Global Healthcare CRM Market – Overview
Technological advancements and cost efficiency are two of the most important factors that are pushing the development of the global healthcare CRM market. A healthcare CRM provides several services and tools that can improve and optimize the communication between the healthcare providers and patients. These tools include text messages, messenger services, online forms, feedback forms, and emails among others. These tools and services are gaining immense popularity all around, making it essential for different healthcare organizations to utilize these channels. These tools help in minimizing the human effort that results in cost efficiency, minimizes risk of errors, and optimizes overall channel of communication.
Global Healthcare CRM Market – Key Trends
It is becoming increasingly common for the healthcare sector to incur heavy administrative expenses. These expenses are causing general healthcare services to go high, making them difficult to afford for general masses. This has thus prompted the use of automation, machine learning, and the artificial intelligence services and tools in the healthcare sector. These tools are helping to cut down the administrative costs considerably. Naturally, this has helped in creating a huge demand for healthcare CRM market. With the introduction of new applications and tools such as digital chatbots, record keeping software, and real time interactions, the healthcare sector is experiencing a transformation like never before. This has thus paved the way for a robust growth environment for the global healthcare CRM market for the given period of forecast.
Global Healthcare CRM Market – Geographical Landscape
From a geographical point of view, the global healthcare CRM market is divided into six main regions namely, North America, Latin America, Middle East and Africa, Eastern Europe, Western Europe, and Asia Pacific. Currently, the global market is being dominated by the North America region. The region is expected continue its dominance over the course of the assessment period of 2018 to 2026. There are several factors that are influencing the development of the global healthcare CRM market. One of the key development factor is the presence of several established brands operating in the region. Moreover, due to the maturity and advancement of the healthcare infrastructure in the North America region, particularly in the US, the healthcare CRM market is expected to witness a promising demand. Furthermore, easy and early availability of latest technologies and applications are also expected to contribute for the development of the healthcare CRM market in the North America region.
On the other hand, the regional segment of Asia Pacific is projected to witness a highly promising rate of growth. The market is slowly opening up to the international players and that has prompted these companies to invest heavily in setting up their bases in emerging nations such as India. Moreover, the governments in these developing nations are putting in heavy sums for the development of their domestic healthcare infrastructure. This development is projected to present several lucrative opportunities for leading market companies and thus contribute to the overall development of the market in the region.
Global Healthcare CRM Market – Competitive Landscape
The global healthcare CRM has a varying competitive landscape featuring several important brands. These companies are now trying to provide advanced solutions to tap into the vast potential of the healthcare CRM market. Some of the notable names in the global market include Infor Inc., Healthgrades, Accenture, SugarCRM, Influence Health, IBM, Microsoft, Oracle, SAP SE, and Salesforce Inc. among others. Of these, Salesforce Inc. has been the most dominant force in the global market and is projected to remain so in the next few years of the forecast period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.