ID: MRFR/HC/5855-CR | March 2020 | Region: Global | 123 pages
Healthcare CRM Market was valued at USD 8,900.0 Million in 2018 and is expected to register a CAGR of 13.4% during the forecast period of 2019 to 2025.
Healthcare CRM is a customer relationship management (CRM) system that provides a comprehensive view of patients’ habits and activities. Healthcare CRM allows the interaction between patients & healthcare organizations and acts as a catalyst in the process of communication & care delivery. It helps in the easy arrangement of customer data & interactions and simplifies the business processes.
The demand for healthcare CRM is increasing due to the increasing number of hospitals, inclination towards an integrated healthcare system, and structured billing process & automated healthcare workflow. However, the limited adoption rate of healthcare CRM in developing countries is likely to hamper the healthcare CRM market growth.
Integration is a means to improve services in relation to access, quality, user satisfaction, and efficiency. Integrated healthcare is a concept bringing together inputs, delivery, management, and organization of services related to diagnosis, treatment, care, rehabilitation, and health promotion. Integrated healthcare is fragmented into three types, namely, functional, physician, and clinical. It plays an important role in healthcare settings. The use of advanced software has the potential to improve the management of patients, financials, tariff management, and others.
Moreover, increasing healthcare expenditure supports the growth of the market. According to the National Health Expenditure Accounts (NHEA), US healthcare spending increased from 4.2% to 4.6% from 2017 to 2018. The share of the economy (GDP) devoted to healthcare spending was about 17.7% in 2018, according to the same source.
An increasing number of hospitals are creating a need for advanced and timely treatment. The rising number of hospitals in developed and developing countries is propelling the growth of the healthcare CRM industry. For instance, In China, the number of private hospitals doubled from 2011 to 2017 to a total of 16,900 private hospitals. Moreover, the presence of a large number of insurance companies would support the growth of the market. For instance, in 2017, according to the National Association of Insurance Commissioners, there were about 907 health insurance companies in the US alone. Similarly, in 2016, according to the Insurance Regulatory and Development Authority of India, around 24 life insurance companies operated in the country. Thus, a large pool of insurance companies is likely to boost the growth of the market over the forecast period
Global Healthcare CRM Market Share, by Type, 2018 (%)
Source: MRFR Analysis
Global Healthcare CRM Market has been divided based on Type, Component, Mode of Delivery, Application, and End User.
The market, based on type, has been segregated into operational CRM, analytical CRM, and collaborative CRM. The operational CRM segment accounted for the largest market share of 56.4% in 2018. This largest share can be attributed to its advantages over the other types of healthcare CRM.
On the basis of the component, the market is bifurcated into software and service. The software segment is expected to register the fastest growth at a CAGR of 13.8% during the forecast period owing to the low-cost and high accessibility of software for healthcare settings.
The market, based on application, has been segregated into a communication module, patient management, task management, and report module. The communication module segment accounted for the largest market share of 41.4% in 2018. The low waiting period is the key factor owing to the growth of this segment.
On the basis of mode of delivery, the global healthcare CRM market is bifurcated into cloud-based and on-premise. The cloud-based segment is expected to register the fastest growth at a CAGR of 13.7% during the forecast period. Key factors owing to this growth include the rising necessity of reducing healthcare costs and promoting the cost-efficiency of cloud technology.
On the basis of end-user, the market is bifurcated into healthcare providers and healthcare payers. The healthcare providers segment accounted for the largest market share with a value of USD 5,112.6 million in 2018 due to the increasing adoption of CRM in hospitals across the globe.
Global Healthcare CRM Market Share, by Region, 2018 (%)
Source: MRFR Analysis
Global Healthcare CRM Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Rest of the World. The Americas are likely to dominate the global healthcare CRM industry owing to the presence of a large pool of hospitals, established payers, and rising adoption of healthcare CRM in the region. The presence of a huge number of hospitals in the region would support the growth of the market. According to a study published by the American Hospital Association in February 2018, there were 5,534 registered hospitals in the US in 2017.
Europe held a substantial share in the global healthcare CRM market. This can be attributed to the increasing focus of companies to expand in the European region, healthcare funding on healthcare infrastructure, and the presence of developed economies. For instance, the Third Health Program (2014–2020) of the European Union (EU) invested EUR 449.4 million (USD 530.7 million) in a health program, to develop the healthcare infrastructure in the European region.
Asia-Pacific is estimated to be the fastest-growing region in the global market owing to the rising interest of investors for investing in the healthcare sector and the increasing number of private hospitals. Recently, in China, the number of private hospitals doubled from 2011 to 2017 to a total of 16,900 private hospitals. This increase in the number of hospitals would require the installation of software, including CRM, to simplify the processes and thus can be attributed to the market growth.
The healthcare CRM market in the Rest of the World is expected to witness steady growth during the review period due to developing healthcare infrastructure and government support.
The Prominent Players in the Global Healthcare CRM Market are Healthgrades Operating Company, Inc. (US) Infor (US), Salesforce.com, Inc. (the US), SAP (US), Keona Health (US), Microsoft (US), Oracle (US), Accenture (Ireland), SugarCRM (US), hc1 (US).
Global Healthcare CRM Market, by Type
Global Healthcare CRM Market, by Component
Global Healthcare CRM Market, by Mode of Delivery
Global Healthcare CRM Market, by Application
Global Healthcare CRM Market, by End User
Global Healthcare CRM Market, by Region
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Frequently Asked Questions (FAQ) :
Healthcare CRM Market valuation was USD 8,900million in 2018.
Healthcare CRM Market would acquire 13.4% during the forecast period of 2019 to 2025.
The operational CRM would lead to the Healthcare CRM Market.
The software segment would lead to the global Healthcare CRM Market.
The communication module segment would cement its footing during the Healthcare CRM Market expansion.