Healthcare CRM Market

Market Overview:

The global healthcare CRM market size reached US$ 13.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.8 Billion by 2028, exhibiting a growth rate (CAGR) of 12.71% during 2023-2028. The increasing inclination towards telemedicine, rising emphasis on enhancing the overall patient experience and the growing number of collaborations between mobile app developers and healthcare experts are some of the major factors propelling the market.

Healthcare customer relationship management (CRM) is a software system designed to help organizations manage their interactions with patients, healthcare providers, and other stakeholders. It generally stores detailed patient profiles, including medical history, contact information, and preferences. It helps in targeted outreach efforts, such as health check-up reminders, promotional offers, and educational content distribution. It also improves patient satisfaction, streamlines operations, and enhances healthcare delivery. It enables the efficient storage and organization of patient data, appointment scheduling, communication histories, and other vital information.

The increasing inclination towards telemedicine is driving healthcare organizations to adopt healthcare CRM systems that can support virtual consultations, appointment scheduling, and follow-up care around the world. These platforms also streamline remote healthcare services, which enhances accessibility for patients and extends the reach of providers. In addition, the growing number of collaborations and partnerships between mobile app developers and healthcare experts to offer patient centric healthcare apps, which can work without an internet connection to support uninterrupted access is influencing the market positively. Apart from this, the increasing number of older adults that necessitate more frequent medical care and follow-up is contributing to the market growth. Furthermore, the rising need for an organized, centralized system to manage patient information is strengthening the growth of the market.

Healthcare CRM Market Trends/Drivers:

Increase in improvement of patient experience

The healthcare industry is increasingly recognizing the importance of improving patient experience as a key differentiator. A healthcare CRM system can centralize patient information, appointment schedules, and other crucial data, thereby enhancing operational efficiency. This contributes to more personalized and timely care, resulting in higher patient satisfaction. By using CRM to streamline processes like appointment scheduling, billing, and patient follow-up, healthcare providers can focus more on delivering quality care. A positive patient experience fosters loyalty and improves the reputation of the institution, which can lead to more referrals and ultimately higher revenue.

Rise in regulatory compliance and security

Compliance with healthcare regulations, such as HIPAA in the United States, is a significant concern for healthcare providers. CRM systems can assist in ensuring that patient data is securely stored and appropriately managed, reducing the risk of data breaches and legal complications. By maintaining detailed records and providing features like data encryption and access control, CRM solutions can help healthcare providers meet the stringent requirements for data security and patient privacy. The peace of mind that comes with enhanced compliance capabilities is a significant factor driving the adoption of CRM systems in healthcare.

Growing enhanced communication and collaboration

Effective communication between healthcare professionals and patients as well as among different departments within an organization is critical for delivering quality care. Healthcare CRM systems offer various features that facilitate better communication and collaboration. For instance, shared patient records can be easily accessed by doctors, nurses, and other authorized staff members, ensuring that everyone is on the same page concerning a patient's care plan. Moreover, CRM platforms often integrate seamlessly with other software applications used within healthcare organizations, thus creating a unified, cross-departmental platform for efficient operation. This interoperability drives demand for CRM systems as healthcare providers seek more integrated solutions.

Healthcare CRM Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global healthcare CRM market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on product, application, technology and end use.

Breakup by Product:

• Individual
• Referral
• Individual and Referral
   

Individual and referral dominate the market

The report has provided a detailed breakup and analysis of the market based on the product. This includes individual, referral, and individual and referral. According to the report, individual and referral represented the largest segment. Some healthcare CRM systems combine both individual and referral functionalities to provide a comprehensive solution. This dual focus enables healthcare providers to manage patient care and relationships on an individual level while also optimizing and streamlining their referral processes. Such an integrated approach can be especially useful for larger healthcare organizations that need to juggle multiple aspects of patient care and partner relationships. By having all this information in a single system, healthcare providers can ensure more coordinated care for individual patients and more effective management of external relationships, thus leading to improved healthcare outcomes overall.

An individual product in the context of healthcare CRM focuses primarily on the direct relationship between the healthcare provider and individual patients. This type of CRM system stores comprehensive information about each patient, including medical history, appointments, and communication logs. It also offers appointment scheduling and reminders, which can be integrated into the healthcare system of the provider for more seamless operations.

A referral product in healthcare CRM concentrates on managing and optimizing the referral relationships that healthcare organizations have with other medical facilities or healthcare providers. This type of CRM keeps track of referrals received, the status of each, and the communication involved in each referral case.

