Referral Management Market worth $2686.3 Million by 2019 - MarketsandMarkets
(PRWEB) April 03, 2015 -- The healthcare industry is undergoing a fundamental transformation globally as it shifts from a volume-based business to a value-based business. Growing demands from consumers for improved healthcare quality and greater value are forcing healthcare providers and payers to deliver optimized outcomes. In addition, while the number of hospital admissions is rising globally, healthcare infrastructure is not growing at a similar pace, which has added to the burden on healthcare systems. In order to overcome these challenges and meet consumer expectations, healthcare providers are increasingly adopting referral management solutions that enable them to provide improved healthcare at reduced costs.
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The global referral management market is estimated to grow at a CAGR of 22.1% from 2014 to 2019 to reach $2,686.3 million by 2019 from $988 million in 2014. Over the years, the healthcare industry has recognized that traditional approaches to patient care, quality assurance and cost management are inefficient in the face of emerging challenges. Therefore, referral management solutions will be among the priorities on the investment list of healthcare organizations seeking to streamline the referral process and ensure effective cost management.
Based on type, the professional referrals segment is the largest (in 2014) and the fastest-growing segment. Based on mode of delivery, the web-based solutions segment dominated the referral management market in 2014. However, cloud-based solutions will be the fastest-growing delivery mode. Among end users, the providers segment was the largest (in 2014) and is expected to be the fastest-growing (during 2014 to 2019). Based on region, North America is expected to grow at the highest CAGR during 2014 to 2019. The high growth of the North American region can be attributed to factors such as rising healthcare costs in the U.S., increasing government initiatives to incorporate IT solutions in healthcare, rising aging population and incidences of chronic diseases in the U.S. and increasing healthcare spending in Canada.
The companies in this market focus on growth strategies such as client acquisitions; agreements, partnerships, collaborations and alliances; new product launches; and others (marketing and promotion, certification and funding) to increase their customer base.
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