LONDON, UK, April 27, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Healthcare CRM Market By Components (Software, and Services), By Deployment Model (On-premise Model, the Web/Cloud-based Model), By Functionality (Customer Service and Support, Marketing, Sales, Digital Marketing, and Other Functionalities), By End-User (Healthcare Providers, Healthcare Payers, and Life Sciences Industry), and By Region – Global and Regional Industry Trends, Market Insights, Data analysis, Historical Information, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global Healthcare CRM Market size & share was worth around USD 10216.5 million in 2021 and is estimated to grow to about USD 22073.1 million by 2028, with a compound annual growth rate (CAGR) of approximately 13.7% over the forecast period 2022 to 2028.”
What is Healthcare CRM? How big is the Healthcare CRM Market?
Healthcare CRM is used to acquire a massive amount of patient data from many sources. CRM solutions are rapidly being used by healthcare organizations to improve sales, services, and marketing activities, as well as to obtain a higher Return on investment (ROI). CRM technology enables the automation of tasks like communicating test results and sending emails and text messages. Cloud-based technology is used to maintain an efficient healthcare CRM, such as social CRM. The enormous increase in the healthcare industry around the world is one of the key factors creating a positive outlook for the market in the forecast period.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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- About 205+ Pages Research Report (Including Recent Research)
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
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- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Healthcare CRM Market: Dynamics
The rise in 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 are driving growth in the healthcare CRM market in the forecast period. In addition, the increased use of social media marketing for product promotion propels the growth of the healthcare CRM market in the coming years.
The rise in patient desire for a more convenient approach to treatments via virtual patient care, as well as the rise in technology developments in reconstructing healthcare databases, is projected to drive growth in the healthcare CRM industry. Furthermore, patients’ increasing demand for early therapy through home care, digital care, portable surveillance, and illness monitoring devices will contribute to the growth of the healthcare CRM market. The rise in the number of chronic diseases like diabetes and cancer, which require rapid medical support and treatment, is expected to drive growth in the healthcare CRM market in the upcoming years.
Moreover, the rise in the adoption of the bring your own device (BYOD) ecosystem, as a result of the increased use of smartphones, as well as the high operational efficiency and low operational cost of healthcare CRM software, is expected to create lucrative opportunities in the healthcare CRM market in the approaching years. However, the lack of security regarding the privacy of consumer information, as well as the high initial installation cost of this software, limit the market’s global expansion.
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Some of the main competitors dominating the Healthcare CRM Market include;
- Salesforce.com Inc. (US)
- SAP SE (Germany)
- Oracle (US)
- Microsoft (US)
- IBM (US)
- Influence Health (US)
- SugarCRM (US)
- Accenture (Ireland)
- Healthgrades (US)
- Infor Inc. (US)
Healthcare CRM Market: COVID-19 Impact Analysis
The pandemic of COVID-19 had a severe impact on healthcare facilities. An integrated solution to manage workflow and give appropriate aid and care to patients all over the world was in high demand. In light of shifting healthcare coverage requirements and the added burden of a potential pandemic, focusing on patient communication is extremely important. The utilisation of data, analytics, and digitalization technologies has had a huge impact on the healthcare IT industry. In response to the COVID-19 epidemic, some healthcare organisations created novel treatment strategies to deal with quickly rising patient populations.
Those at the forefront, who were plagued with out-of-date employee communication and patient engagement systems that couldn’t scale, swiftly adopted digital solutions to keep up with the massive demands imposed on staff and clinical teams. COVID-19 has prompted industry participants to focus on R&D in order to improve and innovate in the Healthcare CRM market.
Key questions answered in this report:
- What are the top five global Healthcare CRM players?
- How will the market look like in five years?
- What are the Healthcare CRM market’s drivers and restraints?
- Which region’s market will increase the most?
- What will the Healthcare CRM market’s CAGR and size be during the forecast period?
- Which area offers the greatest benefit to the global market?
