Healthcare CRM Market Worth $17.4 Billion By 2023
Summary
- The report Healthcare CRM Market is projected to reach USD 17.4 billion by 2023 from USD 8.8 billion in 2018, at a CAGR of 14.6% during the forecast period.
The benefits of CRM software and a growing focus on patient engagement are the major factors driving the growth of the healthcare CRM market.
The report Healthcare CRM Marketis projected to reach USD 17.4 billion by 2023 from USD 8.8 billion in 2018, at a CAGR of 14.6% during the forecast period.
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Market Segmentation: -
Based on end user, the healthcare CRM market is segmented into healthcare providers, the life sciences industry, and healthcare payers. The healthcare providers segment is estimated to account for the largest share of the healthcare CRM market in 2018. This segment is also expected to register the highest CAGR during the forecast period. Healthcare providers need to interact with multiple stakeholders, including patients, physicians, other referral healthcare organizations, healthcare payer organizations, pharmaceutical companies, and consumers/potential patients, and each requires unique CRM strategies and solutions. Moreover, there is a growing focus on patient engagement, which is again likely to drive the market for this segment.
On the basis of component, the healthcare CRM market is segmented into software and services. The services segment is expected to dominate the healthcare CRM market in 2018. This segment is also expected to register the highest CAGR during the forecast period. Services form a large component of the healthcare CRM market primarily due to the indispensable role of service providers when it comes to the use of CRM solutions for healthcare. In terms of IT usage and skills, the healthcare industry is still in the nascent stage; it relies heavily on service providers for CRM-related services and support services, such as implementation, integration, training and education, maintenance, and technology upgrades. The recurring need for services such as software upgrades and maintenance is the key factor supporting the growth of this segment.
Regional Analysis: -
Geographically, the global healthcare CRM market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is estimated to hold the largest share of the healthcare CRM market. Some of the major factors driving the growth of this market include government initiatives and regulations to encourage the adoption of healthcare IT, growing pressure on healthcare organizations to focus on patient engagement for patient retention, growing EHR adoption, growing focus of CRM providers on developing and commercializing AI and analytics-powered advanced CRM solutions, and the increasing number of ACOs. However, the market in Asia is estimated to grow at the highest CAGR during the forecast period. Factors such as the improving quality of healthcare, improvements in healthcare systems, the growing medical tourism market in Asian countries, and increasing government initiatives are the key factors driving the growth of this market.
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Top Key Players: -
The key players in the healthcare CRM market are Salesforce.com, Inc. (US), SAP SE (Germany), Oracle (US), Microsoft (US), IBM (US), Influence Health (US), SugarCRM (US), Accenture (Ireland), Healthgrades (US), and Infor, Inc. (US).
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