DUBLIN--(BUSINESS WIRE)--The "Referral Management Market by Component (Software (Integrated, Standalone), Services), Delivery Mode (Cloud Based, On Premise), Type (Inbound, Outbound), End User (Providers, Payers) - Analysis & Global Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.
The referral management market is projected to reach USD 6.1 Billion by 2027 from USD 3.2 Billion in 2022, at a CAGR of 13.6%. Various government initiatives focusing on healthcare digitization and increasing adoption of healthcare IT solutions across the healthcare facilities are set to drive the referral management market.
However, a lack of standard healthcare protocols, high installation cost of systems, poorly connected IT infrastructure, lower IT implementation budgets of hospitals, the reluctance of healthcare practitioners towards the adoption of IT-based solutions, and a shortage of in-house IT expertise in hospitals are expected to restrain the growth of this market to a certain extent during the forecast period.
The software component accounted for the largest market share during the forecast period
On the basis of component, the referral management market is bifurcated into software and services. The software segment is accounted for the largest market share during the forecast period. Introduction of advanced integrated and standalone software solutions along with periodic software upgrades is expected to raise the growth of this market segment.
The cloud-based mode of delivery segment accounted for the largest share of the referral management market in 2021
On the basis of mode of delivery, the referral management market is bifurcated into cloud-base and on-premise. The cloud-based segment accounted for the largest share of the global market in 2021. The large share and high growth of this segment can be attributed reduction in the cost of deploying referral management solutions and improved capacity flexibility.
High volumes of inbound referrals to hold highest market share during the forecast period
On the basis of type, the referral management market is divided into inbound and outbound referrals. The inbound referrals segment is projected to hold the highest market share during the forecast period. The increasing adoption of referral management solutions in hospitals and specialist centers are the key growth factor contributing to the large share of this segment.
The providers segment in the end users is expected to hold the largest share of the global referral management market in 2022
On the basis of end user, the referral management market is bifurcated into providers, payers and others. In 2021, the providers segment accounted for the largest market share and expected to grow at the highest rate during the forecast period. Increased adoption of referral management solutions by the primary care physicians, specialists and other healthcare providers to streamline patient referral process and reduce network leakages are some of the factors supporting the market growth of this segment.
The Asia Pacific referral management market is expected to grow at the fastest rate during the 2022 to 2027
Geographically, the referral management market is bifurcated into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The Asia Pacific market is expected to grow at the fastest rate during the 2022 to 2027. The high growth in Asia pacific region can be attributed to the technology revolution in healthcare sector and growing emphasis of government on connected healthcare approach in this region. Rising geriatric patient pool in the APAC countries, increasing demand for advanced healthcare services and efficient care transition will further support the regional market growth.
Market Dynamics
Drivers
- Increasing Government Initiatives to Incorporate It Solutions in Healthcare
- Benefits Offered by Automated Referral Processes
- Rising Geriatric Population and Subsequent Increase in Incidence of Chronic Diseases
Restraints
- Lack of Skilled Healthcare It Professionals
Opportunities
- Asia-Pacific Market to Offer High Growth Potential
- Cloud-Based Models Offer Significant Growth Opportunities
Challenges
- Reluctance to Adopt Hcit Solutions and Data Security Concerns
- Lack of Awareness
Companies Mentioned
- Advanced
- Arcadia
- Blockitnow, Inc.
- Careport Health
- Cerner Corporation
- Change Healthcare
- Cloudmed
- Conifer Health Solutions, LLC
- Dentalcarelinks
- Eceptionist
- Ecosoft Health
- Ehealth Technologies, Inc.
- Ez Referral
- Healthviewx
- Healthware Systems
- Innovaccer, Inc.
- Kyruus
- Lightbeam Health Solutions
- Mdfit
- Medcohere, Inc.
- Netsmart Technologies, Inc.
- Optum, Inc.
- Other Players
- Persistent Systems
- Referralmd
- Referwell
For more information about this report visit https://www.researchandmarkets.com/r/ur6gwv?