Breakup by Application:

• Community Outreach
• Case Coordination
• Case Management
• Relationship Management
   

Community outreach holds the largest share in the market

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes community outreach, case coordination, case management, and relationship management. According to the report, community outreach accounted for the largest market share. Healthcare CRM systems are increasingly being used for community outreach programs. By leveraging the data and analytics capabilities of CRM software, healthcare organizations can identify specific community needs and gaps in healthcare services. The healthcare CRM can also manage and automate communications, sending out timely information about upcoming health camps, vaccination drives, or educational sessions. Thus, healthcare CRMs serve as a pivotal tool in making community outreach more organized, data-driven, and impactful.

Case coordination is another crucial area where healthcare CRM plays a significant role. In complex medical cases involving multiple healthcare providers, specialists, and care settings, effective coordination is essential for ensuring optimal patient outcomes. A Healthcare CRM can store all relevant patient data in one place, accessible to all concerned parties. This helps in streamlining the care process, as each healthcare provider can quickly understand the patient's medical history, ongoing treatments, and other vital details.

Breakup by Technology:

• Cloud-based
• Mobile
• Social
• Collaborative
• Predictive
   

Cloud-based dominates the market

The report has provided a detailed breakup and analysis of the market based on the technology. This includes cloud-based, mobile, social, collaborative, and predictive. According to the report, cloud-based represented the largest segment. Cloud-based healthcare CRM systems are hosted on remote servers and can be accessed via the internet. This setup allows for high scalability, as healthcare organizations can easily expand their operations without worrying about server capacity. Cloud-based systems also offer the advantage of real-time updates, which means healthcare providers can access the latest patient data instantly from any location with internet access.

The mobile technology in healthcare CRM focuses on providing access to the CRM system through mobile devices such as smartphones and tablets. This enables healthcare professionals to access patient data, schedule appointments, and manage other CRM functionalities while on the go. The real power of mobile CRM comes in its ability to provide real-time information at the point of care.

Breakup by End Use:

• Payers
• Providers
• Life Science Companies
   

Payers hold the largest share in the market

A detailed breakup and analysis of the market based on the end use has also been provided in the report. This includes payers, providers, and life science companies. According to the report, payers accounted for the largest market share. Payers in the healthcare industry, such as insurance companies, can significantly benefit from CRM systems. For payers, healthcare CRM can serve as a centralized database that contains all customer information, including policy details, payment history, and claims data. The CRM system can automate many customer interaction processes, such as sending out premium reminders, policy renewal notifications, and claim status updates. This improves communication and enhances customer satisfaction.

Healthcare CRM systems serve multiple purposes for healthcare providers like hospitals and clinics. They help manage patient information, including medical history, treatment plans, and appointments, facilitating more personalized care. They can streamline internal operations, from resource allocation to scheduling, making the institution more efficient. The CRM can also be used to manage relationships with other stakeholders like suppliers, referring physicians, and even regulatory bodies.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest healthcare CRM market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

The increasing adoption of patient-centric care represents one of the primary factors bolstering the market growth in the North American region. Moreover, the rising need for remote patient monitoring (RPM) services is contributing to the market growth in the region. Besides this, the growing awareness about mobile health (m-health) solutions among individuals is influencing the market positively.

Competitive Landscape:

The leading companies are integrating artificial intelligence (AI), machine learning (ML), the internet of things (IoT), blockchain, chatbot, and data analytics to help in predictive analytics, which allows healthcare providers to forecast patient needs and outcomes more accurately. These advancements allow healthcare providers to schedule and manage virtual appointments right within the CRM and enables providers to keep track of telehealth interactions, prescriptions, and care instructions, which makes it easier to coordinate remote patient care effectively. These advanced technologies allow healthcare providers to generate insights from complex datasets easily, which helps in decision making processes related to patient care, resource allocation, and even financial planning.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Accenture Plc
• AllScripts Healthcare Solutions Inc
• Amdocs
• Aspect Software Inc
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• Salesforce.com inc
• SAP SE
• Siemens Healthineers AG (Siemens AG)

Recent Developments:

• In 2023, Siemens Healthineers AG (Siemens AG) partnered with SSM Health to focus on expanding access to high-quality care and training the next generation of health care workers.
• In 2023, Accenture Plc acquired Nautilus Consulting, which is a leading digital healthcare consultancy in the U.K. that specializes in Electronic Patient Record (EPR) solutions.

Healthcare CRM Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the healthcare CRM market from 2017-2028.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global healthcare CRM market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the healthcare CRM industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.