Healthcare CRM Market Overview
As per the reports by MRFR, the healthcare CRM market is expected to record a praiseworthy CAGR of 13.4% during the forecast period. The market was valued at USD 8900 Million on the global level in 2018.
Healthcare Customer Relationship Management (CRM) refers to a system, which aids healthcare organizations with effective workflow and enhanced management to take care of patients. The technology deployed in the healthcare CRM system is predictive CRM, social CRM, mobile CRM, collaborative system, and cloud-based CRM. Healthcare CRM offers effective delivery of services and helps in improving communication. The Healthcare CRM is used to gather patients’ data from several sources. The global market for healthcare CRM has been experiencing enormous growth due to factors like the continuous need for virtual care.
Furthermore, the factors such as technological advancements, lower risk of errors, and cost-effectiveness are some of the primary aspects likely to boost the growth of the healthcare CRM market over the forecasted timeframe. It allows communication among patients and healthcare facilities which is anticipated to contribute to the market’s growth. Additionally, shifting demand to an integrated healthcare system, a need for new technological advancements, operational efficiency, virtual care for patients, an aging population, growing number of chronic diseases, and a growing number of hospitals across the globe are also some of the aspects anticipated to accelerate the growth of the healthcare CRM market. However, the market’s growth is likely to be restrained by the high costs, increasing security threats, complexities related to CRM applications, and concerns regarding patients’ data privacy.
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The global market for healthcare CRM is divided into several segments based on type, delivery, end-user, component, application, and region.
The healthcare CRM market is split into Analytical CRM, collaborative CRM, and analytical CRM based on type.
Based on delivery, the healthcare CRM system is divided into cloud-based and on-premises delivery models.
By end-user, the global market for healthcare CRM is bifurcated into healthcare payers and providers.
Based on components, the global market for healthcare CRM is split into software and service.
The healthcare CRM market is bifurcated into communication module, patient management, report module, and task management by application.
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The global market for healthcare CRM is studied across several regions, including the Middle East, Europe, Asia-Pacific, the American Region, and the rest of the world.
The American region has led the global healthcare CRM market owing to a large number of payers, hospitals, and early on implementation of the healthcare CRM system. The region is comprised of countries in the South American and the North American region.
The European regional market for healthcare CRM has recorded a substantial market share over the years. The leaders in the region are focusing mainly on the development of healthcare infrastructure and research. Additionally, the rise in investments and developed economies in the region contributes significantly to the growth of the regional market.
The Asia-Pacific regional market for healthcare CRM is projected to record the maximum growth rate over the review timeframe. The regional market’s growth is being driven by the rising number of private hospitals and the growing number of investors in healthcare.
In the rest of the world, the market for healthcare CRM is likely to witness steady growth over the forecasted era owing to the government initiatives and growing infrastructure in the healthcare CRM system.
The healthcare CRM market has an abundance of key players spread worldwide. They propose several approaches to grow their business and offer quality services to consumers. The list of prominent leaders in the healthcare CRM market includes companies such as Keona Health (US), SugarCRM (US), com, Inc. (US), Microsoft (US), Accenture (Ireland), Oracle (US), Infor, Inc. (US), SAP SE (Germany), Influence Health (US), Healthgrades (US), and several others.
October 2021- The Health Cloud company, Innovaccer Inc., revealed its Patient Relationship Management(PRM) solution on the Innovaccer Health Cloud. It is the first to bring patients’ clinical and care episodes to the head of a customized patient engagement journey. It has enabled providers to integrate clinical data with SDoH, laboratory, pharmacy, claims, and other consumer information to set up a full patient record, which aids engagement strategies beyond boosting revenue to change care delivery.
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Table of Content
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 SCOPE OF THE STUDY 15
2.2 RESEARCH OBJECTIVE 15
2.3 MARKET STRUCTURE 15
2.4 ASSUMPTIONS & LIMITATIONS 16
3 RESEARCH METHODOLOGY
3.1 DATA MINING 17
3.2 SECONDARY RESEARCH 18
3.3 PRIMARY RESEARCH 19
3.4 BREAKDOWN OF PRIMARY RESPONDENTS 20
3.5 FORECASTING TECHNIQUES 21
3.6 RESEARCH METHODOLOGY FOR MARKET SIZE ESTIMATION 22
3.6.1 BOTTOM-UP APPROACH 23
3.6.2 TOP-DOWN APPROACH 23
3.7 DATA TRIANGULATION 24
3.8 VALIDATION 24
4 MARKET DYNAMICS
4.1 OVERVIEW 25
4.2 DRIVERS 26
4.2.1 INCREASING NUMBER OF HOSPITALS 26
4.2.2 INCLINATION TOWARDS INTEGRATED HEALTHCARE SYSTEM 26
4.2.3 STRUCTURED BILLING PROCESS AND AUTOMATED HEALTHCARE WORKFLOW 27
4.3 RESTRAINTS 28
4.3.1 LOW ADOPTION RATES OF HEALTHCARE CRM IN DEVELOPING REGIONS 28
4.4 OPPORTUNITIES 29
4.4.1 ADVANCEMENTS IN THE HEALTHCARE IT SECTOR 29
4.4.2 ARTIFICIAL INTELLIGENCE (AI) IN CRM 29
5 MARKET FACTOR ANALYSIS
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