Healthcare CRM Market Size to Worth Around US$ 35.74 Billion by 2030

The global healthcare CRM market was valued at US$10.92 billion in 2021 and is estimated to worth around US$ 35.74 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 14.1% during the forecast period 2022 to 2030.

The growth of global healthcare customer relationship management (CRM) market is being driven by the rising prevalence of chronic disorders. In addition, the growing healthcare expenditure is also contributing towards the growth of global healthcare customer relationship management (CRM) market. As per the International TRADE agency, healthcare expenditures in both private and public hospitals are predicted to account for 5.9% of GDP in 2021 and 9.0% of GDP by 2029. Furthermore, healthcare spending in the U.S. increased by 4.6% from 2018 to 2019, as per the U.S. government statistics. Moreover, the surge in demand for virtual or online consultation is propelling the expansion of global healthcare customer relationship management (CRM) market. As per the survey done by Deloitte, 62.0% of people are comfortable with online doctor consultations. 

Regional Snapshot

North America is the largest segment for healthcare customer relationship management (CRM) market in terms of region.The U.S. is dominating the healthcare customer relationship management (CRM) market in the North America region.The healthcare customer relationship management (CRM) systems are likely to be used by huge number of healthcare centers in nations such as the U.S. and Canada, fueling the expansion of the North America healthcare customer relationship management (CRM) market. 

Asia-Pacific region is the fastest growing region in the healthcare customer relationship management (CRM) market.India, Japan, and Chinahold the highest market share in the Asia-Pacific healthcare customer relationship management (CRM) market. In growing nations, private healthcare facilities and other type of healthcare centers may see an increase in fundings, which might benefit the healthcare customer relationship management (CRM) market.

Scope of The Report

Market Dynamics

Drivers

Technological advancements

The major market players are adopting innovative technologies for the growth of global healthcare customer relationship management (CRM) market. The technologies such as blockchain, internet of things, and artificial intelligence are used in healthcare customer relationship management (CRM) platform. These technologies increase efficiency and effectiveness of the software. Thus, technological advancements are boosting the growth of global healthcare customer relationship management (CRM) market over the projected period. 

Restraints

Concerns related to data security and privacy

The healthcare CRM software contains data and information related to customers. The data within healthcare CRM platform can be hacked and misused easily. Thus, concerns related to data privacy and security is hampering the healthcare customer relationship management (CRM) market growth all around the world. 

Opportunities

Growing prevalence of chronic disorders

According to National Center for Chronic Disease Prevention and Health Promotion, a chronic disease such as stroke, heart attack, diabetes, and cancer affects 6 out of 10 Americans. These disorders are the main causes of death and disability in the U.S. as well as major contributor to health care spending. Thus, growing prevalence of chronic disorders is supporting the growth of global healthcare customer relationship management (CRM) market. 

Challenges

Lack of skilled professionals

The operation and maintenance of healthcare CRM software and platform requires qualified professionals. The personnel working on healthcare CRM tools must have knowledge of latest technologies, software, and information technology tools. As a result, lack of skilled professionals in healthcare sector is a major obstacle for expansion of worldwide healthcare customer relationship management (CRM) market. 

Report Highlights

• On the basis of component, software segment holds the largest market share in the global healthcare customer relationship management (CRM) market. The healthcare customer relationship management (CRM) market is growing due to rising overall healthcare expenditure, which is contributing to an increase in use of healthcare customer relationship management (CRM) for enhanced hospital services and management. 
• On the basis of application, customer service and support segment hold the largest market share in the global healthcare customer relationship management (CRM) market. The customer service and support segment of healthcare customer relationship management (CRM) has seen tremendous growth because to increased profitability, low investment, and simplicity of handling. 

Recent Developments

• A teamplay digital health platform was launched by Siemens Healthineers in March 2020. This platform facilitates quick access to operational and clinical support solutions. Over 5,000 institutes and 23,000 networked systems are part of this ecosystem, which spans 60 nations.
• Oracle opened a data center in the Middle East and the United Arab Emirates in 2019. Customers in those countries can use the data center’s cloud services.
• Siemens Digital Industries Software and SAP SE declared a partnership renewable in April 2021, enabling both firms to offer new services and asset lifestyle solutions.

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