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Pulished Date June, 2021
ID: 11668
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Global Healthcare CRM Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Application, End-user, Technology & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)- Industry Forecast (2021 to 2026)

Pulished: June, 2021
ID: 11668
Pages: 190

Global Healthcare CRM Market Size (2021 to 2026)

The global healthcare CRM market size is forecasted to be growing at 10.04% during the forecast period.

Healthcare CRMs are used to collect a large amount of patient data from a variety of sources. Increasing administrative expenditures are becoming more typical in the healthcare industry. These charges push up healthcare prices for everyone, making it very difficult for most people to afford. The capacity to leverage automation, machine learning, and artificial intelligence services in the healthcare sector has prompted their adoption. Healthcare firms are rapidly using CRM systems to improve sales, services, and marketing operations and get more significant ROI. By lowering administrative expenses and increasing the need for healthcare CRM, these solutions are making the work considerably simpler. 

CRM allows patients and healthcare organizations to engage and functions as a catalyst in the communication and care delivery process. As a result, the healthcare CRM industry has seen a significant increase in demand. Industry professionals are highlighting the shift in care delivery patterns across developed nations. Hospitals are increasingly attempting to establish direct contact with patients through "consumer outreach" initiatives. They would proactively give patients a variety of plans that differed in terms of features and cost. According to Pareto's Law, up to 80% of a company's revenue originates from 20% of its most loyal customers. It will also aid operational efficiency by cutting transaction or failure costs, making it simpler to recruit and retain new patients. This aids the medical organization in maintaining a high degree of market trust.

MARKET DRIVERS:

 The healthcare industry is undergoing a revolution unlike any other due to the emergence of new apps and technologies such as digital chatbots, record-keeping software, and real-time interactions. As a result, the global healthcare CRM market is expected to have a strong growth environment throughout the forecast period. Growing expenditure and complications of CRM applications are expected to propel market growth. Furthermore, owing to intense competition, shifting dynamics and tactics of hospitals throughout the world are expected to increase client outreach and marketing approaches. The increased need for patients to receive early treatment through home care, virtual care, mobile monitoring, and illness monitoring apps is most likely to create new market growth opportunities. In addition, the penetration of high-speed internet, including long-term evolution and 4th generation devices such as smartphones, tablets, and iPads, has provided a platform for communicating with patients from remote areas without an uninterrupted routine.

Furthermore, new database reorganization and economic development methods are anticipated to maintain this sector's competitiveness in the coming years. Also, the expansion is likely to be fuelled by the government's partnership with patient, provider, and payer communities. However, the availability of healthcare infrastructure and advancing healthcare facilities are anticipated to witness the highest market share. In addition, increasing healthcare expenditure, investment, and funding by the government encourage market growth. Over the years, the e-CRM service has a larger population of users than any other healthcare CRM. Further, the market expansion might be fuelled by establishing a high number of hospitals, a preference for centralized systems, and organized workflow and automated operations. Numerous studies have demonstrated the relevance of customer satisfaction in all businesses. According to evidence, stronger customer satisfaction leads to higher faithfulness, isolating a medical organization from its rivals.

MARKET RESTRAINTS:

However, lack of awareness about CRM in healthcare, unfavorable reimbursement policies are the major growth restraints to the healthcare CRM market. In addition, the high cost of CRM installation is a key issue that is projected to limit the worldwide market's growth. Furthermore, mounting worries about patient data security are another issue that is predicted to stifle the target market's expansion to a certain level.

Impact of COVID-19 on the global healthcare CRM market:

Before the pandemic of 2020, the Healthcare CRM market had the largest share. But due to the sudden outbreak of COVID-19, unprecedented disruptions to lives and livelihood across the globe. The pandemic induced challenges in industries and businesses. Focusing on patient communication is especially important in the face of changing healthcare coverage rules and the added burden from a possible pandemic. The COVID-19 pandemic has created a significant burden on healthcare organizations. The market players are adopting advanced technology to identify the issues faced by the laborers. With the increase in the demand for COVID-19 treatment, many healthcare organizations across the world are implementing advanced therapies to treat the rapid patient population. The surge in the COVID-19 cases has increased the demand for the CRM market in healthcare. However, the market is projected to dominate the market due to the penetration of high-speed internet, which includes long-term evolution, and 4th generation devices such as smartphones, tablets, and iPads have provided a platform for communicating with patients from remote areas across the globe. 

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 to 2026

Base Year

2020

Forecast Period

2021 to 2026

Segments Covered

By Product, Application, End-user, Technology & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

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

 

This research report on the global healthcare CRM market has been segmented and sub-segmented based on product, application, end-user, technology & region.

