CRM in Healthcare Market to Grow by USD 11.3 Billion from 2024-2028, as Demand for Personalized Care Rises with AI Redefining the Market Landscape - Technavio

NEW YORK, Nov. 8, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global customer relationship management (CRM) in healthcare market size is estimated to grow by USD 11.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 11.05% during the forecast period. Growing demand for personalized healthcare services and patient engagement solutions is driving market growth, with a trend towards growing adoption of cloud-based CRM solutions. However, high implementation costs and lack of interoperability with legacy systems in health CRM poses a challenge.Key market players include Accenture Plc, ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Amdocs Ltd., Anthology Inc., Freshworks Inc., Healthgrades Marketplace LLC, International Business Machines Corp., Kapture CRM, Keona Health Inc., Koch Industries Inc., Microsoft Corp., NICE Ltd., Oracle Corp., Salesforce Inc., SAP SE, Sapio Sciences LLC, Siemens AG, SugarCRM Inc., Verint Systems Inc., and Viseven Europe OU.

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Key Market Trends Fueling Growth

In today's healthcare market, CRM plays a crucial role in managing patient relationships. Hippocrates once said, "The art of healing comes from nature, not from the physician." However, in the modern healthcare environment, brands like Apple have shown that technology can enhance the patient experience. Healthcare officials and staff use CRM systems to manage patient engagement and patient management. These systems help collect and analyze patient demographics, habits, medical history, inquiries, locations, conditions, and preferences. Patient profiles include behavioral data from social profiles and medical history. CRM tools enable automated communications via emails, texts, and phone calls for appointment reminders, medication reminders, and precautions. CRM also facilitates account management, loyalty points, and rewards for patient retention. Healthcare providers and medical service providers use CRM for efficient patient care, adhering to healthcare security regulations. CRM systems store and manage patient records, medical bills, and claims data, ensuring data quality and privacy. CRM tools help healthcare organizations optimize workflows, improve compliance, and enhance communication with patients. Digital transformation and personalized care are key trends in CRM for healthcare, with e-CRM, PRM, HIT, and ICT playing significant roles. Data mining and social CRM help healthcare providers understand patient needs and preferences, leading to better care outcomes. 

The healthcare industry is witnessing a significant shift towards cloud-based Customer Relationship Management (CRM) solutions. These systems offer several advantages over traditional on-premise models, including scalability, flexibility, and cost-effectiveness. Healthcare practitioners can now manage patient relationships and access patient data from any location, at any time, using cloud-based CRM solutions. This is particularly beneficial in the context of remote and virtual patient care, which has gained popularity due to the COVID-19 pandemic. Moreover, cloud-based CRM solutions provide advanced privacy and security features to protect sensitive patient data. These features are crucial in the healthcare sector, where data security is paramount. In summary, cloud-based CRM solutions are driving growth in the healthcare market by offering accessibility, cost savings, and enhanced security. 

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Market Challenges

• In the healthcare market, CRM plays a crucial role in managing patient relationships. Hippocrates may have mastered the art of medicine, but healthcare officials and staff face challenges in engaging and managing patients effectively. Brands like Apple lead the way with CRM systems, utilizing patient demographics, habits, and medical history from various sources. Patient inquiries, locations, conditions, and past diagnoses are crucial data points. CRMs help healthcare providers personalize communications, offering automated emails, SMS, and targeted campaigns. Patient preferences, language, and ailments are essential factors in account management. Brands can reward loyalty with points and rewards. CRMs can manage patient records, prescriptions, and medical bills, ensuring compliance with healthcare security regulations. Patient engagement is key to retention. CRMs can analyze behavioral data from social profiles, medical history, and lifestyle choices to offer personalized care. Healthcare organizations and systems benefit from electronic health records, claims data, and consumer data to streamline workflows and improve care outcomes. CRMs help healthcare providers offer productive, engaging, and personalized care. They ensure digital compliance, privacy, and HIPAA compliance. CRMs can also help medical centers, hospitals, and laboratories manage patient care efficiently, saving time and resources. Ultimately, CRMs help healthcare providers offer great service, improving the overall medical experience for patients.
• The healthcare industry's adoption of Customer Relationship Management (CRM) systems faces two significant challenges: high implementation costs and incompatibility with legacy systems. Implementing a CRM solution requires substantial resources, time, and financial investment. Moreover, verifying CRM system compatibility with existing legacy systems is a time-consuming process. Healthcare organizations may struggle with these challenges, leading to data silos and inefficiencies. Patient data may not be easily shared between systems, making it difficult to provide a consistent view, which could impact patient treatment and outcomes.

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Segment Overview

This customer relationship management (crm) in healthcare market report extensively covers market segmentation by

1. Component
• 1.1 Software
• 1.2 Services
2. Deployment
• 2.1 On premises model
• 2.2 Web/cloud based model
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Software- The healthcare industry's reliance on digital technology has significantly expanded the CRM market, particularly in healthcare. Patient data management, increased patient engagement, and improved provider communication are all facilitated by CRM software. This software's popularity is driven by the emergence of cloud-based solutions and the increasing demand for personalized healthcare services. Effective data management and legal compliance are also necessitating software usage in the CRM sector. Moreover, the integration of AI and machine learning technologies enhances predictive analytics and decision-making capabilities. The growing adoption of mobile health apps and telemedicine services further fuels the demand for CRM software solutions. Overall, the CRM software component in healthcare presents promising growth opportunities throughout the forecast period.

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Research Analysis

In the healthcare market, CRM plays a crucial role in managing relationships with healthcare officials, staff, and patients. The CRM system in healthcare is an application of the 'art of medicine' in the digital age, using ICT to enhance patient engagement and management. Brands utilize e-CRM to streamline workflows, manage patient records, and analyze claims data and electronic health records for data mining and consumer insights. PRM and HIT are essential components of healthcare CRM, focusing on patient acquisition strategies and data quality. Social CRM allows for two-way communication between healthcare organizations and patients, fostering better relationships. Data security regulations are paramount in healthcare CRM, ensuring the confidentiality of medical bills and patient records. Yina, Soltani and Navimipour's research the importance of CRM in healthcare, highlighting its potential to revolutionize patient care and improve healthcare systems.

Market Research Overview

In the healthcare market, CRM plays a crucial role in managing patient engagement and patient management. The art of medicine has evolved, with healthcare officials and staff utilizing CRM systems to gather and analyze patient data, including patient habits, activities, demographics, social profiles, behavioral data, medical history, inquiries, locations, conditions, physicians, preferences, past diagnoses, language, ailments, family members, and family medical history, among others. Brands like the iconic Apple are entering the healthcare scene with CRM solutions. Patient information is the backbone of these systems, with data mining and social CRM essential for enhancing service and engagement. Data quality is paramount, with IS, PRISMA, and other healthcare providers ensuring compliance with healthcare security regulations. Patients receive personalized communications through automated emails, SMS, and other channels, earning loyalty points and rewards. Patient inquiries, prescriptions, phone calls, precautions, reports, prior treatment, and previous doctor information are all tracked, ensuring productive and engaging care. Healthcare organizations and systems benefit from CRM by improving patient retention, digital compliance, and personalized care. Electronic health records, claims data, patient records, and consumer data are integrated into workflows, ensuring compliance with privacy regulations such as HIPAA. CRM solutions enable healthcare providers to deliver great service, enhance medical experience, and optimize patient acquisition strategies. Digital transformation is key to delivering patient-centric solutions and improving care outcomes.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Software
• Services
• Deployment
• On Premises Model
• Web/cloud Based Model
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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