Growing need for automated healthcare workflow and increasing demand for advanced billing processes in hospitals and clinics are among the major factors expected to drive market revenue growth.
Growing need for automated healthcare workflow and increasing demand for advanced billing processes in hospitals and clinics are among the major factors expected to drive market revenue growth
According to Emergen Research, the global healthcare CRM market size was USD 11.26 billion in 2020 and is expected to reach USD 29.98 billion in 2028 and register a revenue CAGR of 13.8% during the forecast period, 2021-2028.
Market Dynamics:
Steady revenue growth of the global healthcare CRM market is majorly attributed to factors such as growing need for automated healthcare workflow, increasing demand for advanced billing processes in healthcare facilities including hospitals and clinics, rapid adoption of healthcare CRM solutions, and increasing number of hospitals and specialty clinics worldwide. Increasing awareness of the benefits of healthcare CRM solutions, including easier arrangement of customer data & information and simplification of various business processes such as customer support & services, digital marketing, and sales, has further led to increase in demand for healthcare CRM solutions, in turn, driving the global healthcare CRM market revenue growth.
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Healthcare CRM (customer relationship management) systems are designed for compilation of miscellaneous patient data, such as patient medical history, hospital visits, demographics, social & behavioral aspects, previous medical bills, and contact details. These systems also enable personalized communication between patients and caregivers. Numerous other benefits of healthcare CRM include increased patient engagement, enhanced customer satisfaction, and improved follow-up care. Hence, healthcare CRM tools help healthcare providers build long-term relationships with the patients.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Software Segment Accounted for Largest Revenue Share in 2020:
The software segment dominated other segments in terms of revenue share in the global market in 2020. Increasing adoption of healthcare CRM software due to benefits such as improved patient experience, better communication between patients and healthcare providers, enhanced medical data & information management, streamlined administrative tasks, and increased process optimization is one of the major factors supporting revenue growth of this segment.
Operational CRM Segment to Account for Fastest Revenue CAGR:
Operational CRM segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Operational CRM enables healthcare organizations to enhance patient care, and it also helps them with numerous business processes including digital marketing and sales & services. Key advantages of operational CRM include effective internal communication, improved consumer satisfaction, and improved sales and marketing processes.
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North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America healthcare CRM market led in terms of revenue share in the global market in 2020. Rising awareness healthcare CRM solutions, increasing adoption of advanced healthcare IT solutions in hospitals and clinics, growing need for improved patient care and hospital management solutions, rising focus on streamlining healthcare operational and marketing processes, and presence of state-of-the-art healthcare infrastructure in the region are among the key factors supporting the North America market revenue growth.
Major Companies in the Global Healthcare CRM Market Include:
- Microsoft Corporation
- Accenture plc
- Oracle Corporation
- SugarCRM Inc.
- Infor, Inc.
- Healthgrades Operating Company Inc.
- SAP SE
- Cerner Corporation
- Amdocs Ltd.
- Salesforce.com, Inc.
For the purpose of this report, Emergen Research has segmented the global healthcare CRM market based on component, deployment, solution, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Software
- Services
Deployment Outlook (Revenue, USD Billion; 2018-2028)
- Cloud-based
- On-premise
Solution Outlook (Revenue, USD Billion; 2018-2028)
- Analytical CRM
- Operational CRM
- Collaborative CRM
Application Outlook (Revenue, USD Billion; 2018-2028)
- Patient Management
- Report Module
- Communication Module
- Task Management
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Healthcare Payers
- Healthcare Providers
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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