CRM in Healthcare Market Size to grow by USD 8.01 billion between 2023-2027

Technavio, a leading provider of market research reports, has released its latest study on CRM in Healthcare Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global CRM (Customer Relationship Management) market in healthcare is a segment of the broader global application software market, which is itself a component of the overall IT software market. This market encompasses organizations specializing in the development and production of software for business-specific applications, including enterprise and technical software, as well as cloud-based solutions. The IT software market spans companies engaged in application and system software creation, excluding those classified in the interactive home entertainment sub-industry and systems software sub-industry, such as database management software providers. - The CRM in Healthcare Market is experiencing significant growth, fueled by the Growing demand for personalized healthcare services and patient engagement solutions. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Growing demand for personalized healthcare services and patient engagement solutions
  • Need for optimized healthcare processes and improved patient outcomes
  • High implementation costs and lack of interoperability with legacy systems
  • Complex regulatory environment and compliance requirement
• Growth Projections

The market size is estimated to grow by USD 8.01 billion, at a CAGR of 8.85% during the forecast period. The healthcare industry's CRM market is experiencing significant growth due to the increasing adoption of cloud-based CRM solutions. These solutions offer several advantages over traditional on-premise models, including scalability, flexibility, and cost-effectiveness. Healthcare practitioners can effectively manage patient relationships and access patient data from any location and on any device using cloud-based CRM systems. This is particularly beneficial in the current landscape of remote and virtual patient care, which has gained prominence during the COVID-19 pandemic. Cloud-based CRM solutions also provide advanced privacy and security features to ensure the protection of sensitive patient data. The flexibility and accessibility of these solutions make them an indispensable tool for healthcare organizations in today's digital age.

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• Regional Insights

The North American healthcare CRM market has experienced robust growth over the past decade, driven in part by government initiatives such as the US Affordable Care Act (ACA). The ACA, enacted in March 2010, encourages the adoption of patient interaction technologies, including CRM systems, and the use of electronic health records (EHRs). This trend continues with Salesforce's recent partnership with the University of Colorado Health. Under this collaboration, Salesforce's CRM platform will be utilized to optimize population health management, streamline care coordination, and boost patient engagement within the healthcare sector.

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