Referral Management Market 2020 Global Industry Forecasts Analysis, Competitive Landscape and Key Regions Analysis

2020 August, Magarpatta SEZ, Pune, “ReportsnReports”, one of the world’s prominent market research firms has released a new report on Global Referral Management Market. The report contains crucial insights on the market which will support the clients to make the right business decisions. This research will help both existing and new aspirants for Referral Management Market to figure out and study market needs, market size, and competition. The report talks about the supply and demand situation, the competitive scenario, and the challenges for market growth, market opportunities, and the threats faced by Top key players.

The report also includes the impact of ongoing global crisis i.e. COVID-19 on the Referral Management Market and what the future holds for it. The published report is designed using a vigorous and thorough research methodology and ReportsnReports is also known for its data accuracy and granular market reports.

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“Various government initiatives focusing on healthcare digitization and increasing adoption of healthcare IT solutions across the healthcare facilities are set to drive the referral management market.”

The global referral management market is projected to reach 6.0 billion by 2025 from USD 2.8 billion in 2020 at a CAGR of 16.7%. Growth in the referral management market can be attributed to factors such as technological advancements in healthcare sector, advantages associated with automated referral processes, rising patient pool worldwide & increased funding for healthcare IT solutions. However, data security concerns and dearth of skilled healthcare IT professionals may prove to be restraints for the market growth.

The COVID-19 pandemic has impacted the medical practices of all sizes. The large patient volumes visiting healthcare facilities on a daily basis are creating an immense pressure on the healthcare providers. The rapid spread of this disease has resulted in a shortage of healthcare workers, which has driven the demand for referral management solutions and services for ensuring end-to-end patient care to ensure complete recovery. The critical need for social distancing has increased the demand for virtual care. Various players operating in this market have introduced COVID-19 related features into their existing referral management solutions or developed temporary platforms, which are being made available to the users free of cost. The growing need to gain higher patient access and avoid loss of referrals will further boost the referral management market growth.

“The software component is expected to hold the largest market share during the forecast period.”

On the basis of component, the referral management market has been segmented into software and services. The software segment is expected to hold the largest market share during the forecast period. Introduction of advanced integrated and standalone software solutions along with periodic software upgrades is expected to foster the growth of this market segment.

“The cloud-based mode of delivery segment is expected to grow at the highest rate during the forecast period.”

On the basis of mode of delivery, the referral management market is segmented into cloud-base and on-premise. The cloud-based segment is expected to grow at the highest rate during the forecast period. The large share and high growth of this segment can be attributed reduction in the cost of deploying referral management solutions and enhanced capacity flexibility.

“High volumes of inbound referrals to garner large market share during the forecast period.”

On the basis of type, the referral management market is segmented inbound and outbound referrals. The inbound referrals segment is projected to command the largest market share during the forecast period. The growing adoption of referral management solutions in hospitals and specialist centers is the major factor contributing to the large share of this segment.

“The providers segment is expected to hold the largest share during the forecast period.”

On the basis of end user, the referral management market is segmented into providers, payers and others. The providers segment is expected to grow at the highest rate during the forecast period. The large share and high growth of this segment can be attributed to factors such as increased adoption of referral management solutions by the primary care physicians, specialists and other healthcare providers to streamline patient referral process and reduce network leakages.

“The Asia Pacific referral management market is expected to grow at the highest rate during the forecast period.”

Geographically, the referral management market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The Asia Pacific market is expected to grow at the highest rate during the forecast period. The high growth in this region can be attributed to the technology revolution in healthcare sector and growing emphasis of government on connected healthcare approach in this region. Growing geriatric patient pool in the APAC countries, demanding for advanced healthcare services and efficient care transition will further support the regional market growth.

Breakdown of supply-side primary interviews:

By Company Type: Tier 1 – 60%, Tier 2 – 18%, and Tier 3 – 22%
By Designation: C-level – 35%, Director-level – 25%, and Others – 40%
By Region: North America - 20%, Europe – 25%, APAC – 40%, and RoW – 15%

Some of the major players in the market include Cerner Corporation (US), eHealth Technologies (US), ReferralMD (US), CarePort Health (an Allscripts Company) (US), Kyruus (US), Eceptionist (US), Change Healthcare (US), HealthViewX (US), Persistent Systems (India), Fibroblast (US), Conifer Health Solutions (US), Blockit (US), Optum (US), par8o (US), Evariant (US), Dental CareLinks (US), ReferWell (US), Keet Health(US), Arcadia (US) and EZ Referral (Canada).

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The report helps to identify the main Referral Management Market players. It assists in analyzing Referral Management Market competitive environment, including company overview, company total revenue, market opportunities, value, production sites and facilities, SWOT analysis, product details. The study also reveals the sales, revenue and market share for each market player included in this report for the period of 2015-2020. It also helps to ascertain the growth drivers and future prospects for the forecast timeline.

Conclusively, this report is a one stop reference point for the industrial stakeholders to get Referral Management Market forecast of till 2025. This report helps to know the estimated market size, market status, future development, growth opportunity, challenges, growth drivers of by analyzing the historical overall data of the considered market segments.

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This release was published on openPR.