According to the new market research report "Healthcare CRM Market by Component (Software, Service), Delivery (On premise, Cloud, Public, Private, Hybrid), End user (Hospital, ASC, Payers, Life Science), Functionality (CSS, Marketing, Sales, Digital Marketing, AI, Analytics) - Global Forecast to 2023", published by MarketsandMarkets™, the Healthcare CRM Market is projected to reach USD 17.4 billion by 2023 from USD 8.8 billion in 2018, at a CAGR of 14.6% during the forecast
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TOC on "Healthcare CRM Market"
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The benefits of CRM software and a growing focus on
patient engagement are the major factors driving the growth of the Healthcare
CRM Market.
Healthcare providers are expected to dominate the
healthcare CRM end-user market in 2018
Based on end user, the Healthcare CRM Market is
segmented into healthcare providers, the life sciences industry, and healthcare
payers. The healthcare providers segment is estimated to account for the
largest share of the Healthcare CRM Market in 2018. This segment is also
expected to register the highest CAGR during the forecast period. Healthcare
providers need to interact with multiple stakeholders, including patients,
physicians, other referral healthcare organizations, healthcare payer
organizations, pharmaceutical companies, and consumers/potential patients, and
each requires unique CRM strategies and solutions. Moreover, there is a growing
focus on patient engagement, which is again likely to drive the market for this
segment.
Healthcare CRM services to grow at the highest CAGR
during 2018-2023
On the basis of component, the Healthcare CRM Market
is segmented into software and services. The services segment is expected to
dominate the Healthcare CRM Market in 2018. This segment is also expected to
register the highest CAGR during the forecast period. Services form a large
component of the Healthcare CRM Market primarily due to the indispensable role
of service providers when it comes to the use of CRM solutions for healthcare.
In terms of IT usage and skills, the healthcare industry is still in the
nascent stage; it relies heavily on service providers for CRM-related services
and support services, such as implementation, integration, training and
education, maintenance, and technology upgrades. The recurring need for
services such as software upgrades and maintenance is the key factor supporting
the growth of this segment.
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North
America to dominate the market, followed by Europe
Geographically, the global Healthcare CRM Market is
segmented into North
America, Europe, Asia,
and the Rest of the World (RoW). North
America is estimated to hold the largest share of the
Healthcare CRM Market. Some of the major factors driving the growth of this
market include government initiatives and regulations to encourage the adoption
of healthcare IT, growing pressure on healthcare organizations to focus on
patient engagement for patient retention, growing EHR adoption, growing focus
of CRM providers on developing and commercializing AI and analytics-powered
advanced CRM solutions, and the increasing number of ACOs. However, the market
in Asia is
estimated to grow at the highest CAGR during the forecast period. Factors such
as the improving quality of healthcare, improvements in healthcare systems, the
growing medical tourism market in Asian countries, and increasing government
initiatives are the key factors driving the growth of this market.
The key players in the Healthcare CRM 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).
