Healthcare CRM Market Is Expected To Reach A Revenue Of USD

New York, May 13, 2024 (GLOBE NEWSWIRE) — Market Overview

The Healthcare CRM Market size is expected to reach USD 18.5 billion by 2024 and is further anticipated to reach USD 47.3 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 11.0% from 2024 to 2033.

CRM platform is used to manage and analyze interactions and relationships with patients, and healthcare providers within the healthcare industry. The main work of this platform includes patient data management, appointment scheduling, communication management, marketing automation, and analytics. It helps to track patient interactions, preferences, and history to provide personalized care and enhance patient satisfaction.

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Important Insights

• The Healthcare CRM market is expected to grow by USD 27.0 billion by 2033 from 2025 with a CAGR of 11.0 % during the same forecasted period i.e. 2025 to 2033.
• The sales segment is projected to lead the market with the highest revenue share of 25.7% in 2024 as it uses the CRM platform to offer lead management, sales opportunity tracking, and trend forecasting.
• They interact with existing patients and clients, ensuring they receive quick and efficient customer support through CRM platforms.
• The cloud/web-based segment is expected to dominate the market with the largest revenue share of 63.1% due to increased cloud technology adoption, continuous digital transformation in healthcare, and initiatives by key players.
• The healthcare payers’ segment is projected to lead with a high revenue share of 36.0% due to insurance companies, health maintenance organizations, and other entities funding healthcare services.
• North America is expected to lead with a 53.6% revenue share, driven by a strong network and IT infrastructure, supported by initiatives like the Affordable Healthcare Act.
• Asia follows as the second-largest market, driven by growing investor interest and the need for digital solutions in expanding hospital networks.

Trends

• There is a growing demand for integrated healthcare systems inro CRM that streamline processes and improve efficiency across many departments within healthcare organizations.
• CRM healthcare system is often equipped with analytics and reporting functionalities that help organizations derive valuable insights from patient data, driving the demand for CRM solutions.
• Advancements in technology, such as artificial intelligence, machine learning, and cloud computing, are boosting innovation in healthcare CRM systems.

Competitive Landscape

• Companies like IBM, Microsoft, and SAP are shifting their focus towards cognitive technology and artificial intelligence to improve patient experiences and capture significant market share.
• Major players are adopting product launches, acquisitions, and collaborations to improve the product portfolio of healthcare CRM products.
• Businesses are introducing innovative medical instruments to diversify their product portfolios and extend their market reach.
• Some of the major players in the market include Com Inc., Microsoft Corporation, Oracle Corporation, and Pegasystems Inc.

Some of the prominent market players:

• Microsoft
• Cerner Corporation
• IBM
• SAP
• Accenture
• Zoho Corporation
• hc1
• LeadSquared
• Salesforce
• Veeva Systems
• Talisma
• Other Key Players

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Healthcare CRM Market Scope

Growth Drivers

• The healthcare CRM market is growing due to increasing demand for automation and structured data, focused on healthcare.
• Rising demand for early treatment through home care, virtual care, mobile monitoring, and disease-monitoring apps are some of the factors driving the growth of this market.
• The adoption of these systems in the medical sector is aimed at improving integration, cost reduction, patient satisfaction, and administrative efficiency, with social marketing techniques expected to contribute to the expansion of the market.

Restraints

• Stringent regulations and concerns about patient data privacy and security limited the adoption of CRM solutions in healthcare.
• They are required to integrate with complex existing systems like Electronic Health Records (EHRs) and billing systems, leading to challenges and compatibility issues, that obstruct the growth of this market.

Growth Opportunities

• Healthcare providers are increasingly addressing the importance of patient engagement and satisfaction as CRM systems help in managing patient relationships effectively by providing personalized experiences, which is important for delivering patient-centric care.
• CRM systems provide tools for managing marketing campaigns, tracking leads, and analyzing the effectiveness of marketing strategies, which help organizations improve their visibility and reach in the market.

Market Analysis

The cloud/web-based segment is expected to dominate the market with the largest revenue share due to third-party managed solutions offering flexible data management.  The main factors boosting the market are increased cloud technology adoption, continuous digital transformation in healthcare, and initiatives by key players. On-premise models are also expected to hold a significant market share in 2024.

These models involve hosting essential components like server hardware, software licenses, integration tools, and IT personnel within an organization’s premises. They excel in sales force automation, offering high levels of customization and control.

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Healthcare CRM Market Segmentation

By Component

By Deployment mode

• On-premise Model
• Cloud/Web-based Model

By Application

• Sales
• Customer Service and Support
• Digital Commerce
• Marketing
• Others

By End User

• Healthcare Providers
• Healthcare Payers
• Life Science Industry
• Others

Regional Analysis

North America is expected to lead with a 53.6% revenue share, due to its vast network and IT infrastructure. This region is expanding due to a large pool of established payers, hospitals, and rising healthcare CRM usage.

Growth in this region is due to the Affordable Healthcare Act and government initiatives like Health Connect and e-health boosting industry expansion. Asia follows as the second-largest region, due to growing investor interest and the need for digital solutions in expanding hospital networks. Countries like India, and China are developing their domestic healthcare infrastructure, which is expected to attract many manufacturers.

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By Region

North America

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Recent Developments in the Healthcare CRM Market

• September 2023: Accenture acquired Nautilus Consulting which specializes in Electronic Patient Record solutions that improve Accenture’s digital transformation, implementation, and optimization capabilities across the U.K. and global healthcare space.
• August 2023: SSM Health and Siemens Healthineers announced a new partnership agreement focused on expanding access to high-quality care and training the next generation of healthcare workers which creates the largest geographic Siemens Healthineers strategic partnership to date.
• May 3: Graduate Hotels chose Infor Hospitality Management Solution for its property management system to unify and refine operations, deliver superior guest experiences, and implement and execute an intelligent strategy that is fully based on the Infor cloud-based platform.
• January 4: a new digital self-service feature platform was introduced named Sugar CRM, which is a CRM platform provider that offers intuitive dashboards, comprehensive reports, self-guided selling best practices, AI-powered insights, and an easy-to-use mobile CRM app, among others.

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