- What are the business risks, and how will the current situation affect growth and market perception?
Browse the full “Healthcare CRM Market By Components (Software, and Services), By Deployment Model (On-premise Model, the Web/Cloud-based Model), By Functionality (Customer Service and Support, Marketing, Sales, Digital Marketing, and Other Functionalities), By End-User (Healthcare Providers, Healthcare Payers, and Life Sciences Industry), and By Region – Global and Regional Industry Trends, Market Insights, Data analysis, Historical Information, and Forecast 2022–2028” Report at https://www.fnfresearch.com/healthcare-crm-market
|Market Size in 2021||USD 10216.5 Million|
|Projected Market Size in 2028||USD 22073.1 Million|
|CAGR Growth Rate||13.7% CAGR|
|Key Market Players||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)., and Others|
|Key Segment||By Component, Deployment Model, Functionality, End-User, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
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Healthcare CRM Market: Segmentation Analysis
The Healthcare CRM Market is segregated based on component, deployment model, functionality, and end-user. Based on components, the global market is distinguished into Software, and Services. Based on the deployment model, the global market is distinguished into On-premise Model, the Web/Cloud-based Model. Based on functionality, the global market is distinguished into Customer Service and Support, Marketing, Sales, Digital Marketing, and Other Functionalities. Based on end-user, the global market is distinguished into Healthcare Providers, Healthcare Payers, and Life Sciences Industry.
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North America dominated the market during the forecast period because of its huge pool of hospitals, established payers, and expanding healthcare CRM use. A significant number of hospitals can be located in the region, which would help the market’s expansion. The global healthcare CRM industry presents a number of obstacles. The high level of competitiveness in the area is one of the most important development factors. The healthcare CRM market will see increased demand as the North American region’s healthcare infrastructure evolves. Asia-Pacific is considered the fastest-growing region in the global health care industry due to investors’ increased interest in investing in the business.
The market is also becoming increasingly worldwide, prompting these firms to open offices in emerging markets such as India. This increase in the number of hospitals would necessitate the installation of computerized records systems and/or other software to streamline processes, and would thus be ascribed to market growth. Nonetheless, emerging countries invest heavily in developing their own healthcare infrastructures. This initiative is projected to attract a large number of investors and accelerate the development of the country’s industry.
- In 2021, Salesforce, a worldwide CRM leader, has introduced Vaccine Cloud, a solution that will assist government agencies, healthcare organizations, corporations, nonprofits, and educational institutions in more promptly, safely, and efficiently deploying and managing vaccine programs.
- In 2021, Nuance Communications, Inc. (NASDAQ: NUAN) introduced an AI-powered virtual assistant platform for patient engagement to transform voice and digital experiences throughout the patient journey. Nuance’s platform integrates and expands the capabilities of a healthcare organization’s important clinical, financial, customer, and telephony systems, such as the EHR, Patient Financial systems, CRM, and patient access center (call center) telephone infrastructure.
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This report segments the global healthcare CRM market as follows:
By Deployment Model
- On-premise Model
- Web/Cloud-based Model
- Customer Service and Support
- Digital Marketing
- Other Functionalities
- Healthcare Providers
- Healthcare Payers
- Life Sciences Industry
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Key Insights from Primary Research:
- As per the analysis shared by our primary respondents, the Healthcare CRM market is projected to grow at a CAGR of around 13.7%.
- Through the primary research, it was established that the Healthcare CRM market size was valued at around US$ 10216.5 million in 2021and is expected to surpass around US$ 22073.1 million by 2028.
- The necessity of ensuring customer happiness, growing emphasis on patient connection, and rising pressure on healthcare organizations to reduce costs are all major drivers driving the size of this industry.
- On the basis of region, the North America is likely to hold the highest share of the global healthcare CRM market during the forecast period due to the presence of well-established healthcare facilities and increased knowledge about healthcare IT solutions among hospitals and clinics in the region.
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