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Connecting Patients: The Rise of Healthcare CRM
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According to The Business Research Company's, The healthcare crm market size has grown rapidly in recent years. It will grow from $17.9 billion in 2023 to $20.75 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to patient-centered care, regulatory compliance, population health management, telehealth integration, referral management.
The healthcare crm market size is expected to see rapid growth in the next few years. It will grow to $38.14 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to telemedicine expansion, predictive analytics, interoperability, pandemic preparedness, value-based care. Major trends in the forecast period include data analytics and insights, mobile crm applications, personalized care plans, artificial intelligence and chatbot, social determinants of health.
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Market Drivers and Trends:
The rising number of CRM systems in hospitals and clinics is expected to propel the growth of the healthcare CRM market going forward. Healthcare CRM software handles a comprehensive patient database that is safely stored and inaccessible to outside parties. The patients can readily obtain the necessary information from the CRM Medical software by texting, calling, or emailing them at any time from any location. The availability of medical CRM enables the healthcare sector to provide immediate services and solutions and enhance the general effectiveness of hospitals. For instance, in February 2021, according to Aimprosoft, a Ukraine-based healthcare software development company, the implementation of CRM in healthcare reduces administrative errors by up to 30%. Furthermore, according to an article published by Financesonline, a Poland-based platform for SaaS/B2B software and financial products reviews, in 2022, over 90% of hospitals will use electronic health records (EHR), where CRMs supplement EHR by offering and unifying communication capabilities for several concurrent patient engagements and giving users access to patient profiles. Therefore, the rising number of CRM in hospitals and clinics is driving the demand for the healthcare CRM market.
Technological development is a key trend gaining popularity in the healthcare CRM market. Major companies operating in the healthcare CRM sector are focused on developing new technologically advanced solutions to improve patient health and strengthen their market position. For instance, in January 2021, Nuance Communications Inc., a US-based company that develops artificial intelligence (AI)-based CRM software, introduced a virtual assistant platform based on AI-powered patient engagement to transform digital experiences and voice across the patient journey. This platform assimilates and extends the possibilities of the healthcare organization's critical financial, clinical, customer, and telephony systems, including the patient financial systems, EHR, CRM, and patient access center telephony infrastructure.
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Major Key Players of the Market:
Allscripts Healthcare LLC, Amdocs, Alvaria Inc., Cerner Corporation, Healthgrades Marketplace LLC, IBM Corporation, Infor Inc., Keona Health, Microsoft Corporation, NICE Systems Inc., Oracle Corporation, Pegasystems Inc., R1 RCM Inc., Sage Group plc, SAP SE, Siemens Healthcare GmbH, SugarCRM Inc., Corpora Corporation Pvt. Ltd., Veeva Systems Inc., Verint Systems Inc., Zoho Corporation Pvt. Ltd., Athenahealth, Brightree LLC, ChARM Health Pty Ltd., CureMD Inc., DocPlanner Group, DrChrono, eClinicalWorks, Epic Systems Corp., Evariant Co., Greenway Health, HubSpot Inc., Insightly Inc., Kareo Inc.
Healthcare CRM Market 2024 Key Insights:
• The healthcare crm market size is expected to see rapid growth in the next few years. It will grow to $38.14 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Elevating Healthcare Services Growing Demand For Healthcare Crm Systems In Hospitals And Clinics
• Technological Advancements In Healthcare Crm Transforming Patient Engagement And Digital Experiences
• North America was the largest region in the healthcare CRM market in 2023
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