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The Customer Relationship Management (CRM) in Healthcare Market is estimated to grow by USD 8.01 billion at a CAGR of 8.85% between 2022 and 2027. The market's expansion hinges on various factors, including the rising desire for personalized healthcare services and patient engagement solutions, the necessity for optimized healthcare processes, and the drive for improved patient outcomes. Additionally, the integration of advanced technologies like Artificial Intelligence (AI), IoT, and big data analytics into CRM solutions is significantly influencing market growth. The market is poised for growth due to increasing demand for personalized healthcare and patient engagement solutions, as well as the need for optimized healthcare processes and better patient outcomes. Additionally, the integration of advanced technologies like Artificial Intelligence (AI), IoT, and big data analytics into CRM solutions is driving market expansion, improving efficiency, patient acquisition strategy, and patient care. These factors collectively contribute to the market's evolution, enhancing the efficiency and effectiveness of healthcare services while prioritizing needs and outcomes.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This market report extensively covers market segmentation by component (software and services), deployment (on-premise model and cloud-based model), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the software segment will be significant during the forecast period. The increasing use of digital technology in the industry has led to significant growth in the market. The software helps in the management of data, enhances patient involvement, and improves provider communication.
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The software segment was valued at USD 8.65 billion in 2017. The rising use of software as a component in the market is attributed to the emergence of cloud-based solutions and the rising need for personalized healthcare services. The growing need for effective data management and legal compliance is also driving the growth of the segment. Therefore, prospects for the growth of the market are expected to be significant during the forecast period.
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North America is estimated to contribute 53% to the growth of the market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market has been growing rapidly over the past ten years in North America. This expansion has been influenced by several government initiatives. For instance, the Affordable Care Act (ACA) of the US has encouraged healthcare providers to employ patient interaction technologies, such as CRM systems, and increased the use of electronic health records (EHRs). The US government has launched several programs to encourage the use of CRM in the sector. Therefore, the demand for patient-centric healthcare delivery is anticipated to increase in North America during the forecast period.
The market is evolving to meet the needs of modern healthcare environments, integrating the art of medicine with innovative technologies. These officials and staff are leveraging e-CRM solutions to enhance management and improve outcomes. Brands are implementing healthcare security regulations to protect records and ensure compliance. Technologies like Data mining and Social CRM are utilized for data quality and effective strategies. Solutions such as ICT and PRM are streamlining workflows and optimizing healthcare systems. Researchers like Yina, Soltani, and Navimipour are pioneering advancements in medical data management and enhancing consumer data for personalized care. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for personalized healthcare services and patient engagement solutions is notably driving the market growth. The market is fueled by the increasing need for these services and patient engagement solutions. Patients are looking for individualized care based on their requirements and preferences. These practitioners indeed use CRM solutions to access and analyze data, allowing them to develop individualized treatment programs. This process relies on data quality and the use of e-CRM to manage consumer data within healthcare systems.
The use of technologies such as CRM helps identify needs and preferences, communicate with patients more efficiently, and enhance outcomes. As a result, the need for CRM solutions in the sector has increased, as providers are working on improving the quality and effectiveness of service while meeting the requirements and expectations of patients. This, in turn, is expected to drive the growth of the market during the forecast period.
The growing adoption of cloud-based CRM solutions is a key trend in the market. Cloud-based CRM solutions have various advantages over conventional on-premise models, such as scalability, flexibility, and cost-effectiveness. The use of cloud-based solutions helps these practitioners manage relationships and access data from any location, time, and device. This is crucial for remote and virtual patient care, which has increased since the outbreak of the COVID-19 pandemic.
Cloud-based solutions offer advanced privacy and security features that help in safeguarding sensitive data. The need for these services and patient engagement solutions is expected to increase during the forecast period. Therefore, these solutions are anticipated to play a significant role in driving the growth of the market.
High implementation costs and lack of interoperability with legacy systems may challenge market growth. To implement a CRM solution, significant resources, time, and costs are required. However, verifying that the CRM system is interoperable with current legacy systems is difficult and time-consuming for healthcare organizations. These providers face challenges due to low compatibility with legacy systems and high deployment costs.
Data silos and inefficiencies make it difficult for patient data to be shared between systems. It may be challenging for organizations to provide a consistent view of patient data, which may have a negative effect on treatment and outcomes. Therefore, the lack of interoperability with legacy systems and high implementation costs may impede the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the customer relationship management CRM market.
Healthgrades Marketplace LLC - The company offers solutions such as Healthgrades CRM, a platform for patient engagement and retention for healthcare organizations. It provides an online resource that rates and critiques doctors and other medical professionals to give consumers better insights in selecting their care.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments
The market focuses on enhancing patient management, utilizing data from various sources to understand patient habits, patient activities, and patient profiles. It integrates patient demographics, social profiles, medical history, inquiries, and more to improve healthcare services and the healthcare environment. Healthcare organization benefit from improved patient retention through automated communications and personalized interactions. The system ensures HIPAA compliance and facilitates communication among healthcare providers and healthcare officials, enhancing overall care outcomes, claims data and patient experience.
Furthermore, the market leverages a wealth of data sources to enhance patient care and organizational efficiency. By analyzing patient habits, patient records, profiles, and medical history, healthcare staff can tailor treatments more effectively. The system integrates patient inquiries, prescriptions medical bills, and medical records, streamlining workflow and improving service quality. It ensures HIPAA compliance and facilitates communication among medical service providers, public and private practices, hospitals, and laboratories. With features like automated emails and personalized communications, healthcare CRM drives patient engagement and loyalty. Overall, it transforms healthcare delivery into a patient-centric, productive, and engaging experience, optimizing care outcomes.
Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.85% |
Market growth 2023-2027 |
USD 8.01 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.31 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 53% |
Key countries |
US, Canada, Germany, UK, and France |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Amdocs Ltd., Anthology Inc., Freshworks Inc., Healthgrades Marketplace LLC, International Business Machines Corp., Kapture CRM, Koch Industries Inc., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, Sapio Sciences LLC, Siemens AG, SugarCRM Inc., Verint Systems Inc., Viseven Europe OU, Keona Health Inc., and NICE Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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