Global Healthcare CRM Market Size

Healthcare Customer Relationship Management (CRM) Market Analysis

The Global Healthcare CRM Market size is estimated at USD 18.31 billion in 2024, and is expected to reach USD 33.11 billion by 2029, growing at a CAGR of 12.58% during the forecast period (2024-2029).

Covid-19 has significantly impacted the healthcare CRM market and according to the study published in American Health Information Management, titled 'The Impact of COVID-19 on Health Information Management in January 2021, as infringements of individual liberties, public health professionals struggle to give timely and accurate information to the public about realistic expectations on testing and treatment, as well as the politicization of basic health routines. Such an act of providing information to the public might have led to increased adoption of healthcare CRM for maintaining customer relationships, driving the market growth during the pandemic. This has led to developing marketing strategies that consider psychological factors to meet actual consumers' needs and feelings.

The major factors driving the growth of the healthcare CRM market include the growing focus on customer relationship management, rising benefits of CRM software and services, and technological advancements such as the integration of Artificial Intelligence (AI) within CRM tools, among others. According to the study published in Heliyon, titled 'Customer relationship management systems (CRMS) in the healthcare environment: A systematic literature review' in April 2020, CRM has positive outcomes in terms of patient relationship/communication with hospital, satisfaction, medical treatment/outcomes, and empowerment, as well as hospital medical operation, productivity, cost, performance, efficiency, and service quality. Such high benefits of CRM in the healthcare sector will lead to a rise in the adoption of CRM in hospitals, clinics, medical centers, and nursing homes, driving the market growth.

In addition, fundraising by the companies for the development of healthcare CRM software and services will lead to the development of novel CRM products, driving the market growth. For instance, in June 2021, Zus Health closed a USD 34million Series A financing to offer software tools and services for patient relationship management and provider workflow apps, allowing digital health companies to build their own unique experiences and iterate with ease.

Furthermore, rising partnerships in healthcare CRM will also be expected to propel the market growth due to the implementation of strategies and the rise in the adoption of CRM services offered by the companies. For instance, in August 2020, Enquire, one of the leading providers of cloud CRM, marketing automation, and contact center solutions for senior living communities and post-acute care companies, collaborated with Trella Health. Trella's performance intelligence data and insights will be integrated into Enquire's CRM solution as a strong tool for the companies' typical clients as part of their strategic relationship. However, the concerns regarding data security and the high cost and complexity associated with CRM are the factors expected to hinder the market growth.