Healthcare CRM Market to Reach Valuation of USD 24.7 Million by 2028 - Increasing Demand for Healthcare CRM Market for Creating and Tracking Medical Appointments to Drive the Market Growth

Vantage Market Research

Jun 06, 2022

From the period of 2022 to 2028, the Global Healthcare CRM Market is expected to reach USD 24.7 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 14.1%.

Healthcare customer relationship management offers a number of services and solutions that can help healthcare practitioners and patients communicate more effectively. Text messages, messaging services, web forms, comment forms, and emails are all examples of these tools. These products and services are growing increasingly popular around the world. These channels are used by various healthcare groups. These tools aid in the reduction of labor required to achieve profitability, the reduction of the risk of errors, and the optimization of overall communication channels. The features of a healthcare customer relationship management system include sales force automation, marketing automation, and service automation. Hospitals, public clinics, private clinics, and research facilities all use Healthcare CRM software. The Healthcare CRM Market is growing due to a move toward online product ordering, increased demand for customer relationship management software among pharmaceutical companies, and rapid digital transformation in developing countries such as the United States, Germany, and France. Furthermore, the rise in product marketing via social media is propelling the Healthcare CRM industry forward.

Key Highlights from the Report

  • On the basis of End-user, the market is segmented into Healthcare Providers, Healthcare Payers, and Life Sciences Industry. In 2021, the healthcare payers segment dominated the Healthcare CRM Market, accounting for the majority of revenue. Insurance companies are payers; hospitals, clinics, and different specialized facilities such as hospice care, long-term care, and life sciences corporations such as pharmaceutical and biotechnological companies, as well as Clinical Research Organizations, are providers (CROs). During the projected period, the use of products in life science is expected to rise at the quickest rate. This is due to life sciences organizations’ increased use of Healthcare CRM software. The healthcare provider segment is expected to rise rapidly during the forecast period, owing to hospitals and clinics' increasing usage of these solutions for patient management and appointment scheduling.

  • On the basis of Deployment Model, the market is segmented into On-Premise Model and Web/Cloud-based Model. Due to the easy integration and higher flexibility, security, and accessibility of cloud-based healthcare CRM, the cloud-based category is expected to hold the biggest market share during the forecast period. Furthermore, cloud-based Healthcare CRM is a cost-effective option, which is likely to drive the category even further throughout the projection period. Due to the advantages of on-premises CRM software such as complete control over processes and systems, as well as cost-effectiveness (since several providers charge depending on the user), the on-premises category is predicted to grow at a steady rate in the near future.

  • Asia Pacific is the fastest regional segment in terms of growth. Because of government-drafted healthcare systems, the market in the Asia Pacific is likely to rise significantly throughout the forecast period. EHR/EMR systems are anticipated to cost USD 794.6 million to governments across the area. Increased attention on healthcare infrastructure and medical tourism in the region is expected to improve customer experience and thereby drive growth.

Market Dynamics:

Healthcare CRM System is Used to Collect Patient's Data in a Large Volume from Various Sources

One of the most important aspects driving the Global Healthcare CRM industry is the continual need for virtual care. During the projected period of 2021-2028, the market is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.1%. Cost-effectiveness, reduced chance of errors, and technical developments are driving the market forward. Healthcare CRM facilitates communication between hospitals and patients. Because the number of hospitals is steadily expanding, there is a high demand for healthcare CRM, which is moving demand to an integrated healthcare system for effective workflow. The worldwide Healthcare CRM Market is being driven by a growing number of chronic diseases, an aging population, the demand for new technical breakthroughs, virtual care for patients, and operational efficiency.

Application and High Costs of CRM to Hamper the Market Growth

During the forecast period, the market is expected to grow. However, one of the key issues projected to slow the market's growth is the complexities associated with CRM applications and expensive expenses. Additionally, rising security threats and concerns about patient data privacy are two factors that may limit the market's growth for a while.

Over the projection period, North America is expected to have tremendous growth. Due to the existence of well-established healthcare facilities and increased awareness about healthcare IT solutions among hospitals and clinics in the area, North America is likely to hold the highest share of the Global Healthcare CRM Market during the forecast period. Furthermore, the huge number of service providers in the region is boosting the market in North America.