Medical Technology Steers Growth of Healthcare CRM and Healthcare Information System

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COVID-19 has accelerated the digital transformation of healthcare centers and the development of innovative tech solutions for patient care and management. Even as the threat of the pandemic has tapered off, these solutions continue to flourish. Two that immediately come to mind are healthcare CRM and healthcare information systems. The global markets for both solutions carry a buoyant outlook through the decade amid growing inflation.

In a pair of reports by Market Data Center, it was found that the global healthcare CRM market is poised to grow from $14.57 billion in 2022 to $27.62 billion by 2030 at an annual rate of 9.3%. The healthcare information market registered even more extensive growth as the value of its global market is slated to climb from $427.5 billion in 2022 to $1.2 trillion by 2030, increasing annually by 14.2%. Both markets are fueled by the rapid advancement of medical technology, which has vastly expanded their capabilities.

In the case of healthcare CRM, platforms have integrated in-demand solutions like IoT, machine learning, artificial intelligence, and cloud computing. As such, today’s CRM tools enable medical professionals to offer patient care and monitor illnesses remotely. Additionally, interactions with patients are handled by AI-powered chatbots that allow hospitals and clinics to hire fewer customer service representatives.

Meanwhile, healthcare information systems have adopted cloud infrastructures and integrated an array of SaaS applications such as electronic health records (EHR), real-time monitoring systems, medical practice management solutions, and prescription management tools. Healthcare institutions often provide self-service kiosks through which patients can input their concerns and book appointments with doctors. These facilities also leverage analytics to track and gather insights from hospital financials and patient care data.

Digital solutions have clearly revolutionized patient care in the healthcare industry. And the latest medical technology statistics back this up.

An Industry Hinged on Medical Technology

The increased adoption of medical technology has pushed the demand not just for healthcare CRM and information systems but also digital medical tools in general. Prior to COVID, 80% of doctors were not using virtual technology. However, six months into the pandemic, 95% of physicians were leveraging such. As a result, 1 in 3 healthcare visits became virtual. And this trend appears to be gaining more traction even when COVID appears to be on the way out.

Adopting digital tools has become commonplace in hospitals worldwide. Currently, about 63% of healthcare facilities leverage at least six SaaS apps, which often include healthcare information systems like EHR and medical practice management tools. Healthcare CRM and other types of information systems, based on the growth of their markets, would likely increase the number of SaaS applications relied on by hospitals and clinics.

As it stands, over 90% of hospitals have EHR. CRMs complement EHR by providing and consolidating communication tools for multiple concurrent patient interactions, besides granting users access to patient profiles. Meanwhile, other healthcare information systems like telehealth, clinical decision support, and prescription management solutions streamline the workflows of various areas of the medical practice.

The countless benefits gleaned from these systems, along with other types of medical technology, have steered investors to pursue more buy-ins. A 2022 KPMG study reveals that 30% of healthcare investors and 4 in 10 life science investors intend to increase their deal activity by at least 10% this year. Moreover, over 20% of the companies in Deloitte’s Technology Fast 500 have adopted or are developing innovations in the healthcare vertical.

It is safe to say that medical technology is a rising tide that lifts all ships, two of which happen to be healthcare CRM and healthcare information systems. And this tide would likely gain more momentum entering the next decade as the metaverse eventually enters the fray.