Strong Growth Expected in the Healthcare CRM Market
The global healthcare CRM market is estimated to reach $17.4 billion by 2023, up from its current value of $8.8 billion, growing at a compounded annual rate o 14.6 percent during the forecast period, research firm MarketsandMarkets said in a recent report.
Market growth can largely be attributed to the benefits of CRM solutions, such as the easy arrangement of customer data and interactions and the simplification of business processes, such as customer service and support, marketing, sales, and digital marketing, the firm found. On the other hand, concerns regarding patient data security, high costs, and complexity could limit market growth, it said.
On the basis of deployment model, the web/cloud-based model is expected to account for a larger market share and register a higher CAGR during the forecast period. Advantages, such as low maintenance cost, robust security features, and improved accessibility and recoverability of data, are driving the growth of the web/cloud-based model segment, MarketsandMarkets concluded in its "Healthcare CRM Market by Component, Delivery, End user, Functionality - Global Forecast to 2023" report.
On the basis of functionality, the firms segmented the healthcare CRM market into customer service and support, marketing, sales, digital marketing, and other functionalities. In 2018, the customer service and support segment is expected to account for the largest market share, driven by a growing focus on patient engagement, rising pressure on healthcare organizations to reduce costs, and the importance of ensuring customer satisfaction, it found
Based on region, the United States and Canada are estimated to hold the largest share of this market. However, Asia is expected to register the highest growth in the market during the forecast period, mainly due to rising patient awareness, improvement of healthcare systems, growing medical tourism in the region, and favorable government initiatives, among other factors.
The report identified Salesforce.com, SAP, Oracle, Microsoft, IBM, Influence Health, SugarCRM, Accenture, Healthgrades, and Infor, as the key vendors in the healthcare CRM industry. Salesforce, it said, was the leading player, with a share of 22 percent in 2017, followed by SAP, which held a 10 percent share in 2017.