Healthcare CRM Market to Quadruple by 2026
The global healthcare CRM market accounted for $7.27 billion in 2017 and is expected to reach $28.89 billion by 2026, growing at a compounded annual rate of 16.6 percent, research firm Stratistics Market Research Consulting concluded in its recent "Healthcare CRM - Global Market Outlook (2017-2026)" report.
Some of the key factors influencing the market growth include rising focus on patient engagement, increasing demand for structured data, and technological advances in the field of communication and information technology, the research found. However, high cost, difficulty of CRM implementation, and patient data security issues are restricting the market growth, it also found
Healthcare providers, life sciences companies, and healthcare payment firms are using CRM for marketing, sales, and customer service and support, the research found. Use cases include community outreach, case coordination, case management, and relationship management. Among them, case management is anticipated to grow at significant market share during the forecast period, owing to growing chronic disease and behavioural health problems. This management involves harmonization between primary healthcare providers, care managers, and patients for treatment.
By geography, Asia Pacific is expected to grow significant market share during the forecast period. The increasing healthcare infrastructure and quick developments, most notably in China and Japan, are likely to boost the growth of the healthcare CRM market in this region, according to the report.
Among the companies competing in this space are Microsoft, Saleforce.com, SugarCRM, Oracle, SAP, Accenture, IBM, Healthgrades, Infor, Veeva Systems, Siemens Healthcare, Amdocs, Influence Health, NetSuite, Cerner, and Talisma, according to the report. The technologies they offer include industry-specific instances of social, cloud-based, collaborative, mobile, and predictive CRM applications.