Healthcare customer relationship management (CRM) systems are software programs that assist healthcare organizations with retaining their patients. It shows care providers the patient medical history, social, behavioral, and payment history which assists them in acquiring and engaging them. The global healthcare CRM market report by Market Research Future (MRFR) outlines pertinent trends and opportunities for the period between 2019 to 2025 (forecast period).
Healthcare CRM Market Scope
Global healthcare CRM market is projected to amass revenues at 13.4% CAGR over the forecast period. It can touch a valuation of USD 21,462.6 million by 2025. It was valued at USD 8,900 million in 2018. Emphasis on customized care and personalized medicine are expected to drive market growth. Features of healthcare CRM which can reach out to various demographics, measure the success rate of campaigns, and analysis of consumer demographics for gaining customer insights can bode well for the market.
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Establishment of large numbers of hospitals, inclination towards centralized systems, and structured workflow and automated processes can fuel the market growth. The concept of integrated healthcare for bringing together care, treatment, rehabilitation, and diagnosis is likely to be a vital part of the adoption of healthcare CRM systems. The large healthcare expenditure allocated by nations for modernizing hospitals to alleviate the burden of patient inflow can bolster the global healthcare CRM market. The upcoming trend in the healthcare CRM industry is the change in patient care delivery models as well as the increasing interaction between patients and hospitals. Establishment of infrastructure for enabling real-time communication can drive the adoption of such software.
But the limited adoption of the software across hospitals in developing economies can restrain market growth.
Healthcare CRM Market Segmentation
The global healthcare CRM market is segmented by type, component, mode of delivery, application, and end-user.
By type, the market is segmented into analytical CRM, operational CRM, and collaborative CRM. The operational CRM segment accounted for the largest market share of 56.4% in 2018. This massive share can be attributed to the software’s ability to streamline sales and marketing processes. It generates leads and helps companies in retaining existing clients and attracting new ones with the help of email campaigns and outgoing calls. Analytical CRM is a software which saves the data based on customer queries and procurement. It can provide sales personnel ample data on customers and offer new products according to their needs. Lastly, collaborative CRM lets the whole team in a healthcare organization share custome data between various departments to work together and minimize losses.
Major components in the market include software and service. The software segment is expected to record sales at CAGR of 13.8% during the forecast period due to low costs of software and accessibility in the healthcare sector.
The market, based on application, has been segmented into patient management, task management, communication module, and report module. The communication module segment had captured 41.4% share in 2018. This segment is driven by its features to schedule appointments with customers and set reminders to help the customer.
Two major modes of delivery in the global healthcare CRM market entail cloud-based and on-premise. The cloud-based segment can accumulate revenues for the market at a CAGR of 13.7% during the forecast period. The use of cloud to save customer data in huge bulks, retaining the data for insights, and lowering the costs of patients are factors driving the segment growth.
On the basis of end-user, the market is bifurcated into healthcare providers and healthcare payers. Healthcare providers accounted for a large share of the global healthcare CRM market with a value of USD 5,112.6 million in 2018. Benefits of CRM in hospitals which can lower the patient volume globally can drive the segment demand.
Healthcare CRM Market Regional Analysis
The global healthcare CRM market, based on region, has been divided into the Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The Americas can dominate the global market till 2025 due to large number of hospitals, number of payors, and adoption of the software across hospitals. Europe can generously contribute to market growth due to intention of healthcare companies in expanding their influence, large healthcare funding of nations, and health programs developed for citizens.
On the other hand, APAC is estimated to showcase the fastest growth rate during the forecast period due to the rising number of private hospitals and interest of investors in the healthcare sector.
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Healthcare CRM Market Competition Outlook
Healthcare CRM companies include
- Healthgrades Operating Company Inc.
- Salesforce.com Inc.
- Keona Health
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