Published Date: 23-Sep-2022
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According to a new report, published by KBV research, The Global Referral Management Market size is expected to reach $6.4 billion by 2028, rising at a market growth of 12.7% CAGR during the forecast period.
The Outbound Referrals segment is showcasing a CAGR of 13.3% during (2022 - 2028). A request to transfer care or to offer evaluation, treatment or professional advice regarding the care of a patient from the registered practice to a third party is known as an outbound referral and is documented in the system against the referral characteristic or categorized area.
The Software segment acquired maximum revenue share in the Global Referral Management Market by Component in 2021 thereby, achieving a market value of $4.4 billion by 2028. This segment is made up of integrated and standalone software. One of the main drivers of the market expansion of this category is the increased use of this referral management software in various healthcare facilities for increasing the effectiveness and caliber of medical care delivery systems.
The On-premise segment has shown the growth rate of 11.5% during (2022 - 2028). Large businesses are opting for on-premises referral management software because they have all the necessary tools to add an extra layer of security, such as internal IT support and backup servers. Additionally, because this approach is paid as a one-time perpetual licensing fee, healthcare providers can more easily maintain complete control over their crucial details.
The Providers segment is leading the Global Referral Management Market by End User in 2021 thereby, achieving a market value of $3 billion by 2028. The growing emphasis on optimizing the patient referral process and facilitating constant communication throughout the process is the main factor driving the need for referral management among healthcare professionals.
The North America market dominated the Global Referral Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.4 billion by 2028. The Europe market is exhibiting a CAGR of 12.2% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 13.2% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of GetWellNetwork, Inc., Epic Systems Corporation, Oracle Corporation (Cerner Corporation), CarePort Health (WellSky Corporation), eHealth Technologies, Inc., UnitedHealth Group, Inc. (Optum, Inc.), Persistent Systems Limited, Cloudmed (R1 RCM, Inc.), EcoSoft Health, and ReferWell.
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