Healthcare CRM Market Overview
The global healthcare CRM Market is expected to rise steadily at a CAGR of 13.4% during the forecast period. Notably, the global market of healthcare CRM is also likely to surpass its 2018 value of USD 8.9 billion over the forecast period.
Given the fact that many healthcare facilities rely on direct marketing to promote their business, the Healthcare CRM market is likely to expand at a healthy rate throughout the forecast period. The Healthcare CRM system collects massive volumes of patient data from a variety of sources. The ongoing demand for virtual care is a major driver of the global healthcare CRM market’s growth. The sector is being propelled forward by considerations such as cost effectiveness, reduced error risk, and technological advancements.
Customer relationship management (CRM) in healthcare enables communication between healthcare institutions and their patients. Due to the growing number of hospitals, there is a strong demand for healthcare CRM, which is driving demand for an integrated healthcare system to provide efficient workflow. The global healthcare CRM market is being pushed by an increasing number of chronic diseases, an ageing population, the demand for new technological advancements, virtual patient care, and operational efficiency.
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Additionally, the growth of the global CRM industry is projected to be restrained by emerging countries’ lack of or limited use of healthcare CRM. Additionally, increased security threats and worries regarding patient data privacy may restrain the market’s growth to some level.
Healthcare CRM Market Segmental Analysis
The healthcare CRM market is segmented into three segments: collaborative CRM, analytical CRM, and analytical CRM. In 2018, the operational CRM segment held the largest market share, accounting for approximately 56.4 percent.
By delivery method, on-premises and cloud-based healthcare CRM solutions are the segments. The cloud-based system is predicted to increase at a CAGR of 13.7 percent over the forecast period.
The healthcare CRM market is segmented into two types of end users: healthcare providers and payers. Due to the proliferation of CRM solutions in hospitals worldwide, the healthcare providers segment dominates the market.
Additionally, the market is segmented into two segments by component: service and software. Software services are likely to grow at the fastest rate throughout the forecast period, with a CAGR of 13.8 percent.
The application segment is subdivided into task management, report generation, patient management, and communication module. In 2018, the communication module sector dominated the market, accounting for approximately 41.4 percent of the total.
Healthcare CRM Market Competitive Dynamics
The notable players of the market are
- SugarCRM (US)
- SAP SE (Germany)
- Keona Health (US)
- Microsoft (US)
- Infor, Inc. (US)
- Healthgrades (US)
- Oracle (US)
- Influence Health (US)
- Accenture (Ireland)
Healthcare CRM Market Regional Overview
The global healthcare customer relationship management (CRM) market is classified into four regions: the United States, Europe, Asia-Pacific, Europe, the Middle East, and the rest of the world. North and Latin American countries have dominated the market. Hospitals, payers, and early use of healthcare CRM systems have all benefited the market’s growth.
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Europe commanded a sizable share of the market. The firms’ principal focus is on infrastructure and research and development, and developed economies are primarily responsible for this considerable increase.
The Asia-Pacific region is predicted to grow at the quickest rate in the global healthcare CRM market. One of the primary reasons is the increasing number of healthcare and private hospital investors.
The rest of the world’s healthcare CRM market is expected to grow gradually and steadily in the next years as a result of government initiatives and the development of healthcare CRM infrastructure.
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