Healthcare CRM Market – By Product:

  • Individual
  • Referral
  • Individual and referral

 

Based on the product, individual and referral services segment is expected to dominate the market during the forecast period. Because shifting business models and the continual desire for integration between the patient, provider, and payer, individuals and referrals are likely to obtain the most market share throughout the projected period. The transition from volume to value-based care is likely to increase referral CRM growth.

Moreover, the referral segment is projected to be the fastest-growing segment by 2025. 

Healthcare CRM Market – By Application:

  • Community Outreach
    • Community health education
    • Services outreach/Promotion
    • Financial Donor Management
  • Case Coordination
    • Patient Information Management
    • Pre-Authorizations / Eligibility
    • Referrals
    • Others
  • Case management
    • Chronic Disease Management
    • Clinical Trials Relationship Management
  • Relationship management

Based on the application, the case management is expected to account significant share in the global market during the forecast period. The factors growing chronic diseases and behavioral disorders are influencing the market growth. For the treatment of a high-impact condition, case management entails collaboration between primary healthcare professionals, care managers, and patients. Therefore, the relationship management segment is likely to augment the market over the forecast period.

Healthcare CRM Market – By End-User:

  • Payers
  • Providers
  • Life Science Companies

Based on the end-use, the payers' segment is anticipated to record the largest market share. For example, insurance firms are payers; hospitals, clinics, and different specialized facilities such as hospice care and long-term care are providers; and life sciences firms such as pharmaceutical and biotechnology corporations, as well as Clinical Research Organizations, are payers (CROs); therefore, the usage of the goods in life science is predicted to provide the fastest growth for the category.

Healthcare CRM Market – By Technology:

  • Cloud-Based
  • Mobile
  • Social
  • Collaborative
  • Predictive

The mobile customer services segment is projected to be one of the fastest-growing segments during the forecast period based on the technology. The segment growth is attributed to the increasing number of pharmaceutical companies across the globe, growing adoption rates in physicians and patients.

On the other hand, the cloud-based segment is expected to be the fastest-growing segment over the forecast period and witness significant CRM market share. Also, the social segment is likely to showcase the highest share because consumerism is on the rise, leading to a more empowered patient.

The predictive analysis segment is predicted to grow in the coming years owing to the rise in the penetration of virtual care and the adoption of advanced technology in the healthcare industry. In addition, collaborative CRM is estimated to rise in response to an increased need for care coordination, management, and integrated care.

Healthcare CRM Market – By Region:

  • North America
  • Europe
  • APAC
  • Latin America
  • MEA

Geographically, the North American healthcare CRM market held the largest share in the global market in 2020. The presence of the largest market players, US and Canada, and the availability of advanced technology in the healthcare sector drive the region's market growth. In the regional market, United States recorded the largest market share. Growing collaborations and advancing infrastructure propelling the market in the country. In 2017, Salesforce (US) was the industry leader in healthcare CRM, accounting for 22% of the market. Salesforce is the CRM solution supplier of choice for over 100,000 businesses looking to optimize their operations. With its SaaS products, the corporation has a significant cloud presence. Salesforce's strength is its ability to offer innovation and successfully engage customers.

The European market is anticipated to grow at a significant pace during the forecast period. Supportive government initiatives and implementation of affordable healthcare acts are augmenting the market growth. The major growth contributors in the region are UK, Germany, France, Spain, and Italy. The UK is likely to witness the largest market in Healthcare CRM owing to the rising demand for patients to receive early treatment through home care and virtual care.

The APAC is one of the fastest-growing regions in the healthcare CRM market and is expected to have the highest share globally during the forecast period. Rising investments in the industry and international company operations in emerging countries such as India. China and Japan are projected to have significant growth in the healthcare CRM market in the years to come. Advancing technology and availability of healthcare infrastructure.

The Indian Healthcare CRM market is anticipated to account most significant share in the APAC region in the coming years. increasing healthcare spending and rising number of hospitals are increasing the market growth. Moreover, high-speed internet penetration, which includes long-term evolution and 4th generation devices such as smartphones, is expected to gain the highest market share.

KEY MARKET PARTICIPANTS:

Amdocs Ltd, Microsoft, Oracle, IBM, SAP, Accenture Plc, AllScripts Healthcare Solutions Inc., Anthelio Healthcare Solutions, Siemens Healthcare, Accretive Health Inc., Salesforce, NetSuite, Aspect Software, Cerner, Lawson, Talisma, Nice systems, Verint systems, and Veeva are a few of the dominating companies in the global healthcare CRM market.

