Healthcare CRM Market Growth & Trends
The global healthcare CRM market size is expected to reach USD 25.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.6% from 2022 to 2030. The use of CRM helps healthcare organizations to streamline their workflow and better manage patient care. It also helps in reducing the cost and increasing efficiency. Moreover, unpreparedness for the global COVID 19 pandemic has further heightened the need for digitized interoperability solutions providing faster and more effective results. The rising adoption of EHR, in developed as well as developing economies is anticipated to provide this market with a lucrative growth platform in the coming few years.
Vitally impacting drivers for the industry include a rapidly growing percentage of an aging population, a rise in chronic disease incidence, and the advancement of new technology. Demand for operational efficiency in a healthcare organization, adoption of home care/ virtual care, and the big data revolution is also contributing to the growth of the market. According to a study by Deloitte, 62.0% of patients are comfortable with online consultation with a doctor. The shift from volume to value-based care and the rise of consumerism in a healthcare organization is also expected to contribute significantly to the growth of the market.
Market players adopt strategies such as product launches, collaborations, partnerships, and mergers and acquisitions to strengthen their industry position. For instance, in September 2019, GetWellNetwork and Cerner partnered to narrow the gaps between providers and patients from inpatient to outpatient settings and the home. This partnership was aimed at providing convenient access and consumer engagement.
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Healthcare CRM Market Report
Healthcare CRM Market Report Highlights
- Based on product, the individual CRM segment is expected to witness lucrative growth during the forecast period owing to the consolidation of hospitals and small healthcare providers which would increase the focus on direct-to-patient marketing to attract new patients. The combination of individual and referral CRM is expected to be the leading segment during the forecast period
- Based on application, the service outreach segment is expected to be the major segment during the forecast period. Case management and coordinated care are expected to show the highest growth owing to the rise in demand for collaborative care
- North America and Europe are expected to be the major regions for the growth of this industry. Emerging regions such as the Asia Pacific and MEA are expected to show lucrative growth during the forecast period owing to changing healthcare system and demand for collaborative care
- A common trend observed is the rising partnerships among market players for innovation by leveraging each other competencies. For instance, Salesforce expanded its presence in IT through the launch of the cloud, with the collaboration of major industry partners such as Centura Health, Philips, Deloitte Digital, and Accenture
