The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Healthcare CRM Global Market Report 2024, the healthcare CRM market is expected to show promising growth in the forecast period.

The healthcare CRM market has experienced rapid growth in recent years, with a projected increase from $17.9 billion in 2023 to $20.75 billion in 2024, boasting a compound annual growth rate (CAGR) of 15.9%. This expansion is attributed to several factors, including patient-centered care, regulatory compliance, population health management, telehealth integration, and referral management.

Rising Adoption in Hospitals and Clinics

• The proliferation of CRM systems in healthcare institutions is expected to drive market growth.
• Healthcare CRM software ensures secure storage of a comprehensive patient database, enhancing accessibility.
• Patients can easily access information through various channels, fostering immediate services and solutions.
• Implementation of CRM in healthcare has demonstrated a significant reduction in administrative errors, contributing to overall efficiency.

Integrating CRM with Electronic Health Records (EHR)

• Over 90% of hospitals are anticipated to use electronic health records (EHR) by 2022.
• CRMs supplement EHR by unifying communication capabilities for concurrent patient engagements.
• The combination of EHR and CRM provides users access to comprehensive patient profiles, enhancing overall healthcare management.

Key Players

• Major companies operating in the healthcare CRM market include Accenture PLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, and others.
• These companies play a pivotal role in shaping the landscape of healthcare CRM, ensuring technological advancements and innovative solutions.

Technological Advancements In Healthcare CRM: Transforming Patient Engagement And Digital Experiences

The healthcare CRM market is poised to witness significant growth, reaching $38.14 billion in 2028 with a CAGR of 16.4%. This growth is attributed to key factors such as telemedicine expansion, predictive analytics, interoperability, pandemic preparedness, and value-based care. Notable trends in the forecast period include data analytics and insights, mobile CRM applications, personalized care plans, artificial intelligence, and chatbot integration, along with a focus on social determinants of health.

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Technological Innovation Driving Patient Engagement

• Technological advancements are a prominent trend in the healthcare CRM market.
• Companies focus on developing advanced solutions to improve patient health and strengthen market positions.
• Nuance Communications Inc. introduced an AI-powered virtual assistant platform, enhancing patient engagement and digital experiences across the healthcare journey.

Salesforce’s Strategic Acquisition

• In December 2021, Salesforce Inc. acquired Acumen Solution, a CRM solutions provider for healthcare, bolstering its capabilities in the healthcare CRM sector.
• This acquisition aims to accelerate benefits realization from Salesforce Customer 360, fostering long-term success in the digital environment.

Market Segmentation

• The healthcare CRM market is segmented based on components, technology, deployment model, application, and end-users.
• Segments include software and services, predictive, mobile, social, collaborative, and other technologies, on-premise and web/cloud-based models, and various applications catering to community outreach, health education, financial donor management, and more.
• End-users encompass providers, payers, and the life science industry, highlighting the diverse applications of healthcare CRM.

North America’s Dominance in the Healthcare CRM Market

North America emerged as the largest region in the healthcare CRM market in 2023, reflecting the region’s advanced healthcare infrastructure and adoption of CRM technologies. The region’s dominance is expected to continue, emphasizing the pivotal role North America plays in shaping the global landscape of healthcare CRM.

In conclusion, the healthcare CRM market is on a trajectory of substantial growth, driven by technological innovations, strategic acquisitions, and a growing demand for enhanced patient engagement and digital experiences. As the market continues to evolve, stakeholders must stay attuned to emerging trends and leverage advanced CRM solutions to elevate healthcare services worldwide.

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