The Referral Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Referral Management Global Market Report 2024, The referral management market size has grown rapidly in recent years. It will grow from $4.03 billion in 2023 to $4.78 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to growth in healthcare services and patient referrals, demand for coordinated care and specialist access, expansion of electronic health records and data sharing, development of referral management software, regulatory standards for patient data privacy..
The referral management market size is expected to see rapid growth in the next few years. It will grow to $9.14 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to customized referral management solutions for specific healthcare organizations, integration of ai and predictive analytics in referrals, sustainable and eco-friendly referral management practices, expansion in digital health and remote monitoring, adoption of referral management in population health.. Major trends in the forecast period include regulatory compliance in patient data security and referral processes, smart and automated referral management solutions, personalized referral pathways for specific patient needs, transparency in referral networks and patient outcomes, integration of ai for real-time referral optimization..
Government initiatives to incorporate IT solutions in healthcare systems are expected to propel the growth of the referral management market. Government initiatives refer to initiatives taken by the government. It is an important act or statement that is intended to solve public problems. Information technology is important in the healthcare industry and helps to assist in the delivery of more accurate, actionable, and accessible information related to patients’ health. For instance, in 2021, according to Health care news, an India-based healthcare newspaper, the Indian government launched its latest digital health project named Ayushman Bharat Digital Health Mission. With this mission, the Indian government plans to digitalize health infrastructure in India. In addition, in 2021, the Ministry of Health and Family Welfare allocated $11.5 billion in the union budget for the development of this project. Therefore, the government initiatives to incorporate IT solutions in healthcare systems are driving the growth of the referral management market.
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The referral management market covered in this report is segmented –
1) Referral Management Market By Type: Self-Referral, Professional-Referral, Third Party-Referral
2) Referral Management Market By Component: Software, Services
3) Referral Management Market By Delivery Mode: Web-Based Delivery Mode, Cloud-Based Delivery Mode, On-Premise Delivery Mode
4) Referral Management Market By End User: Provider, Payer, Other End Users
Top Major Players
Allscripts Healthcare Solutions Inc.
Major companies operating in the referral management market are developing innovative technological advancements in healthcare, such as Enterprise Referral Manager, which is a type of software that centralizes referrals and integrates referral data into the EHR to improve the referral process. For instance, In October 2023, WellSky, a US-based healthcare technology company that provides software solutions and services for various healthcare sectors, introduced a new solution called Enterprise Referral Manager, a new software solution that transforms referral, intake, and customer relationship management (CRM) processes for home health, hospice, and other home-based care agencies. The solution centralizes referral-related activities between staff members, allowing agencies to streamline and consolidate workflows, expand referral relationships, and accelerate the start of care for patients.
The referral management market report table of contents includes:
1. Executive Summary
2. Referral Management Market Characteristics
3. Referral Management Market Trends And Strategies
4. Referral Management Market – Macro Economic Scenario
5. Global Referral Management Market Size and Growth
…..
31. Global Referral Management Market Competitive Benchmarking
32. Global Referral Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Referral Management Market
34. Referral Management Market Future Outlook and Potential Analysis
35. Appendix
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