PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457954
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457954
The patient referral management software market was USD 9,598.3 million in 2023, which will rise to USD 30,221.2 million, with a 17.9% CAGR, by 2030.
The growth of this industry is because of the surging elderly population in different nations, constant technological improvements, and initiatives by governments to promote healthcare systems to utilize IT solutions.
Moreover, precision in activity scheduling, enhancement in medical facilities access, streamlining of daily operations, and productivity in data management are some key benefits of such software that can enable the industry's continuous growth.
Technological Advancement is Key Driver
In the wake of technological improvements, including the acceptance of electronic prescriptions, electronic health records, and cloud-based solutions, the digitalization of different medical processes has become quite widespread.
For effective patient referral management, software & services have been developed by many HIT firms, and healthcare establishments are employing the same for running their regular procedures in a much more systematized means, with less possibility of human error.
Referral cycles can be properly managed easily from start to end with such software as well as associated services. Monitoring the complete treatment progress and delivering ideal medical resources at the right time are some of the features that can assist establishments in significantly enhancing patient satisfaction and referral network effectiveness.
Segmentation Analysis
In 2023, the software category was a significant contributor to the industry, and it will advance at a faster rate during this decade. This is because of the efficiency and accuracy levels that such software offers to healthcare facilities and establishments for their day-to-day business processes.
The inbound category is expected to advance at a faster rate, of 17.9%, in the years to come.
Hospitals as well as specialty centers receive an enormous number of inbound referrals via different sources, because of digitalization.
Therefore, less processing duration and greater communication among medical professionals become imperative.
The cloud-based category will account for a larger share of the industry in the years to come. This is because of the increasing popularity of cloud-based solutions because of their minimal capital costs for hardware setup, prevention of data loss, enhanced scalability of the storage capacity, and data security.
North America to Hold Largest Share
North America will lead the industry throughout this decade. Moreover, the region will also advance at a 17.8% CAGR during this decade. The consciousness and acceptance of solutions like telehealth and electronic prescribing, which comprises the use of digital data for remote access to healthcare services, is increasing in this continent.
APAC is likely to advance at the fastest rate, of 18.3%, in the coming years. This is because of the constant increase in the elderly population and the government initiatives for delivering greater care via digitalization along with the integration of various other innovative technologies in healthcare systems.
Competitive Landscape
Major players in this industry are making significant investments to expand their business and enhance their offerings. Also, they are entering into partnerships to provide their products and services to more audiences and funding to add more features for automating the processes for all end users and offering updated versions of the software.
With the continuous technological improvements, coupled with the rising aging population, the patient referral management software industry will continuously grow in the coming years.