The "Referral Management Market by Component (Software [Integrated, Standalone], Services), Mode of Delivery (Cloud-Based, On-Premise), Type (Inbound , Outbound), End User (Providers, Payers, Others) - Analysis & Global Forecasts to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Referral Management Market is Projected to Reach 6.0 Billion by 2025 from USD 2.8 Billion in 2020 at a CAGR of 16.7%
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.
Growth in the referral management market can be attributed to factors such as technological advancements in the healthcare sector, advantages associated with automated referral processes, rising patient pool worldwide & increased funding for healthcare IT solutions. However, data security concerns and the dearth of skilled healthcare IT professionals may prove to be restraints for the market growth.
The COVID-19 pandemic has impacted the medical practices of all sizes. The large patient volumes visiting healthcare facilities on a daily basis are creating immense pressure on healthcare providers. The rapid spread of this disease has resulted in a shortage of healthcare workers, which has driven the demand for referral management solutions and services for ensuring end-to-end patient care to ensure complete recovery.
The critical need for social distancing has increased the demand for virtual care. Various players operating in this market have introduced COVID-19 related features into their existing referral management solutions or developed temporary platforms, which are being made available to the users free of cost. The growing need to gain higher patient access and avoid loss of referrals will further boost the referral management market growth.
The software component is expected to hold the largest market share during the forecast period.
On the basis of component, the referral management market has been segmented into software and services. The software segment is expected to hold the largest market share during the forecast period. The introduction of advanced integrated and standalone software solutions along with periodic software upgrades is expected to foster the growth of this market segment.
The cloud-based mode of the delivery segment is expected to grow at the highest rate during the forecast period.
On the basis of mode of delivery, the referral management market is segmented into cloud-based and on-premise. The cloud-based segment is expected to grow at the highest rate during the forecast period. The large share and high growth of this segment can be attributed to a reduction in the cost of deploying referral management solutions and enhanced capacity flexibility.
High volumes of inbound referrals to garner large market share during the forecast period.
On the basis of type, the referral management market is segmented inbound and outbound referrals. The inbound referrals segment is projected to command the largest market share during the forecast period. The growing adoption of referral management solutions in hospitals and specialist centers is the major factor contributing to the large share of this segment.
The providers segment is expected to hold the largest share during the forecast period.
On the basis of end-user, the referral management market is segmented into providers, payers, and others. The providers segment is expected to grow at the highest rate during the forecast period. The large share and high growth of this segment can be attributed to factors such as increased adoption of referral management solutions by the primary care physicians, specialists, and other healthcare providers to streamline the patient referral processes and reduce network leakages.
The Asia Pacific referral management market is expected to grow at the highest rate during the forecast period.
Geographically, the referral management market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The Asia Pacific market is expected to grow at the highest rate during the forecast period. The high growth in this region can be attributed to the technology revolution in the healthcare sector and the growing emphasis of government on connected healthcare approaches in this region. The growing geriatric patient pool in the APAC countries, demand for advanced healthcare services, and efficient care transition will further support the regional market growth.
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