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.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing number of patient intake forms, e-prescribing, electronic medical records (EMRs), and medical bills are driving the demand for patient relationship management software across the globe.
- Rising integration of hospitals, pharmacies, and clinics into service providing networks is propelling the growth of the market.
- The COVID-19 pandemic has increased the burden on the healthcare facilities. This, in turn, has encouraged healthcare providers to deploy patient management software to streamline the patient workflow. Thus, boosting market growth.
- The advent of telehealth industry in emerging economies such as India and China is expected to drive the growth of the market.
- Growing burden of chronic diseases such as cancer, cardiovascular, infectious, and orthopedic diseases is expected to spur the market growth in the coming years.
- Cost control measures among healthcare providers has lowered IT budget of end-users is creating challenges in the market.
- Unwillingness of healthcare providers to adopt advanced IT tools can hinder the growth of the market.
- Lack of acceptance and awareness about the software can hamper the market growth.
- Increasing patient involvement in the health recovery process and growing use of the software by patients to maintain healthcare records are anticipated to boost the market growth during the forecast period.
Market Segment Insights:
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.
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