PUBLISHER: KBV Research | PRODUCT CODE: 1150326
PUBLISHER: KBV Research | PRODUCT CODE: 1150326
The Global Healthcare CRM Market size is expected to reach $25 billion by 2028, rising at a market growth of 8.9% CAGR during the forecast period.
CRM particularly tailored for the healthcare business. Healthcare CRMs integrate many data sources to give an all-encompassing view of patient habits and activities. A healthcare CRM system's main goal is to interact, recruit, and retain patients. The expansion of the healthcare CRM market is anticipated to be driven by an increase in demand from patients for simple access to therapies through virtual patient care and technical advancements in rebuilding healthcare databases.
In addition, patients' increasing need for early therapy with home care, digital care, portable surveillance, and illness monitoring devices promotes the expansion of the market for healthcare CRM. There is an increase in the number of chronic conditions, like diabetes and cancer, that require rapid medical support and treatment and are predicted to increase the demand for healthcare goods.
Government partnership with communities of providers, patients, and payers is anticipated to stimulate economic expansion. The usage of direct targeted marketing or social marketing is anticipated to increase throughout the forecast period. Several of the major and reasons for the implementation of these technologies include improved departmental integration, decreased costs, higher patient satisfaction, and multifaceted administrative staff advantages.
A CRM acts as a synchronized database and centralized platform for medical staff and patient communication. When patients visit a clinic, nurses may view all of their data on a single dashboard, allowing them to respond to their needs more quickly. In addition, CRMs provide robust capabilities for automating regular processes including as payments, appointment scheduling, and patient notifications.
COVID-19 Impact Analysis
The COVID-19 pandemic has offered India with both obstacles and chances for growth. The crisis has unleashed the floodgates for Indian startups, several of which have responded to the occasion and hastened the creation of inexpensive, scalable, and rapid solutions. In addition, the pandemic is stimulating the rise of telemedicine as well as the home healthcare sector in different nations. The pandemic has compelled organizations operating in the healthcare sector to adopt advanced solutions and systems, which would escalate the demand for healthcare CRM in the market.
Market Growth Factors
Technological Innovations And Increasing Incidence Of Chronic Conditions
For the expansion of the healthcare customer relationship management (CRM) industry, the key market participants are embracing new technologies. A healthcare customer relationship management (CRM) platform employs technologies like the internet of things, blockchain, and artificial intelligence. Such technologies boost the software's effectiveness and efficiency. As stated by the National Center for Chronic Condition Prevention and Health Promotion, six out of ten Americans suffer from a chronic disease like stroke, diabetes, heart attack, or cancer.
Increasing Healthcare Delivery Efficiency
A CRM in healthcare is also essential for expediting service delivery. To use this approach, a physician may quickly provide potential patients with all pertinent information. For instance, the ability to examine client databases enables the identification of patients with comparable conditions. Due to this, the total process of establishing a diagnosis in the case should become significantly quicker. In addition, the top healthcare CRM allows users to examine historical patient reports. This expedites the diagnostic process.
Market Restraining Factors
Shortage Of Qualified Personnel
Professionals are required for the operation and management of healthcare CRM software and platforms. People working on healthcare CRM solutions must be familiar with the most recent software, technologies, and information technology instruments. There is a lack of skilled professionals who are trained for operating the advanced solutions and systems to optimize the healthcare procedures. Along with that, many healthcare organizations are increasingly adopting such solutions, however, their workforce is not fully aware and well-versed with healthcare CRM solutions.
Functionality Outlook
Based on functionality, the healthcare CRM market is segmented into Customer Service and Support, Digital Commerce, Marketing, Sales and Cross -CRM. Customer Service and Support segment recorded a significant revenue share in the healthcare CRM market in 2021. This is due to the existence of multiple CRM systems on the market and market participant actions. Pega for Healthcare & Life Sciences, for example, is a participation, effectiveness, and self-service platform for healthcare payers, providers, pharmacy benefit managers, and life science sector partners.
Deployment Mode Outlook
On the basis of deployment mode, the healthcare CRM market is classified into On-premise and Cloud. Cloud segment garnered the highest revenue share in the healthcare CRM market in 2021. The section consists of solutions that assist manage data hosted by third-party providers on an as-needed basis, including scaling possibilities. Increased acceptance of cloud technology, increased digitization in the healthcare industry, and endeavours by significant corporations are among the primary reasons driving the segment's growth.
