The benefits of CRM software and a growing focus on patient engagement are the major factors driving the growth of the healthcare CRM market. On the other hand, concerns regarding patient data security and the high cost and complexity of the CRM implementation process may limit market growth to a certain extent during the forecast period.
The Healthcare
CRM market is estimated to reach USD 17.4 billion in 2023 from USD 8.8
billion in 2018, at a CAGR of 14.6% during the forecast period.
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The healthcare CRM market has several big players. The key players in
the market are Salesforce.com, Inc. (US), SAP SE (Germany), Oracle (US),
Microsoft (US), IBM (US), Influence Health (US), SugarCRM (US), Accenture
(Ireland), Healthgrades (US), and Infor, Inc. (US). These players have adopted
various growth strategies, such as partnerships, agreements, and collaborations
as well as new product launches, to further expand their presence in the global
market. Product launches have been the key growth strategies adopted by players
from 2016 to 2018, which helped them to innovate their offerings and broaden
their customer base. Some of the leading players who adopted this strategy
include Salesforce.com, Inc. (US), SAP SE (Germany), Oracle (US), and Microsoft
(US).
Salesforce (US) was the leading player in the healthcare CRM market,
with a share of 22% in 2017. More than 100,000 companies have chosen Salesforce
as their CRM solutions provider to streamline their business. Salesforce’s
competitive advantage lies in its ability to deliver innovation and engage its
customers effectively. The company sells its products via direct and indirect
sales distribution channels. Salesforce’s growth strategy lies in cross-selling
and upselling, extending existing services, expanding partner ecosystems,
expanding its business into different regions, and entering into new markets.
It caters to various industries, such as automotive, financial services, life
sciences, manufacturing, communications, healthcare, retail, media, and
government.
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SAP SE (Germany) was the second-largest player in the
healthcare CRM market, with a share of 10% in 2017. Its robust product
portfolio aids SAP in sustaining its leading position in the market. It helps
to create valuable interaction with customers by offering solutions for
commerce, revenue, sales, and services. SAP utilizes technologies, such as
internet of things, artificial intelligence, and machine learning, to bring in
innovation in various fields. In order to capitalize on the growth
opportunities in the healthcare CRM market, the company emphasizes on adopting
organic as well as inorganic growth strategies.
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