The size of the North American healthcare CRM market is estimated to be growing at a promising rate of CAGR during the forecast period.
The need for digital signage, the evolution of innovative products such as home monitoring systems, leak detection systems is significantly growing. Therefore, in the near future, the North American healthcare CRM market is expected to experience more positive growth in recent years. The North American healthcare CRM market is expected to grow steadily during the forecast period owing to the increasing demand for automation for documentation purposes and the need for a single platform for information exchange. The adoption of healthcare CRM is likely to be driven by technological advances in information and communication technologies. In addition, the growing demand from patients to acquire early treatment through means such as disease surveillance systems, mobile surveillance, and home care is expected to bode well for market growth in the coming years.
Healthcare CRM also meets various requirements of patients and service providers, such as collaborative services, chronic disease management, predictive services, database creation, communication services, management, and coordination. Using CRM helps healthcare organizations optimize their workflow and better manage patient care. It also helps to reduce costs and increase efficiency. According to the Deloitte study, 64.1% of patients feel comfortable with online consultation with the doctor. The shift from volume-based care to value-based care and increased consumerism in healthcare organizations are also expected to contribute significantly to the growth of the North American healthcare CRM market.
However, factors such as the high cost of CRM, issues related to patient data security, and the complexity of the CRM implementation process limit the growth of the North American healthcare CRM market.
Impact of COVID-19 on the North American healthcare CRM market:
The significant growth of the healthcare industry worldwide is one of the key factors creating a positive outlook for the market. In addition, the growing need for effective solutions to improve patient treatment and healthcare expertise is driving the growth of the market. For example, as the coronavirus disease (COVID-19) continues to spread worldwide, there has been a significant increase in demand for effective HCRM solutions in healthcare facilities for effective patient follow-up. In addition, various technological advancements, such as the integration of the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), and cloud computing solutions with HCRM platforms, act as other engines of growth.
These tools also help minimize human effort, resulting in higher profitability, minimal risk of error, and streamlined communications. However, other factors, including the increase in healthcare spending for the masses and extensive research and development (R&D) activities, are expected to drive market growth.
This research report on the North American healthcare CRM market has been segmented and sub-segmented into the following categories:
Geographically, North America is expected to become a leading market for suppliers to take advantage of emerging opportunities in the region. There are various factors responsible for the development of the North American healthcare CRM market. Supportive government initiatives such as e-health and Health Connect and the implementation of the Affordable Healthcare Act are expected to drive the growth of the North American healthcare CRM market.
The U.S. market is expected to show the highest growth rate during the estimated period. The market growth is mainly due to increased patient awareness, improvement of healthcare systems, growth of medical infrastructure in American countries, among other factors. In addition, the governments of these countries contribute large sums of money to the development of their national health infrastructure. This development should present several lucrative opportunities for the leading companies in the market and thus contribute to the overall development of the market in the region.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North America healthcare CRM market profiled in this report are 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.