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The referral management is the process by which patients are transferred to the next stage of their care. This transition usually occurs at a critical time for a patient: an escalation of care or a change in diagnosis. Normally, referral management takes place in the context of a referral from a primary care provider to a specialist, but it also takes place from specialist to specialist or from an inpatient / emergency room to a health care provider. The growing prevalence of chronic diseases in a significant portion of the world's population is expected to generate profitable growth for the market during the estimated time period. Additionally, the growing focus on streamlining the patient referral process along with developments in healthcare IT is anticipated to provide ample new growth opportunities for the market in the upcoming years.
Growing government initiatives to integrate healthcare IT solutions is a major factor that is expected to drive the growth of the market over the forecast period. Governments around the world are working with healthcare providers to accelerate the exchange of data between healthcare systems to effectively coordinate care and reduce the costs of healthcare services. Also the increase in the geriatric population and the resulting increase in prevalence of chronic diseases contribute to the growth of the reference market. The many benefits provided by automated referral processes, the shortage of staff to carry out manual tasks are also increasing, along with better communication between family doctors, specialists and a high adoption of healthcare IT solutions to mitigate the increase in costs with respect to diagnosis and treatment. The main purpose of the referral management system is to improve and streamline communication between general practitioners, specialists and other healthcare providers. Therefore, the benefits associated with referral management solutions are expected to boost the market’s growth during the estimated time period.
The need for virtual assistance has exponentially increased over the past few years, thanks to a tremendous development in technology and the easy availability of the internet. The growing demand for virtual assistance will provide promising growth for the referral management market. Furthermore, the growing volume of patients is expected to exponentially increase the demand for referral management solutions. Adopting interoperable solutions to effectively manage the influx of patients is an essential factor that is expected to create new growth opportunities for the market over the forecast period.
The healthcare providers are hesitant to adopt advanced technology solutions due to the cost of purchasing and implementing software, regular software updates, data security concerns, and the lack of operational knowledge required for the use of these advanced tools. Besides, a high cost of software solutions is another factor that may restrain the market growth over the forecast period.
There is a constant need for technical support for maintaining servers and networks in healthcare organizations and this can be a tedious job. Also, the lack of skilled professionals with expertise in IT skills is expected to be a major challenge for the market’sa growth over the forecast period.
The report provides an in-depth analysis of the global Referral Management market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for referral management services in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2029.
The global Referral Management market comprises of different market segment like type, component, delivery mode, end users and geography.
By type, the Referral Management market includes the key segments of
The inbound referrals segment is expected to dominate the market over the forecast period. Inbound is when referrals are received in a practice. Due to the prevalence of various chronic diseases globally, the hospitals and multispecialty clinics receive referrals in a large amount through various sources. This is a key factor that is expected to support the growth of this segment.
On the other side, the outbound referrals segment is expected to witness steady growth over the projected time period. The outbound is when referral are sent to a practice. An outbound referral is a request for the transfer of care or a request for evaluation, treatment or clinical advice on the care of a patient from a registered general practitioner to a third party as registered in the family doctor's system. It is preferred mostly in severe conditions.
By component, the Referral Management market is segmented into
The software segment is expected to maintain its dominance over the estimated time period. There is a high level adoption of advanced software in healthcare facilities over the recent years. This has led to a tremendous development in the healthcare services sector. It has also led to an increase in overall efficiency and provision of better medical services to patients. The use of advanced software has also benefited healthcare providers with improved work efficacy.
Likewise, the services segment is likely to witness stable growth over the forecast period due to an increase in healthcare spending across the globe and an overall improvement in healthcare infrastructure.
By delivery mode, the Referral Management market is segmented into
The Cloud-based segment is expected to find increasing demand in the market over the forecast period. Cloud computing refers to an on-demand self-service Internet infrastructure that allows the user to access computing resources anytime, anywhere. Healthcare, like any other service, requires continuous and systematic innovation to remain affordable, efficient, timely, and deliver high-quality services. Many executives and experts predict that cloud computing can improve healthcare, benefit healthcare research, and change the face of information technology (IT). An increased demand for cloud-based solutions thanks to their benefits including self-service analytics on demand, no upfront capital investment for hardware, and extreme capacity flexibility is expected to support the growth of this segment.