End-Use Outlook
By End-use, the healthcare CRM market is fragmented into Healthcare Providers, Healthcare Payers and Life Sciences Industry. Healthcare Providers segment procured the highest revenue share in the healthcare CRM market in 2021. It is due to the rising number of hospitals and clinics across various nations of the world. In addition, many governments are investing in their healthcare sector and thus, establishing advanced healthcare facilities. This would further create opportunities and demand for innovative systems and solutions in the market.
Regional Outlook
Region-wise, the healthcare CRM market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region with the highest revenue share in the healthcare CRM market in 2021. It is a result of the region's superior network and IT development. Adoption of the Patient Protection and Affordable Care Act (2010) and government efforts like health connect and e-health fuel business growth.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunners in the Healthcare CRM Market. Companies such as Oracle Corporation, IBM Corporation and Accenture PLC are some of the key innovators in Healthcare CRM Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Accenture PLC, Zoho Corporation Pvt. Ltd., Salesforce.com, Inc., Verint Systems, Inc., Creatio EMEA Ltd., and hc1.com Inc.
Strategies deployed in Healthcare CRM Market
Sep-2022: Creatio expanded its geographical footprint by opening a new office in Warsaw, Poland. Headquartered in Boston, MA. This expansion would strengthen the company's presence in the improving tech scene to deliver companies in the region an award-winning no-code platform for workflow automation.
Jul-2022: Salesforce Japan acquired Fujitsu Limited, a leader in medical and pharmaceutical data and computing technologies. This acquisition aimed to develop new digital solutions for the healthcare sector in the Japanese market. Integrating Salesforce's Health Cloud, a CRM system focused on patient-centric digital transformation, medical institutions would be capable to visualize the patient journey via a comprehensive integration and analysis of patient medical data.
Mar-2022: Microsoft Corp took over Nuance Communications, a leader in conversational AI and ambient intelligence across industries. This acquisition aimed to bring together Nuance's top-class conversational AI and ambient intelligence with Microsoft's secure and trusted industry cloud offerings would allow the company to boost its innovation and implement the solutions more quickly, more effortlessly, and at greater scale to solve the customers' most pressing challenges.
May-2021: IBM completed the acquisition of Waeg, a leading Salesforce Consulting Partner in Europe. This acquisition aimed to expand IBM's portfolio of Salesforce services and advance IBM's hybrid cloud and AI strategy. The acquisition would develop on IBM's continued investment in Salesforce consulting services to fulfill the growing client demand for experience-led business transformation and new customer engagement strategies supported by data, AI, and machine learning.
Nov-2020: SAP took over Emarsys, a leading omnichannel customer engagement platform provider. Improving the SAP Customer Experience portfolio with Emarsys would develop a new paradigm for the way commerce is maintained digitally as it would provide hyper-personalized, omnichannel engagements in real-time, assisting companies to ensure every engagement is relevant and impactful.
Mar-2020: Cerner Corporation joined hands with Xealth, a digital health prescribing platform. This collaboration aimed to provide health systems with new centralized digital ordering and monitoring for customers. These capabilities are developed to assist health systems to choose, operate and implement digital tools and applications along with providing clinicians access to remote monitoring and more direct engagement with patients.
Jan-2020: Accenture took over maihiro, a provider of customer experience and customer relationship management. This acquisition aimed to assist Accenture to create solutions for customers that drive innovation as well as transformation in sales, marketing, and customer service.
Nov-2018: Accenture completed the acquisition of Kaplan, a provider of data-driven customer relationship management services. This acquisition aimed to strengthen Accenture Interactive's ability to offer customers end-to-end experience transformation services in the Nordics.
Mar-2018: Cerner teamed up with Salesforce, the global leader in customer relationship management (CRM). This collaboration aimed to expand its population health, clinical, and administration portfolio with an integrated solution, which would combine Salesforce Health Cloud and Marketing Cloud with Cerner's HealtheIntent.
Jan-2018: IBM extended its partnership with Salesforce, an American cloud-based software company. This partnership aimed to bring IBM Cloud and Watson services with Salesforce Quip and Salesforce Service Cloud Einstein to allow the organization to interact with their customers and collaborate more efficiently with more insights.
Market Segments covered in the Report:
By Deployment Mode
By Functionality
By End Use
By Geography
Companies Profiled
Unique Offerings from KBV Research
List of Figures