which patient’s calls can be sent directly to the relevant staff members enabling Instant communication. These products enhance patient safety, enriched patient satisfaction, and increased staff efficiency.
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Questions answered in the interactive patient engagement solutions market research report
Key Market Segments
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