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Healthcare CRM Market

Healthcare CRM Market Size, Share & Trends Analysis Report

Healthcare CRM Market Size, Share & Trends Analysis By Component (Software, Services) By Deployment Model (On-Premises, Web/Cloud-Based) By Functionality (Marketing, Customer Service & Support, Digital Marketing, Sales) By End-User (Healthcare Providers, Healthcare Payers, Life Science Industry) Based On Region, And Segment Forecasts, 2022 - 2028

Published
Report ID : BMRC 1970
Number of pages : 300
Published Date : Dec 2022
Category : Healthcare
Delivery Timeline : 48 hrs
Single User : $3250

Corporate User : $7999

Healthcare CRM Market Statistics

  • Global Healthcare CRM Market was worth USD 12.53 Billion in 2021  
  • Is expected to reach USD 31.54 Billion by 2028  
  • Registering a CAGR of 14.1% over the forecast period 

The Worldwide Healthcare CRM Industry has been assessed on the basis of various market-based aspects. In this report, 2021 has been taken as the base year. Further, the forecast period of 2022-2028 has been considered for the overall market analysis.  

Major Growth Propellants 

  • Increasing Demand for healthcare CRM 
  • Rising number of chronic diseases 
  • Growing advancements in CRM software  

Healthcare CRM is a type of software intended to bring together clinical groups inside their training, better track important patient data, and save time. A successful medical services practice depends on strong patient-provider relationships. Since all organizations have now turned to digital, healthcare associations can utilize CRM software innovation to improve patient fulfilment. A healthcare CRM (or healthcare customer relationship management) software can assist medical care suppliers with reorienting their concentration to address patient issues without compromising on the nature of care. CRM in healthcare not just stores patients' contact data; it likewise gives an extensive outline of their clinical appointments, history, and prescriptions. It is usually deployed in the cloud or on-premises operational, analytical, and collaborative CRM format. These include comprehensive patient management, dashboard and reporting, care management, and communication tools. It helps maintain an up-to-date database of patients with valuable insights and provides quality support to clients. As a result, healthcare CRM are generally used in clinics, hospitals, and diagnostic centers. 

However, the high cost associated with healthcare CRM may hamper the growth of the global healthcare CRM market. In spite of that, increasing advancements in this field may create more opportunities for the further growth of the market. 

COVID-19 Impact  

 The Covid-19 pandemic has shown a positive impact on the growth of the global healthcare CRM industry inferable from rising awareness about medical services systems, and productive medical services systems for patients. Healthcare CRM were utilized by clinics, and hospitals, medical institutions, laboratories, during the COVID-19 pandemic, for creating and tracking clinical appointments. They were utilized for managing processes as well as to update patients' visits, clinical history, and bills, among others. 

Key Trends 

Increasing Demand for Healthcare CRM to aid market expansion 

One of the major factors driving the growth of the healthcare CRM market is the increasing demand for healthcare CRM. Growing demand for healthcare CRM as the number of hospitals is slowly increasing, the demand for an integrated healthcare system for efficient workflow is shifting. CRM in healthcare stores patients' contact data as well as gives a thorough outline of their clinical history, appointments, and solutions. With the help of healthcare CRM system, users can tweak their patient management plans so every patient gets unequivocally how much consideration they need. With medical care CRM software, users have an internet-based portal for scheduling and managing with all appointments. Presently, rather than getting the telephone and call to make an appointment, the individuals who need to plan their following visit to a medical care association can simply do so online. Hence, demand of such software increases the demand of healthcare CRM market over the forecast period. For example, in September 2021, Salesforce launched the health cloud 2.0, a connected platform for conveying better security and health for clients, networks, and employees. 

Rising Number of Chronic Diseases to fuel industry growth 

 In addition, the rising number of chronic diseases is also boosting the market growth. The rising number of chronic diseases such as diabetes and cancer, which require immediate medicinal support and treatment, is expected to supplement the demand for healthcare products. By providing the tools and information to help chronic disease patient’s action and screen them, clinicians can prepare them to work on their results in the comfort of their home. Numerous health systems and doctor rehearses have started to use CRM platforms, like Salesforce, to help and educate patients. For example, according to the center for disease control (CDC), in 2020; 51.8% of U.S. adults had at least one chronic condition, and 27.2% had multiple chronic conditions. So, this factor driving the growth of the healthcare CRM market. 

Growing Advancement in CRM Software to propel CRM in medical care industry 

With rapid technological innovations in the field, a wide range of advanced CRM software are being adopted across various healthcare systems. HCRM solutions integrated with IoT, Machine Learning, and AI enable patients to get high quality virtual healthcare through real-time interactions via chatbots. These advanced technologies also help healthcare organizations to reduce their overall operating costs while minimizing the chances of human errors.  

Segmental Evaluation 

Based on Component 

  • Software 
  • Services 

The software segment is reckoned to amplify substantially over the forecast duration. Healthcare CRM software are being deployed across various medical organizations owing to the wide array of benefits offered by them. These software are easily accessible and cost effective in nature. Moreover, the are integrated with strong firewall and spam protection which prevents cyberattacks and leakage of confidential healthcare data. Similarly, some of these HCRM software also automate the entire sales and marketing process pertaining to a healthcare enterprise, thereby reducing human efforts along with the overall operational costs.  

Based on deployment model 

  • On-premises  
  • Web/cloud-based 

The web/cloud-based segment is anticipated to generate significant returns over the assessment timeline. This is credited to the fact that cloud based HCRMs are affordable, easy to install, and flexible. Further, they are equipped with the ability to offer real time health-based information while providing numerous integration options.  

