The healthcare CRM market is estimated to reach USD 17.4 billion in 2023 from USD 8.8 billion in 2018, at a CAGR of 14.6% during the forecast period. The benefits of CRM software and a growing focus on patient engagement are the major factors driving the growth of the healthcare CRM market. On the other hand, concerns regarding patient data security and the high cost and complexity of the CRM implementation process may limit market growth to a certain extent during the forecast period.
The healthcare CRM market has several big players. The key players in the market are Salesforce.com, Inc. (US), SAP SE (Germany), Oracle (US), Microsoft (US), IBM (US), Influence Health (US), SugarCRM (US), Accenture (Ireland), Healthgrades (US), and Infor, Inc. (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations as well as new product launches, to further expand their presence in the global market. Product launches have been the key growth strategies adopted by players from 2016 to 2018, which helped them to innovate their offerings and broaden their customer base. Some of the leading players who adopted this strategy include Salesforce.com, Inc. (US), SAP SE (Germany), Oracle (US), and Microsoft (US).
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Salesforce (US) was the leading player in the healthcare CRM market, with a share of 22% in 2017. More than 100,000 companies have chosen Salesforce as their CRM solutions provider to streamline their business. Salesforce’s competitive advantage lies in its ability to deliver innovation and engage its customers effectively. The company sells its products via direct and indirect sales distribution channels. Salesforce’s growth strategy lies in cross-selling and upselling, extending existing services, expanding partner ecosystems, expanding its business into different regions, and entering into new markets. It caters to various industries, such as automotive, financial services, life sciences, manufacturing, communications, healthcare, retail, media, and government.
SAP SE (Germany) was the second-largest player in the healthcare CRM market, with a share of 10% in 2017. Its robust product portfolio aids SAP in sustaining its leading position in the market. It helps to create valuable interaction with customers by offering solutions for commerce, revenue, sales, and services. SAP utilizes technologies, such as internet of things, artificial intelligence, and machine learning, to bring in innovation in various fields. In order to capitalize on the growth opportunities in the healthcare CRM market, the company emphasizes on adopting organic as well as inorganic growth strategies.
Healthcare CRM Market by Component (Software, Service), Delivery (On premise, Cloud, Public, Private, Hybrid), End user (Hospital, ASC, Payers, Life Science), Functionality (CSS, Marketing, Sales, Digital Marketing, AI, Analytics) – Global Forecast to 2023
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