Healthcare CRM Market to Surpass USD 31.54 billion by 2028 owing to Key Technological Breakthroughs | Brandessence Market Research
LONDON, Feb. 6, 2023 /PRNewswire/ -- The Healthcare CRM Market is anticipated to reach a valuation of USD 31.54 Billion by 2028 from USD 12.53 Billion in 2021, registering a CAGR of 14.1% over the forecast duration of 2022-2028.
The healthcare industry is anticipated to experience a surge in the demand for Customer Relationship Management (CRM) solutions due to the growing requirement for structured data and automation within healthcare organizations. Moreover, the advances in communication and Information Technology (IT) are also expected to influence the demand for healthcare-based CRM. During the COVID-19 pandemic, healthcare CRM solutions were utilized by various medical institutions, clinics, laboratories, and hospitals for creating and tracking appointments.
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Global Healthcare CRM Market Outlook (2022-2029)
The COVID-19 pandemic has had a considerable effect on the healthcare CRM market. According to the study published in the American Health Information Management in January 2021, titled The Impact of COVID-19 on Health Information Management, public health professionals have had to provide timely and accurate information to the public regarding testing and treatment, as well as the politicization of basic health routines, while also respecting individual liberties.
This act of informing the public may have resulted in a higher adoption of healthcare CRM for managing customer relationships, thereby driving the market expansion during the pandemic. This has necessitated creating marketing approaches that take into account psychological aspects to meet the actual needs and feelings of consumers.
The Healthcare CRM market is characterized by intense competition among leading players and industry stakeholders, who are striving to gain a larger market share by implementing various strategic initiatives, such as portfolio expansion, product launches & upgrades, partnerships, regional expansion, and mergers & acquisitions. As an example, in September 2021, Salesforce launched the health cloud 2.0, a connected platform for providing better safety and health for customers, communities, and employees. Industry players such as IBM, Microsoft, and SAP are focusing increasingly on cognitive technology and artificial intelligence in order to improve the patient experience and gain an upper hand in the market.
Some of the major players in the healthcare CRM market are as follows:
By Deployment Model
By End User
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North America to lead the global Healthcare CRM Market regionally
In North America, the healthcare CRM market is predicted to maintain its leading position over the forecast period. Factors driving this growth include an advanced healthcare system, a rise in chronic diseases, an improved healthcare infrastructure, and an increased demand for healthcare CRM. Moreover, the prevalence of these conditions and the need for efficient healthcare services is likely to further boost the healthcare CRM market in this region.
Asia Pacific to be the second leading region in the global Healthcare CRM Market
The Asia Pacific market is projected to experience a remarkable growth rate of more than 10% over the forecast period, driven by government health care schemes. According to Wolters Kluwer, government expenditure on EHR/EMR systems is predicted to reach USD 794.6 million by 2018.
Which deployment mode segment is forecasted to lead the overall market?
It is predicted that the Web/Cloud-based deployment model will constitute a large portion of the healthcare CRM market. This model provides the necessary scalability and flexibility for the healthcare industry to manage their data effectively. It also allows for secure access to data and integrates it with other systems to obtain a comprehensive view of the healthcare organization. Additionally, the cloud-based model reduces the cost of ownership and enables the system to adapt to changing demands in the healthcare environment.
Which is the leading functionality segment in the market?
The global Healthcare CRM market is dominated by the Sales segment in terms of Functionality, and is expected to be the fastest-growing. Market projections for the Marketing and Customer Service and Support segment are also notably positive, due to the abundance of CRM solutions and the initiatives taken by market players.
An example of this is Pegasystems' Pega for Healthcare & Life Sciences, a low-code healthcare engagement, efficiency, and self-service platform that caters to healthcare payers, pharmacy benefit managers, providers, and life science industry participants.
Which end user segment is anticipated to witness high growth in the coming future?
The healthcare segment of the healthcare CRM market is dominated by providers such as hospitals, clinics, and various specialized facilities, such as hospice care, long-term care, and life sciences companies including pharmaceutical, biotechnological companies, and Clinical Research Organizations (CROs). The healthcare payer segment is expected to experience the fastest growth in the near future, as payers such as insurance companies increasingly adopt CRM solutions. The life sciences industry segment is also anticipated to witness a growing adoption of CRM solutions.
Ongoing trends of global Healthcare CRM Market
The increasing need for early treatment of patients through home care, virtual care, mobile monitoring, and disease monitoring applications is projected to drive lucrative market growth in the coming years. Service providers and patients (payers) are both benefiting from care coordination and management, communication services, database construction, predictive services, chronic disease management, and collaborative services. In addition, hospitals worldwide are changing strategies and tactics to better compete with each other, resulting in improved customer outreach and marketing techniques.
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