Based on Functionality 

  • Marketing 
  • Customer service & support 
  • Digital Marketing 
  • Sales 
  • Other 

The customer service & support segment has been gaining massive traction over 2022-2028. Healthcare organizations are always focussed on to provide the best medical services to their patients. For that, they require to understand the expectations and needs of their clients aka patients. The deployment of CRM solutions enables them to procure medical history of their patients, record data on patient visits, and also get client feedback on their services. The latter allows medical organizations to improve their healthcare delivery systems while ensuring the secure storage of confidential patient data. Moreover, HCRM solutions further help patients to establish seamless communication with their physicians even in remote settings which in turn reduces clinic visits.  

Based on End User 

  • Healthcare providers 
  • Healthcare payers 
  • Life science industry 

The healthcare providers segment is projected to obtain profitable prospects in the Healthcare CRM business vertical owing to increasing healthcare expenditure, rising efforts to reduce human errors and operational costs, growing patient pool, along with the widespread improvements in healthcare infrastructure of various regions.  

Regional Assessment 

Considering the geographical frame of reference, the industry vertical is bifurcated into- 

  • North America 
  • Europe 
  • Middle East & Africa 
  • Asia Pacific 
  • Latin America 

Expounding the ongoing regional trends of Healthcare in CRM vertical 

North America- North America is expected to dominate the global healthcare CRM market within the forecast period due to the rising prevalence of chronic diseases, increasing number of hospitals, and growing adoption of the healthcare CRM system in this region.  

Asia Pacific- The Asia Pacific is expected to show a fastest growth in the global healthcare CRM market due to increasing demand for collaborative care, and growing government funding to healthcare corporations in this region. 

Middle East & Africa- The Middle East & Africa region is anticipated to showcase significant development trends over the forecast duration. 

Considering the African Healthcare CRM dynamics, nations such as Kenya, Nigeria, Sudan, Morocco, and Tanzania, just to name a few have the potential to emerge as trailblazers in the field of advanced healthcare. Due to growing prevalence of numerous diseases, government bodies and welfare organizations have shifted their inclination towards the deployment of high-end technologies to primarily manage human resource constraints. The gradual economic developments across various African nations have led to the adoption of telehealth services to enable healthcare professionals establish seamless communication with the patients and make informed treatment decisions. Moreover, to support the economically weaker sectors, the concerned bodies are further focussing on the development of low cost and affordable healthcare solutions. Due to the lingering challenges of both infectious and non-communicable diseases in remote area, e-healthcare projects are being announced to bring quality healthcare to the people residing in dense and remote locations. These factors are augmenting the outlook of this industry vertical in the African region.  

Competitive Terrain 

The prominent players defining the competitive terrain of medical CRM market are- 

  • SugarCRM
  • IBM
  • Keona Health
  • SAP SE
  • Microsoft
  • Health grades
  • Infor Inc.
  • Influence Health
  • Accenture
  • Oracle
  • EngageBay
  • HubSpot
  • Salesforce
  • Keap
  • Pipedrive
  • Netsuite CRM
  • Caspio
  • PatientPop
  • IMS InTouch
  • HIPAA CRM
  • Salesforce Health Cloud CRM
  • others

These companies are trying to enhance their position as global leaders in this business sphere. Hence, they are formulating a wide array of effective strategies incorporating mergers & acquisitions, product launches, R&D investments, collaborations, and partnerships, among others to stay ahead of their core competitors and fulfil their development goals. 

Major Developments

RSI and Azalea Health Integrate Platforms to Establish Comprehensive Patient Acquisition, Engagement, and Retention Solution 

 On May 4th, 2022; RSI incorporated its software with Azalea, the main supplier of cloud-based medical care IT solutions and services for local area hospitals and practices. This integration empowers Azalea's clients to have completely synchronized admittance to RSI's patient engagement CRM. Empowering Azalea's customers with completely coordinated CRM will additionally increment practice productivity and scale while providing total transparency into practice performance. It keeps 360-degree constant patient commitment through RSI's CRM integration with telephone, message, email, and Azalea. Automation of the total patient obtaining process from lead management, online scheduling, updates, through to customized patient recall. 

Epic Launched a CRM Platform and Developed Best Practices App for Physicians 

 On March 28th, 2022; Epic launched a Customer Relationship Management (CRM) system for health systems and is developed an app that uses real-world data to help doctors research the best care practices for patients. The CRM system, called Cheers, sends active messages to patients who use Epic's MyChart portal if they need specific care, such as cancer screening. 

Report Analysis Details
Historical data 2018 - 2021
Forecast Period 2022 - 2028
Market Size in 2021: USD 12.53 Billion
Base year considered 2021
Forecast Period CAGR %:

14.1%

Market Size Expected in 2028: USD 31.54 Billion
Tables, Charts & Figures: 175
Pages 196
Healthcare CRM Companies SugarCRM, IBM, Keona Health, SAP SE, Microsoft, Health grades, Infor Inc., Influence Health, Accenture, Oracle, EngageBay, HubSpot, Salesforce , Keap, Pipedrive, Netsuite CRM, Caspio, PatientPop, IMS InTouch, HIPAA CRM, Salesforce Health Cloud CRM, and others.
Segments Covered By Component, By Deployment Model, By Functionality, By End-User
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

 

SUMMARY
VishalSawant
Vishal Sawant
Busines Development
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