Healthcare CRM Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Healthcare CRM Market: Snapshot
The global healthcare CRM market is projected to register growth at a CAGR of 14.6% during the forecast period of 2018 to 2023 and gain a valuation of US$ 17.4 Bn by 2023. The market for healthcare CRM was valued at US$ 8.8 Bn in 2018.
Healthcare CRM solutions are gaining traction in the healthcare sector owing to their varied advantages including their ability to help in the management of customer data & interactions easily. Moreover, the healthcare CRM solutions assist in the simplification of different business processes including marketing, customer service and support, digital marketing, and sales. This factor is driving the sales growth in the healthcare CRM market.
Companies in the healthcare CRM market are experiencing increase in the demand for web/cloud-based models owing to varied advantages they offer including their sturdy security features, advanced accessibility and recoverability of data, and reduced maintenance cost.
The global healthcare CRM market is anticipated to observe sluggish growth owing to high cost and complexity of the CRM implementation process. Moreover, a rise in concerns pertaining to patient data security might hamper the growth of the market for healthcare CRM.
Players operating in the healthcare CRM market are increasing focus on advancing the quality of the products they provide. Hence, they are seen increasing investments in R&D projects. Besides, several companies are concentrated on the launch of new products in order to strengthen their product offerings. In addition, companies in the healthcare CRM market are engaging in mergers, acquisitions, partnerships, and collaborations in order to expand their businesses in newer regions.
Organizations in the healthcare CRM market are estimated to gain lucrative avenues in Asia Pacific owing to factors such as expanding healthcare industry, increasing patient awareness, favorable government initiatives, and expansion of the medical tourism industry in several countries in the region.
Global Healthcare CRM Market: Overview
In recent times, customer relationship management (CRM) solutions have been witnessing demand from almost every domain. The advent of new technologies can lead to effective patient follow-ups by healthcare institutions. CRM technology enables automation in functions such as taking pills, sending emails or text messages, and conveying test results. The greater convenience of such communication platforms has been responsible for the increasing adoption of these systems across the world. The availability of customization services by specialists has also opened up new doors for the expansion of the market.
A number of healthcare providers have been adopting CRM software solutions. For example, in April 2017, Microsoft partner Simient announced its partnership with Queensland’s Connected Care Program to deliver advanced healthcare services to seriously ill children, particularly those residing in remote and rural areas. Earlier, the healthcare providers relied heavily on excel spreadsheets and access databases, with records that offered a fragmented view of patient history. These ill-suited management systems could not effectively address the needs of complex cases. The new consolidated system, on the other hand, ensures appropriate delivery of care at the right time by leveraging Microsoft Dynamics CRM. Any healthcare professional with authority can access a child’s health record with a view to providing streamlined and effective case management.
Along the same lines, Geisinger Health System, a U.S.-based hospital, delivers personalized healthcare services to more than 3 million patients across 45 countries in North America. Incorporation of healthcare interactions that are likely to boost their recovery, such as motivating a patient through his/her grandchild’s graduation, has been a key strategy of this CRM-enabled organization.
Healthcare CRM is a broad term used for customer relationship management system (CRM) in the healthcare sector. There are basically two types of healthcare customer relationship managements, one is for the healthcare organization to stay connected with referring organizations and the other to stay connected with patients. The primary purpose for two types of healthcare CRMs is that healthcare organizations use two different ways to produce new patients. One way is with the patient’s choice where people who are sick, wounded, need healthcare providers or need dentist find the service that is suitable for them. Healthcare organizations are in the constant need to attract new patients or retain the old patients so that they can employ healthcare customer relationship management to maintain a strong relationship with the public. This is likely to include tasks such as birthday cards, appointment reminders, and sending checkup.
The report is an examination in the development of the global healthcare CRM market over the last few years and in the upcoming years. The market study further details out the reasons of the vicissitudes in the market worldwide. It does this so evaluating the forces and the trends predominant over the last couple of years and also the ones that are expected to put an impact on the market during the forecast period. The Porter’s five forces analysis has been considered by the analysts to present a clear conception of the vendor landscape to the ones reading the report. Mergers, acquisitions, agreements, and other dealings have also been emphasized in the study. The study further investigates the management and workflow of several leading players and presents readers with information on their products, marketing and production strategies, and market shares of the past and future years.
Global Healthcare CRM Market: Trends and Opportunities
The global market for CRM is expected to grow at a steady rate over the forecast period owing to the rising demand for automation for the purpose of documentation and the need for a single platform for information exchange. The adoption of healthcare CRM is likely to be triggered by the advancements in technology in the field of Information Technology and communication. The growing demand form patients in order to acquire early treatment through means such as disease monitoring systems, mobile monitoring, and home care is expected to bode well for the growth of the market over the coming years. Healthcare CRM also caters to several requirements of both patients and service provider such as collaborative services, chronic disease management, predictive services, database construction, communication services, and management and coordination.
Global Healthcare CRM Market: Regional Outlook
North America is expected to emerge as a prominent market for vendors to capitalize on the opportunities arising from the region. Favorable government initiatives such as e-health and health connect along with the execution of Affordable Healthcare Act are expected to bolster the growth of the healthcare CRM market in North America. Asia Pacific is also anticipated to provide lucrative growth opportunities to manufactures with the growing healthcare infrastructure in emerging economies and supportive healthcare schemes.
Global Healthcare CRM Market: Companies Mentioned in the Report
Some of the leading players present in the global healthcare CRM market are Talisma, Nice Systems, Cerner, NetSuite, AllScripts Healthcare Solutions Inc., Anthelio Healthcare Solutions, Amdocs Ltd., Oracle, Microsoft, SAP, Accenture, Siemens Healthcare, Veeva Systems, salesforce.com, and IBM.
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