WASHINGTON, June 05, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Healthcare CRM Market finds that Rise in shift toward online product ordering and increase in demand for customer relationship management software among pharmaceutical companies, are factors that influence the growth of Healthcare CRM Market.
Additionally, rapid digital transformation in developing countries as well as rise in use of social media marketing of products, in addition to the increasing investment in Research and Development (R&D) from governments across the globe are further propelling the market growth.
The Global Market revenue stood at a value USD 11.2 Million in the year 2021. The Global Healthcare CRM Market size is forecasted to reach USD 24.7 Million by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period; states Vantage Market Research, in a report, titled “Healthcare CRM Market Size, Share & Trends Analysis Report by Component (Software, Services), by Deployment Model (On-Premise Model, Web/Cloud-Based Model), by Functionality (Customer Service and Support, Marketing, Sales, Digital Marketing), by End User (Healthcare Providers, Healthcare Payers, Life Sciences Industry), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Increasing Awareness Regarding Healthcare CRM
The COVID-19 pandemic had a positive impact on the full healthcare customer relationship management market. Due to increasing awareness about healthcare systems among patients, and a higher demand for healthcare systems that can be accessed from home. The launch of innovative healthcare CRM software in the market, this solution provides different types of tools which can improve customer-related processes. This software provide messaging services, emails, online forms etc. It contains huge amounts of data of patients, such as medical history, visits, prescriptions, and medical bills, into a holistic profile and is also used for scheduling and tracking medical appointments. The implementation of artificial intelligence in healthcare CRM among others is expected to drive the market during the forecast period.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Healthcare CRM market is predicted to grow at a CAGR of roughly 14.1% during the forecast period.
- The Healthcare CRM market was estimated to be worth roughly USD 11.2 Million in 2021 and is expected to reach USD 24.7 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Healthcare CRM market.
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Segmentation of the Global Healthcare CRM Market:
- Component
- Software
- Services
- Deployment Model
- On-Premise Model
- Web/Cloud-Based Model
- Functionality
- Customer Service and Support
- Marketing
- Sales
- Digital Marketing
- Other Functionalities
- End User
- Healthcare Providers
- Healthcare Payers
- Life Sciences Industry
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Rise in Treatment through Virtual Patient Care
The rise in patient preference for a more convenient technique for treatment through virtual patient care, in addition to the increasing technology, and increasing investments in Research and Development (R&D) is projected to drive the market during the forecast period. Furthermore, patients' increasing demand for early therapy through domestic care, virtual care, transportable surveillance, and infection tracking devices will make contributions to the increase of the Healthcare CRM Market. Moreover, the growth of technological developments in restructuring healthcare databases and fast monetary development are some of the other factors are offering opportunities, ultimately anticipated to drive the market growth over the forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Healthcare CRM Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Holds Maximum Market Share
North America is expected to dominate the growth of Healthcare CRM Market in 2021. The major driving factors for the market are growth in the geriatric and chronically ill population. Additionally, an increasing technological advancement in the region is further contributing to the market growth. However, Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) over the forecast period. This is owing to due to rising patient awareness, improvement of healthcare systems, growing medical tourism in Asian countries, and favourable government initiatives, among other factors.
List of Prominent Players in the Healthcare CRM Market:
- Salesforce.com Inc. (US)
- SAP SE (Germany)
- Oracle (US)
- Microsoft (US)
- IBM (US)
- Influence Health (US)
- SugarCRM (US)
- Accenture (Ireland)
- Healthgrades (US)
- Infor Inc. (US)
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Healthcare CRM Market?
- How will the Healthcare CRM Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Healthcare CRM Market?
- What is the Healthcare CRM market drivers and restrictions?
- What will be the CAGR and size of the Healthcare CRM Market throughout the forecast period?
Recent Developments:
February 2021: Olympus Corporation (Japan) launched the SIF-H190 single-balloon enteroscopy solution to reach deep into the small intestine.
August 2021: Virta Med and STAN Institute announce strategic collaboration.
This market titled “Healthcare CRM Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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