The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s referral management market report forecasts the referral management market size to grow to $7.43 Billion by 2027, with a CAGR (compound annual growth rate) of more than 17%.

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Referral Management Market Size Forecast
The global referral management market is expected to grow from $3.33 billion in 2022 to $3.96 billion in 2023 at a compound annual growth rate (CAGR) of 18.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The referral management market size is expected to grow to $7.43 billion in 2027 at a CAGR of 17.1%.

North America held the largest referral management market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Referral Management Market Driver ­– Increase In Demand For Government Initiatives To Incorporate IT Solutions In Healthcare Systems
For instance, in 2021, according to Health care news, an India-based healthcare newspaper, the Indian government launched its latest digital health project named Ayushman Bharat Digital Health Mission. With this mission, the Indian government plans to digitalize health infrastructure in India. In addition, in 2021, the Ministry of Health and Family Welfare allocated $11.5 billion in the union budget for the development of this project. Therefore, the government initiatives to incorporate IT solutions in healthcare systems are driving the growth of the referral management market.

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Key Referral Management Market Trend – New Product Innovations
Major companies operating in the referral management market are introducing new product innovations to meet consumer demand and reinforce their position. For instance, in June 2020, Change Healthcare, a US-based company that provides patent referral management software launched a new application in referral management called Connected Consumer Health. This is a Virtual Front Desk application that provides a touch-free check-in experience for patients and personnel. It is utilized for direct online check-in and forms that aid in conveying when patients should enter the institution. It also helps to store the previous medical history of the patients.

Referral Management Market Segment
1) By Type: Self-Referral, Professional-Referral, Third Party-Referral
2) By Component: Software, Services
3) By Delivery Mode: Web-Based Delivery Mode, Cloud-Based Delivery Mode, On-Premise Delivery Mode
4) By End User: Provider, Payer, Other End Users

Referral Management Market Major Players and Strategies
Major players in the referral management market are Allscripts Healthcare LLC, Careport Health, Advisory Board, Ehealth Technologies, Kyruus, Arcadia Data Inc., Dental Care Links, Mckesson Corporation, ReferralMD, Keet Health, Change Healthcare, Conifer Health Solutions LLC, Fibroblast Inc., and L3Harris Technologies Inc.

In January 2021, AristaMD, a US-based company that provides e-consult or online medical consultation and referral management services acquired Preferral for an undisclosed amount. This acquisition helps AristaMD to develop new technologies in referral management. Also, it would help in improving care and providing services at lower costs. Preferral is a US-based company that develops software and referral management system for referral analytics, and online referral forms.

The Referral Management Global Market Report 2023 covers regional data on referral management market size, referral management market trends and drivers, opportunities, strategies, and referral management market competitor analysis. The countries covered in the referral management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Referral management refers to the process of moving patients to the next level of care. This transition frequently happens when a patient is facing a crucial situation, such as an increase in care or a change in diagnosis. Referral management is used in health systems to reduce patient leakage, improve care coordination and also provide patients with the care they need.

View More Reports Related To The Referral Management Market –
Electronic Medical Records Global Market Report 2023
Healthcare Predictive Analytics Global Market Report 2023
Ambulatory Electronic Medical Records Global Market Report 2023

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