Swapna Supekar, Digital Marketing Team Lead (Healthcare), Market Research Future elucidates on top trends driving the global healthcare CRM Market, improving profitability, streamlining work processes
Healthcare CRM (customer relationship management) is a software that allows the interaction between patients and healthcare organisation, acting as a catalyst in the process of communication and care delivery. Using this technology (CRM software), healthcare organisations can arrange customer data and interactions to achieve simplification of business processes, such as customer service and support, marketing, sales, and digital marketing, etc.
In a way, CRM software helps healthcare companies to stay connected with their customers and thereby improve profitability, streamlining the work processes. Over the last couple of decades, the global healthcare CRM market is growing pervasively, witnessing a huge uptake of CRM software in the growing number of healthcare companies. Moreover, factors such as the proliferation of cloud deployment and the increasing deployment of cloud-based CRM modules escalate the market on the global platform.
Acknowledging the prominence and value, the market is gaining at present, Market Research Future (MRFR) in a recent published analysis asserts that the global healthcare CRM market will register a CAGR of 13.8 per cent throughout the forecast period (2018-2023), recording a fabulous growth by the end of 2023. In the year 2017, the market had valued at $7.9 billion.
The growing number of healthcare centres and advantages that CRM software provides are some of the key factors predominantly propelling the growth of the market. Besides, increasing use of web-based interfaces and social computing are escalating the market growth to ascending levels. Additional factors such as the increasing focus on patient engagement and rising demand for structured data and automation in healthcare organisation are acting as major tailwinds that are driving the growth of this market.
On the other hand, factors such as the high cost and complexity of CRM and concerns regarding data security act as major headwinds that hurdle the growth of the market. Nevertheless, factors such as technological advancement in the field of communication and Information Technology (IT) and the proliferation of cloud technology are expected to support the growth of the market.
Global Healthcare CRM Market – Segments
For ease of understanding, the market has been segmented into five key dynamics: By Component: Software and Services; By Deployment Model: On-premise Model and Web/Cloud-based Model; By Functionality : Customer Service and Support, Marketing, Sales, Digital and Marketing among others; By End-user: Healthcare Providers, Life science Industry, and Healthcare payers among others; By Regions: North America, Asia Pacific, Europe, and the rest-of-the-World.
Global Healthcare CRM Market – Regional Analysis
The North American region, heading with the government initiatives and policies to encourage the adoption of healthcare IT accounts for the leading market for healthcare CRM, globally. Factors such as the advancements in technologies and growing uptake electronic health record (EHR), and the rise in the investments in Healthcare Information Technology (HCIT) are favouring the implementation of CRM solutions and are expected to support the market to retain its dominance throughout the forecast period.
The healthcare CRM market in the European region accounts for the second-largest market, globally. The presence of well-established HC infrastructures and matured players in the region is acting as a key driving force, allowing the favourable environment for technological developments.
The market is projected to witness a higher adoption of healthcare CRM tools owing to the excellent network and IT development in the region. Additionally, factors such as the growing focus of CRM providers on developing and commercialising Artificial Intelligence (AI) and analytics-powered advanced CRM are driving this market.
The Asia Pacific healthcare CRM market is rapidly emerging as a profitable market, globally. Proliferating healthcare sector and the increasing number of healthcare facilities in the rapidly developing countries such as China, Japan, Korea, and India substantiate the market growth, augmenting the demand for deployment of healthcare CRM software. Simultaneously, improving the quality of healthcare systems, growing medical tourism market, and increasing government initiatives are increasing the size of the market.
The Indian government is promoting the Digital India Program with a vision to transform the nation into a digitally empowered economy which in turn, will pose India as a prominent market for healthcare quality management. Companies operating in the APAC region will benefit from the flexible policies of the government as well as the expanding digital market that will have a significant impact on the healthcare community.
Healthcare CRM Market – Competitive Analysis
The healthcare CRM market appears fiercely competitive with the presence of several large and small players. The key strategies traced from the analysis of recent market developments include agreement and partnership, product launch, acquisition, and expansion.
International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of technology portfolios, differentiation, quality, and pricing.
These key players are employing strategies of creating alliances with e-commerce partners with strong local players in regions such as APEJ and Western Europe to consolidate their position. Growth in terms of innovations/ technologies in the market is also expected to create strong investment opportunities for global players.
Key players leading the global healthcare CRM market include Com, Oracle, Microsoft, IBM, SAP SE, Influence Health, Accenture Healthgrades, Infor, Amdocs, Anthelio Healthcare Solutions, AllScripts Healthcare Solutions and NetSuite among others.