Referral Management Market Value Predicted To Reach US$ 9.2 Billion By 2027 Covering COVID-19 Impact: nova one advisor

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New York, United States: The Report on Referral Management Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Referral Management Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Referral Management market gathered revenue around USD 3.0 Billion in 2020 and market is set to grow USD 9.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 18.4% during the prediction period 2021 to 2027.

Overview of Referral Management Market Study

Referral Management market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

Growth in the referral management market can be attributed to factors such as technological advancements in healthcare facilities, increased funding for implementing healthcare IT solutions and growing adoption of referral management solutions by healthcare providers to offer better care delivery.

Referral Management Market Dynamics
Drivers: Government initiatives to incorporate IT solutions in healthcare systems
Governments across different countries are focusing their efforts on promoting healthcare IT solutions for the optimization of healthcare productivity and reduction of costs. Authorities are working with healthcare providers to facilitate seamless data exchange between healthcare systems to coordinate care effectively and reduce avoidable costs. Governments in a number of APAC countries are increasingly focusing on enabling efficient, affordable, and on-time delivery of quality care by implementing healthcare IT solutions. For instance, the Japanese government has taken various initiatives like the e-Japan policy and iJapan Strategy 2017 to encourage hospitals to adopt interoperable solutions and effectively manage the inflow of patients, lower hospital operational expenditure, and improve the quality of services.

Restrains: Dearth of skilled healthcare IT professionals
The unavailability of adequate IT staff in the healthcare industry, especially among healthcare providers, leads to delays in program implementation. The effective utilization of technology-integrated solutions demand strong IT infrastructure and support within the organization as well as at the solution provider’s end. There is a continuous need for technical support for maintaining the server and network in the healthcare organizations. The lack of in-house IT experts, and a trained workforce with cross-functional skills, is expected to restrain the growth of this market during the forecast period.

Opportunities: High growth potential in Asia Pacific market
A number of factors, such as the implementation of government initiatives to implement HCIT solutions, rising government spending on healthcare systems, and the presence of large patient pool in highly populous countries such as China and India, are expected to support the growth of referral management market in the Asia Pacific region. In addition, the increasing geriatric population in the region and the subsequent burden on hospitals and healthcare organizations will offer growth opportunities in the referral management market.

Challenges: Reluctance to adopt HCIT solutions
Healthcare IT systems are high-priced software solutions, due to which, many hospitals and physicians, particularly in small and rural areas, continue to rely on existing basic methods, such as fax-based and unorganized patient referral methods. Moreover, the health care providers are reluctant to adopt advanced technology-based solutions due to the costs attached to the software purchase and implementation, periodic software upgrades, concerns regarding data security, and lack of operating skills for using these advanced tools.

The software component segment to witness high growth during the forecast period
On the basis of component, the referral management market is segmented into software and services. The software segment that comprises integrated and standalone software, held the largest share in 2019 and is expected to grow at the highest rate during the forecast period. Growth in this market segment can be attributed to the increased use of integrated or standalone referral management software in various healthcare facilities for improving efficiency and quality of medical care delivery systems.

Increasing demand for cloud-based mode of delivery to drive the market growth
On the basis of mode of delivery, the referral management market is segmented into cloud-based and on-premise solutions. The cloud-based segment is expected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the surge in demand for cloud-based solutions owing to its benefits including on-demand self-serving analytics, no up-front capital investment for hardware, and extreme capacity flexibility among others.

Inbound referrals segment accounted for the largest market share in 2019
On basis of type, the global referral management market is segmented into inbound and outbound referrals. The inbound type segment commanded the largest share of the market in 2019. The large share and high growth rate of this segment are mainly driven by the high volume of inbound referrals received by hospitals and specialist centres from multiple channels.

Providers are expected to be the largest contributor to the referral management market
On the basis of end user, the market is segmented into providers, payers and others. Providers segment accounted for the largest share of the market in 2019. The demand for referral management among healthcare providers is primarily driven by the increasing focus on streamlining patient referral process and enabling seamless communication throughout the process.

Asia Pacific to emerge as a potential market for referral management solutions
The global referral management market has been categorized on the basis of four major regional segments—North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to grow at the highest CAGR. The increasing demand for quality care at affordable costs, rising geriatric population, and subsequent increase in the prevalence of various chronic diseases are driving the growth of the referral management market in the Asia Pacific. In addition, the current outbreak of COVID-19 in the Asia Pacific has resulted in the increased patient pool, especially in China and India. The growing patient volume that has resulted in the increased demand for a platform ensuring end-to-end patient care to ensure complete recovery, will fuel the growth of the referral management market in the APAC.

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COVID-19 Impact on Referral Management Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Referral Management market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Referral Management market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Referral Management market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Referral Management market include:

Cerner Corporation (US), CarePort Health (an Allscripts company) (US), and eHealth Technologies (US)

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Component

  • Software
  • Services

By Mode of Delivery

  • Cloud-Based
  • On-Premise

By Type

  • Inbound
  • Outbound

By End-User

  • Providers
  • Payers
  • Other End Users

Why Buy this Report?

The purpose of Nova one advisor’s Referral Management market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/5419

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