The patient relationship management software market is projected to expand at a robust CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to ease of deploying computing infrastructure into existing healthcare facilities and low cost of the software is propelling the growth of the market.
A patient relationship management software helps manage all necessary tasks, which include tracking and monitoring patient’s health, managing hospital bills and/or expenses, and improving the value provided to the patients. These software help schedule appointments and tests. They aid in organizing patient intake flow to keep waiting rooms less chaotic.
Most solutions aim at providing automation in handling administrative work and enhancing the patient and physician engagement in real-time. Additionally, they allow for immediate record transfers, thus reducing treatment errors and improving accuracy, and errors caused by incomplete paper records. Furthermore, patient management software provides appointment reminders, while aiding in maintaining mobile payment receipts and requests and patient satisfaction surveys, check-ins, and history. They also increase patient engagement in their health, which helps in better treatment outcomes. The software improves communication between patients and medical professionals outside of the facility using texting or telehealth, thereby increasing customer satisfaction.
According to the US Food & Drug Administration (FDA), patient management software is acknowledged as a medical device. This, in turn, makes it a vital component of the healthcare industry. Hospitals have heavy patient flow, which requires proper scheduling and solution that eliminates errors in the treatment processes. Healthcare providers need to have software solutions to establish hassle-free process. Patient management software is a fully-integrated tool that helps patients to easily book an appointment without their presence in the healthcare facility. The system offers a patient portal to view the lab results and ask questions to their healthcare providers.
The report on the global patient relationship management software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
Based on delivery, the global patient relationship management software market is bifurcated as web & cloud-based and on-premise. The web & cloud-based segment is anticipated to expand at a substantial pace during the forecast period. This is due to the fact that healthcare providers are striving to reduce their IT costs, and thus they are deploying cloud-based solutions. This helps them to easily gain access to the patient data anytime and anywhere. Conversely, the on-premise segment is anticipated to grow at a steady rate during the forecast period. Some large hospitals were not willing to upload their data on the cloud, owing to privacy issues, which in turn, fueled helped the on-premise segment gain a considerable share of the market.
In terms of usage, the market is segregated as smartphones, PC, and laptops. The smartphone segment accounted for a major share of the market in 2019. Rising penetration of smartphones and Internet in the emerging economies is boosting the growth of the smartphones segment. Moreover, growing adoption of telehealth solutions is fueling the growth of this segment. A majority of patients prefer using software or apps on their smartphones, as they are compact and portable. However, the laptops segment is expected to grow at a robust rate owing to increasing adoption of cloud-based solutions and use of laptops by working professionals to track their health across the globe.
On the basis of applications, the patient relationship management software market is fragmented into diseases management and patient education. The disease management segment is anticipated to expand at a rapid pace during the forecast period owing to rising prevalence of chronic diseases such as cancer, diabetes, and obesity. Moreover, the COVID-19 pandemic has increased the burden on the healthcare providers, which in turn, has spurred the growth of the disease management segment. Conversely, the patient education segment is anticipated to expand at a rapid pace owing to rising spread of diseases such as COVID-19.
Based on end-users, the market is classified as healthcare providers and healthcare payers. The healthcare providers segment is projected to expand at a robust CAGR during forecast period. Healthcare professionals use this software to track patient health and medication to provide value-based care. Moreover, the need for healthcare providers to comply with stringent government regulations has increased the demand for patient management software solutions across the globe. Conversely, the healthcare payers segment is anticipated to expand at a high CAGR during the forecast period due to increasing patient focus on health and prevalence of new viruses, disorders, and diseases. Moreover, rising incidences of chronic diseases is spurring the growth of this market segment.
On the basis of regions, the global patient relationship management software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to account for a major market share during the forecast period. Rising spend by governments on improving healthcare infrastructure and adoption of IT in healthcare facilities in emerging economies such as India and China are spurring the growth of the market in this region. North America accounted for a dominant share of the market in 2019, owing to early adoption of latest technologies in the healthcare industry. The market in this region is anticipated to grow at a rapid pace owing to increasing need to provide value-based care.
Key players in the global patient relationship management software market include Green Beacon Solutions, Inc., Bravepoint Inc., GSG Compliance, Innovative Billing Solutions, Inc., Nevada, Inc., Lightpoint Health Solutions, Microsoft Corporation, Seagate Technology, Transworld Systems, Inc., Innovaccer, Inc., and Salesforce.com, Inc.
Major industry players are engaging in product launches, collaborations, partnerships, geographical expansions to expand their market share. According to Altarum institute survey, 58% of patients opted new providers because they were not satisfied with their treatment. Currently, healthcare providers are launching interactive and engaging games to improve patient engagement and retention.
In November 2020, Innovaccer, Inc., a leading healthcare technology company, announced that its patient relationship management solution is available on Microsoft Azure.
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