ID: MRFR/HC/5855-CR | March 2020 | Region: Global | 123 pages
It is expected that Healthcare CRM Market will grow at a CAGR of 13.4% during the forecast period from 2019-2025. In 2018, the global market of healthcare CRM was worth around USD 8900 Million. Healthcare Customer Relationship Management (CRM) is a system that helps healthcare organizations with efficient workflow and better management to take care of patients. The technology used in the healthcare CRM system are- cloud-based CRM, collaborative system, mobile CRM, social CRM, and predictive CRM.
Healthcare CRM improves communication and efficient delivery of services. The Healthcare CRM is used to collect patients' data from various sources. It improves sales and marketing activities through feedback forms, online forms, and services for multiple businesses. The Healthcare CRM technology helps in automation for healthcare facilities such as sending emails, text messages and conveying test results.
The Healthcare CRM market is anticipated to have a lucrative growth in the forecast period as many healthcare facilities are focusing upon direct marketing to expand their business. Moreover, less or limited acquisition of healthcare CRM among the developing nations is expected to hamper the global CRM market's growth.
Global Healthcare CRM Market Share, by Type, 2018 (%)
Source: MRFR Analysis
COVID-19 Analysis of Healthcare CRM Market
The outbreak of the COVID-19 pandemic had a massive impact on healthcare facilities. There was a constant and enormous demand for an integrated system to manage the workflow and efficient delivery of assistance and care to patients worldwide. Usage of data technologies, analytical and digitalization technologies have primarily influenced the IT industry of healthcare. The outbreak of COVID-19 has pushed the market players to focus on the research and development for improvement and innovations in the Healthcare CRM market.
Healthcare CRM Market Dynamics
The Healthcare CRM system is used to collect patient's data in a large volume from various sources. The constant need for virtual care is one of the critical factors in the global healthcare CRM market's growth. It is expected that the market will gain a CAGR of 13.4% during the forecast period of 2019-2025. Factors like cost-effectiveness, lower risk of errors, technological advancements are pushing the market. Healthcare CRM allows communication among healthcare facilities and patients.
There is a huge demand for healthcare CRM because the number of hospitals is gradually increasing, shifting demand to an integrated healthcare system for efficient workflow. A growing number of chronic disease, an ageing population, a need for new technological advancements, virtual care for patients, operational efficiency are some primary driver for the growth of the global healthcare CRM market.
The market is expected to increase by the forecast period. However, complexities related to the application of CRM and high costs are one of the primary factors that are expected to hamper the market's growth. Also, increasing security threats and concern regarding patients' data privacy is another factor that may affect the growth of the market to a certain length.
Through integrated healthcare, improvement can be made inaccessible, user satisfaction, efficiency and quality. Integrating the healthcare CRM system is a concept that combines delivery management along with the healthcare organizations related to treatment, rehabilitation, health promotion and diagnosis. Various companies are emerging in the healthcare CRM market and expanding their business by launching products, acquisitions, partnerships and joint ventures.
Healthcare CRM systems also have some challenges to thrive in the market. There is a lack of healthcare specialists, or they are swamped with learning about the new system try to include them daily. The healthcare CRM needs connectivity to various applications. Also, many healthcare facilities have stringent rules and regulations for accessing data, which may challenge the healthcare CRM to grow in the global market.
Cumulative Growth Analysis
The increasing number of hospitals and demand for advanced technologies to solve the problems and managements to give proper care to the patients is among significant factors for the global growth of the market. It is predicted that the Compound Annual Growth Rate (CAGR) of the healthcare CRM market will be 13.4 during the forecast period 2019-2025 with a worth of USD 8900 million.
Value Chain Analysis
The increasing use of CRM solutions in the healthcare sectors, healthcare providers, are expected to dominate the market during the forecast period. The presence of insurance companies in large number would also support the growth of the healthcare CRM market. Also, market players' rapid development and introduction are primarily used to increase the marketing and sales processes among the pharmaceutical and biotechnological companies will probably push the market during the forecast period.
Healthcare CRM Market Segment Overview
As per reports by Healthcare CRM Market Research Report - Global Forecast till 2025, the global Market has been segmented into five sections.
By Type- the market is further segmented into analytical CRM, collaborative CRM and Analytical CRM. The segment of operational CRM holds the largest share of about 56.4% during 2018.
By Delivery- The healthcare CRM system is divided into on-premise and cloud-based. It is expected the cloud-based system will register a CAGR of 13.7% during the forecast period.
By End User- the market is segmented into healthcare providers and healthcare payers. The segment of healthcare providers has the largest market share due to the rise in CRM solutions in hospitals worldwide.
By Component- The market is further segmented into- Service and Software. It is expected that software service will have the fastest growth with a CAGR of 13.8% during the forecast period.
By application- The application segment is further divided into task management, report module, patient management, and communication module. The communication module part holds the largest share in the market for about 41.4% during 2018.
Global Healthcare CRM Market Share, by Region, 2018 (%)
Source: MRFR Analysis
Healthcare CRM Market Regional Analysis
Geographically, the global healthcare CRM market is divided into The American Region, Europe, Asia-Pacific, Europe, the Middle East and the rest of the world. The countries in North America and the South American region have dominated the market. Because hospitals, payers, and early adoption of the healthcare CRM system have supported the market's growth.
Europe accounted for a fair share in the market. The companies primarily focus on infrastructure, research and development investments, and developed economies are responsible for this substantial growth.
Asia-Pacific region is estimated to have the fastest growth in the global healthcare CRM market. An increasing number of investors in healthcare and private hospitals are considered one of the main factors.
In the rest of the world, the healthcare CRM market is expected to have a gradual and steady growth due to developing infrastructure in the healthcare CRM system and government initiatives.
Healthcare CRM Market Competitive Landscape
Many companies around the world are the key players in the healthcare CRM market. They introduce various strategies to expand their business and give quality services to consumers. For instance, In SAP announced its acquisition of Calidscloud to increase its business portfolio and strengthen its services for relationship management.
Here is the list of some companies-
The report provides information regarding various insights and information about the market changes during the forecast period, such as market driver, restraints, opportunities, competitive analysis, regional analysis, etc. The information in this report is collected from primary and secondary sources.
|Market Size||USD 8900 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors and Trends|
|Segments Covered||Type, Delivery, Component, Application|
|Geographies Covered||Revenue Forecast, Competitive Landscape, Growth Factors and Trends|
|Key Vendors||SugarCRM (US), SAP SE (Germany), Keona Health (US), Microsoft (US), com, Inc. (US), Infor, Inc. (US), Healthgrades (US), Oracle (US), Influence Health (US), Accenture (Ireland)|
|Key Market Opportunities||Inaccessible, user satisfaction, efficiency and quality. Integrating|
|Key Market Drivers||
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 2020 to 2027.
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.