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2021
Healthcare Crm Market

Healthcare CRM Market

by Component (Software and Services), Application (Customer Service & Support, Marketing, CRM Analytics, and Others), Deployment Model (On-Premise, Cloud, and Hybrid), and End User (Healthcare Providers and Healthcare Payers): Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A10983
Pages: 264
Oct 2021 | 5421 Views
Author(s) : Priyanka K , Onkar S
Tables: 148
Charts: 67
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COVID-19

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Healthcare CRM Market Outlook – 2030

The global healthcare CRM market size was $9,715.2 Million in 2020, and is expected to reach $37,624.0 Million by 2030, registering a CAGR of 14.1% from 2021 to 2030. Healthcare customer relationship management provides a variety of services and tools that can improve and optimize communication between healthcare providers and patients. These tools include text messages, messaging services, online forms, comment forms, and emails. These tools and services are becoming more and more popular everywhere.

The COVID-19 outbreak had a positive impact on the growth of the global healthcare CRM industry owing to increased the awareness about healthcare systems, and efficient healthcare systems for patients.

Different healthcare organizations utilize these channels. These tools help to minimize manpower to achieve profitability, minimize risk of errors, and optimize overall communication channels. Sales force automation, marketing automation, and service automation are the features of healthcare customer relationship management system. Healthcare CRM software is used in hospitals, public clinic, private clinic, and research laboratories.

Healthcare-Customer-Relationship-Management-(CRM)-Market--2021-2030

Rise in shift toward online product ordering, increase in demand for customer relationship management software among pharmaceutical companies, rapid digital transformation in developing countries such as the U.S., Germany, and France drives growth of the healthcare CRM market. In addition, rise in use of social media marketing of products drives growth of the healthcare CRM market.

Rise in demand from patients to get easy approach to treatments by mode of virtual patient care and rise in technological developments in reconstructing healthcare database, which is expected to drive growth of the healthcare CRM market. In addition, patients growing requirement for premature therapy with home care, digital care, portable surveillance, and disease monitoring systems drives growth of the healthcare CRM market. Growth in number of chronic diseases such as diabetes and cancer, which required immediate medicinal support and treatment, which is expected to rise in demand for healthcare products drives growth of the healthcare CRM market. For instance, in addition, according to the International TRADE organization, healthcare spending in both public and private hospital expenditure is expected to account for 5.9% of GDP in 2021 and 9.0% of GDP by 2029.

Major players such as Zoho Corporation Pvt Ltd., Cerner Corporation, and SAP SE are adopting acquisition and partnership as a key developmental strategy to improve product portfolio of healthcare CRM products. For instance, in April 2021, SAP SE and Siemens Digital Industries Software have announced an extension of their relationship, allowing both companies to provide new services and asset lifecycle solutions.

Healthcare CRM Market
By Component

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Services segment is projected to grow at a highest CAGR

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SAP Asset Intelligence Network, SAP Asset Strategy and Performance Management, and SAP Enterprise Portfolio and Project Management would all be available from Siemens. SAP is anticipated to offer an ecosystem that is equipped with integrated service engineering and asset operations to the Siemens Teamcenter software lifecycle service management (SLM) portfolio. Rise in spending on healthcare expenditure, which, in turn, rises adoption of healthcare CRM software for effective hospital management and services, drives the growth of the healthcare CRM market. For instance, according to the U.S. Government statistics, the healthcare expenditure in the U.S. grew by 4.6% from 2018 to 2019.

However, lack of security about privacy of customer information and high initial installation cost of this software restraints growth of the market globally. Furthermore, increase in adoption of bring your own device (BYOD) ecosystem, owing to surge in use of smartphone as well as high operational efficiency and less operational cost of healthcare CRM software is expected to create lucrative opportunity in the healthcare CRM market during the forecast period.

Healthcare CRM Market
By Application

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Customer Service & Support segment holds dominant position in 2020

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The healthcare customer relationship management market is segmented into component, deployment model, application, and region. By component, it is bifurcated into software and service. The software segment dominated the market. Depending on deployment mode, it is categorized into on-premise, cloud, and hybrid. The cloud segment dominated the market in 2020. On the basis application, it is divided into customer service & support, marketing, CRM analytics, and others. Customer service & support segment dominated the market in 2020. Based on end user, it is segmented into healthcare providers and healthcare payers. The healthcare providers segment generated the highest revenue in 2020.

 Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America region dominates the market in 2020.