  1. Introduction                                                          
    1. Market Definition                                               
    2. Scope of the report                                            
    3. Study Assumptions                                            
    4. Base Currency, Base Year and Forecast Periods                                                     
  2. Research Methodology                                                                    
    1. Analysis Design                                                   
    2. Research Phases                                                 
      1. Secondary Research                                       
      2. Primary Research                              
      3. Data Modelling                                 
      4. Expert Validation                              
    3. Study Timeline                                                    
  3. Report Overview                                                                 
    1. Executive Summary                                           
    2. Key Inferences                                                  
  4. Market Dynamics                                                                
    1. Impact Analysis                                                   
      1. Drivers                                  
      2. Restraints                              
      3. Opportunities                                    
    2. Regulatory Environment                                                  
    3. Technology Timeline & Recent Trends                                                      
  5. Competitor Benchmarking Analysis                                                             
    1. Key Player Benchmarking                                                
      1. Market share analysis                                    
      2. Products/Service                              
      3. Regional Presence                            
    2. Mergers & Acquisition Landscape                                                
    3. Joint Ventures & Collaborations                                                  
  6. Market Segmentation                                                                       
    1. Healthcare CRM Market, By Product
      1. Individual
      2. Referral
      3. Individual and referral
      4. Market Size Estimations & Forecasts (2021-2026)                               
      5. Y-o-Y Growth Rate Analysis                                         
      6. Market Attractiveness Index                                       
    2. Healthcare CRM Market, By Application
      1. Community Outreach
        1. Community health education
        2. Services outreach/Promotion
        3. Financial Donor Management
      2. Case Coordination
        1. Patient Information Management
        2. Pre-Authorizations / Eligibility
        3. Referrals
        4. Others
      3. Case management
        1. Chronic Disease Management
        2. Clinical Trials Relationship Management
      4. Relationship management
      5. Market Size Estimations & Forecasts (2021-2026)                               
      6. Y-o-Y Growth Rate Analysis                                         
      7. Market Attractiveness Index        
    3. Healthcare CRM Market, By End-user
      1. Payers
      2. Providers
      3. Life Science Companies
      4. Market Size Estimations & Forecasts (2021-2026)                               
      5. Y-o-Y Growth Rate Analysis                                         
      6. Market Attractiveness Index        
    4. Healthcare CRM Market, By Technology
      1. Cloud-Based
      2. Mobile
      3. Social
      4. Collaborative
      5. Predictive
      6. Market Size Estimations & Forecasts (2021-2026)                               
      7. Y-o-Y Growth Rate Analysis                                         
      8. Market Attractiveness Index        
  7. Geographical Landscape                                                                  
    1. Global Healthcare CRM Market, by Region                                            
    2. North America - Market Analysis (2021 to 2026)                                                      
      1. By Country                                         
        1. USA                      
        2. Canada               
    3. Europe                                                   
      1. By Country                                         
        1. UK                        
        2. France                 
        3. Germany                          
        4. Spain                   
        5. Italy                     
        6. Rest of Europe                 
    4. Asia Pacific                                             
      1. By Country                                         
        1. China                  
        2. India                    
        3. Japan                  
        4. South Korea                     
        5. South East Asia                
        6. Australia & NZ                  
        7. Rest of Asia-Pacific                        
    5. Latin America                                                      
      1. By Country                                         
        1. Brazil                   
        2. Argentina                         
        3. Mexico                
        4. Rest of Latin America                   
    6. Middle East and Africa                                                     
      1. By Country                                         
        1. Middle East                      
        2. Africa                  
  8. Key Player Analysis                                                             
    1. Amdocs Ltd
      1. Business Description                                      
      2. Products/Service                              
      3. Financials                             
      4. SWOT Analysis                                  
      5. Recent Developments                                    
      6. Analyst Overview                              
    2. Microsoft
    3. Oracle
    4. IBM
    5. SAP
    6. Accenture Plc
    7. AllScripts Healthcare Solutions Inc.
    8. Anthelio Healthcare Solutions
    9. Siemens Healthcare
    10. Accretive Health Inc.
    11. Salesforce
    12. NetSuite
    13. Aspect Software
    14. Cerner
    15. Lawson
    16. Talisma
    17. Nice systems
    18. Verint systems
    19. Veeva
  9. Market Outlook & Investment Opportunities                                                          
  10. Appendix                                               
    1. List of Tables
    2. List of Figures
  • Global and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
  • Segment-level analysis in terms of product, application, technology & end-user along with market size forecasts and estimations to detect key areas of industry growth in detail.
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics.
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis.
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development.
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment.
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies.
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions.
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.

Healthcare CRM Market

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