Global Healthcare CRM Market Overview
A healthcare customer relationship management (CRM) tool aids in an efficient approach for interaction management with patients. It also enables the management, coordination, and automation of various business processes. A healthcare customer relationship management analyzes and segments patient populations helping in the measurement of the success of engagement tactics.
The global healthcare CRM market is estimated to witness a 13.8% CAGR throughout the forecast period of 2018-2023. A rapid ascension in the adoption of customer relationship management software in the healthcare sector can be consequential to numerous benefits provided by a CRM system. Comfortable customer data arrangement and simple interactions are some of the benefits of a CRM solution driving a healthcare CRM solution market. Further, the simplification of many business processes, including customer service and support, marketing, sales, and digital marketing is promoting the adoption of CRM systems in the healthcare sector.
Moreover, a growing emphasis on patient engagement and rising demand for structured data are fueling the healthcare CRM market to a great extent. Increasing penetration of automation of various processes with the use of software and solutions is pushing the healthcare sector to keep up with the trend by adopting advanced CRM systems during the conjectured time period.
Even though numerous factors are working in favor of the healthcare CRM market, high cost and complexity relating to CRM are posing as hindrances in the growth rate of the market. Additionally, raising concerns regarding data security is creating hesitation in the adoption of CRM systems in the healthcare sector through the assessment period.
Healthcare CRM Market Segmentation
MRFR segments the global healthcare CRM market on the basis of components, deployment model, functionality, end-users, and region. Based on component, the healthcare CRM market is segmented into services and software. Among these segments, the services segment is projected to expand at the highest CAGR owing to the vital role of service providers in the use of CRM solutions for healthcare.
Based on deployment model, the global healthcare CRM market is segmented into on-premise model and web/cloud-based model. The web/cloud-based model is further sub-segmented into public cloud, hybrid cloud, and private cloud. The web/cloud-based model is expected to showcase significant growth during the forecast period.
Based on functionality, the global healthcare CRM market is segmented into customer service and support, marketing, sales, and digital marketing. The segmentation based on end-users includes healthcare providers, healthcare payers, and life science industry.
Healthcare CRM Market Regional Analysis
Based on geography, the global healthcare CRM market is segmented into the Americas, Asia Pacific, Europe, and the Middle East & Africa. The Americas are further segmented into North America and South America. Americas are estimated to spearhead the healthcare CRM market during the prediction period. Such market command can be accredited to the mounting clinical and R&D budgets by governments in both the sub-segments to encourage the adoption of healthcare IT and electronic health record (EHR). Conferring to the U.S. Department of Health and Human Services, in 2015, around 84% of hospitals were observed adopting a basic HER system in the U.S.
Europe is projected to grasp the second largest share in the global healthcare CRM market. This rate of growth can be attributed to the excellent network and IT development witnessed by the region in recent years. Also, a growing effort of CRM providers to develop and commercial artificial intelligence and analytics-powered innovative CRM solutions is fueling growth in the regional market.
Asia Pacific is estimated to surge at the fastest rate during the forecast period. Such growth can be owed to the improving quality of healthcare systems, increasing introduction of supportive government initiatives, and rising medical tourism market in the region.
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Healthcare CRM Market Key Players
Some of the notable players in the healthcare CRM market include Saleforce.Com, Inc., Oracle, Microsoft, IBM, SAP SE, Influence Health, Inc., Accenture, Healthgrades, Infor, Inc., Amdocs Ltd., Anthelio Healthcare Solutions, AllScripts Healthcare Solutions Inc., and NetSuite.
Healthcare CRM Industry Update
May 2019: VERB technology announced its collaboration with PrimeMyBody for a sales app and digital platform. This app will be launched by PrimeMyBody, which will include product sampling and VERB’s interactive tag video features and its functionality. This app is likely to aid PrimeMyBody distributors to enhance many processes, including custom drip email campaigns, track and measure the engagement, and get detailed analytics.