Healthcare CRM Market
By Deployment Model

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Renovation segment holds dominant position in 2020

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Competition Analysis

The key players profiled in the market report include Salesforce.Com Inc, Microsoft Corporation, Oracle Corporation, Pegasystems Inc, Sage Group Plc, SAP SE, SugarCRM, Zoho Corporation Pvt Ltd, Cerner Corporation, and Keona Health.

Major players are adopting product launch, acquisition, and collaboration to improve the product portfolio of healthcare CRM products. For instance, in 2020, Zoho Corporation Pvt. Ltd., announced launch of customer relationship management software for small and medium sized businesses. This software can be used in creation of multiple customer pipeline and receive customer calls remotely.

Healthcare CRM Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

North America holds a dominant position in 2020 and Asia-Pacific is expected to grow at a significant rate during the forecast period.

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Key Benefits for Stakeholders:

  • The report provides an extensive analysis of the current and emerging global healthcare CRM market trends and dynamics. 
  • In-depth market analysis is conducted by the healthcare CRM market estimations for the key market segments between 2020 and 2030.
  • Extensive analysis of the healthcare CRM market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The global healthcare CRM market forecast analysis from 2021 to 2030 is included in the report.
  • The key market players within market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global healthcare CRM market.

Global Healthcare CRM Market Segments

By Component

  • Software
  • Services

By Application

  • Customer Service & Support
  • Marketing
  • CRM Analytics
  • Others

By Deployment Model

  • On-Premise
  • Hybrid
  • Cloud

By End User

  • Healthcare Providers
    • Hospitals
    • Ambulatory Care Centers
    • Diagnostics & Imaging Centers
    • Pharmacies
    • Others
  • Healthcare Payers
    • Private Payers
    • Public Payers

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Spain
    • UK
    • France
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    •  Africa

Key Players

  • Salesforce.Com Inc
  •  Microsoft Corporation
  • Oracle Corporation
  • Pegasystems Inc
  • Sage Group Plc
  • SAP SE
  • SugarCRM
  • Zoho Corporation Pvt Ltd
  • Cerner Corporation
  • Keona Health.
 

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In accordance with several interviews that were conducted of the top level CXOs, adoption of customer relationship management software in healthcare, life sciences, and medical sectors has increased over time to boost decision-making capability of organizations and improve business insights. In addition, ability of these software to provide different opportunities for businesses and gain new insights to run a business efficiently is increasing its popularity among numerous industry verticals. Furthermore, number of industries such as healthcare, pharma, and medical are heavily investing in customer relationship management software to increase customer engagement and reduce sales related issues within organizations, which is impacting positively on growth of the global healthcare CRM market.

CXOs further added that the market is expected to witness significant growth in the future years, owing to increase in use of cloud computing in healthcare, pharma, and medical sectors and rise in adoption of artificial intelligence-oriented business models among organizations. Moreover, growth in need for quick and timely decision-making and the ability of customer relationship management software to provide appropriate actions in response to situations arising in sales deals or any queries in customer experience drives its adoption among enterprises due to the competitive nature of businesses. Furthermore, continuous rise in technology and diversity of customer demand in enterprises generate need for customer relationship management software to derive meaningful insights and relationships. However, healthcare customer relationship management software needs sufficient volume of meaningful data to efficiently operate, which can be obtained by effective monitoring of customer behavior. This acts as a challenge for healthcare and medical sectors to implement customer relationship management system, considering high costs of installation, which is anticipated to hamper growth of the market.

In addition, companies are adopting acquisition as a key developmental strategy to improve service portfolio of CRM software. For instance, in April 2021, Cerner Corporation acquired Kantar Health based in U.S. deals in healthcare management services. The acquisition was done for $375 million. The acquisition was done to improve healthcare management and services.

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FREQUENTLY ASKED QUESTIONS?

A. The Global healthcare CRM market size was valued at $9,715.2 million in 2020.

A. Based on end user, healthcare providers segment holds the maximum market share of the Global healthcare CRM market in 2020.

A. The Global healthcare CRM market is projected to reach $37,624.0 million by 2030.

A. A rise in aging population, and population suffering from chronic diseases such as heart attack, diabetes, and others are the key trends in the Global healthcare CRM market.

A. The product launch is key growth strategy of Global healthcare CRM industry players.

A. The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. High cost required for CRM software which effects for Global healthcare CRM market.

A. The application of healthcare CRM system includes medical, hospitals, clinic, laboratories, and research centers.

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