Similarly, the web-based segment is likely to have high growth over the estimated time period. Web content is quickly becoming the primary source of health information. There is an urgent need for health web content that is not only accurate, but also engaging. Improving human engagement with healthcare web content has the potential to inform and influence behaviour change so people can make better healthcare decisions.
The Referral Management market has major end users like
The healthcare providers segment is expected to dominate the market over the estimated time period. The demand for referral management among healthcare providers and professionals is primarily driven by the growing focus on streamlining the patient referral process and the possibility of seamless communication throughout the process. This is expected to support the growth of this segment over the forecast period.
Likewise, the healthcare payers’ segment is expected to grow at a high rate over the forecast period. This can be attributed to the availability of advanced healthcare services with effective reimbursement policies that are available nowadays.
The global Referral Management market is studied for the following regions
The Asia Pacific is anticipated to witness increasing demand for referral management services owing to the presence of well-established market players. Besides, the growing demand for affordable quality care, the increase in the geriatric population and the consequent increase in the prevalence of various chronic diseases are key factors that are expected to drive the growth of the market in Asia-Pacific. The increase in patient volume that has led to increased demand for a platform that ensures end-to-end patient care to ensure full recovery is expected to further drive the growth of the market in the region.
Also, the North American region is likely to witness high growth over the forecast period. The presence of well-established healthcare system, effective reimbursement policies and a huge amount of spending in healthcare services in combination with government initiatives are the key factors which are expected to drive the growth of the market in this region.
Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Referral Management market. In addition, a complete analysis of changes in the global Referral Management market expenditure, economic and international policies on the supply and demand side is also provided in this report. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
COVID-19 has impacted the economies and industries of various countries due to lockdowns, travel bans and business closures. Medical practices of all sizes have been impacted by the COVID-19 outbreak. Due to the high number of patients visiting them every day, healthcare institutions are under enormous pressure. Major market players have been developing and launching new temporary platforms and integrating COVID-19 related features into their existing recommendation management solutions. The increase in the patient population is likely to increase the demand for referral management platforms. This is expected to provide new growth opportunities for the market in the upcoming years.
The competitive landscape analysis of Referral Management market is primarily focused on expanding the global growth of referral management services with new product innovation, business expansion, increasing presence of a range of manufacturers operating in the referral management sector has led to growing demand for the market. Besides, the market offers a range of services in different applications to fulfill the required demand of consumer which is further contributing to healthy growth in the market.
The key players studied in market are
July 2023: eHealth Technologies partnered with N1X10 to empower cancer patients to retrieve and transform massive amounts of medical data to overcome the limitations of standard care.
June 2020: Change Healthcare launched the Virtual Front Desk to digitalize patient access to quality care.
By type, the Referral Management market includes the key segments of inbound and outbound. Inbound segment is expected to dominate the market over the forecast period. By component, the Referral Management market is segmented into software and services. The software segment is expected to maintain its dominance over the estimated time period. By delivery mode, the Referral Management market is segmented into cloud-based, on-premise and web-based. The cloud-based segment is expected to find increasing demand in the market over the forecast period. The Referral Management market has major end users like healthcare payers, healthcare providers and others. The healthcare providers segment is expected to dominate the market over the estimated time period. The global Referral Management market is studied for the following regions: North America, Europe, Asia-Pacific and Rest of the world (RoW). Asia Pacific is anticipated to witness increasing demand for referral management services owing to presence to well established market players.
| Market Sizing for Year: | 2019-2029 |
| Base Year: | 2022 |
| Forecast Period: | 2023-2029 |
| Value: | USD
Million |
| Market Segment studied: | Type Component Delivery Mode End Users |
| Market Players and its Competitors: | Allscripts Healthcare Solutions, Inc. eHealth Technologies Harris Corporation CarePort Health Cerner Corporation McKesson Corporation ReferralMD Conifer Health Solutions, LLC Persistent Systems Optum, Inc. Arcadia Data Inc. Clarity Health Service, Inc Dental Care Links Eceptionist EZ Referral EcoSoft Health HealthViewX Netsmart Technologies, Inc. |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report
What are the drivers for Referral Management market?
The key driving factors of the market are increase in geriatric population and technological advancements in the healthcare sector.
Which region is gaining majority of market share during the forecast period (2023-2029)?
Which region is gaining majority of market share during the forecast period (2023-2029)?
