CHICAGO, Aug. 21, 2020 /PRNewswire/ -- According to the new market research report "Referral Management Market by Component (Software [Integrated, Standalone], Services), Mode of Delivery (Cloud-Based, On-Premise), Type (Inbound , Outbound), End User (Providers, Payers, Others) and Region - Global Forecasts to 2025", published by MarketsandMarkets™, the global Referral Management Market is expected to reach USD 6.0 billion by 2025 from USD 2.8 billion in 2020, at a CAGR of 16.7%.
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The technological advancements in healthcare infrastructure, growing adoption of digital solutions, various advantages of automated referral process, and the increasing funding for implementing healthcare IT solutions are the key drivers of the market growth. Rising geriatric population base and subsequent increase in the disease burden worldwide will further upsurge the demand for referral management solutions
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Software component segment is anticipated to be the fastest growing segment during the forecast period
The referral management market includes Tier I and II vendors like Cerner Corporation, CarePort Health (an Allscripts Company) and eHealth Technologies. The companies have a large market spread across various countries in North America, Europe, Asia Pacific and Rest of the World. The global COVID-19 outbreak has impacted the business. Market players are taking various initiatives to integrate telehealth services into their referral management solutions to ease and promote virtual patient visits owing to the contagious nature of the coronavirus. These solutions aid in achieving higher operational efficiency, leading to shorter waiting times and enhanced patient access, especially in these times of pandemic.
The market is segmented into software and services, based on the components. The software segment which includes integrated and standalone software, is estimated to command the largest share of the market in 2020, and this segment is also projected to register the highest CAGR. The costs involved in referral management software deployment and periodic software upgradations is expected to boost the segment growth during the forecast period.
Inbound referral is the most common type of referral and is expected to occupy the largest market share in 2020
The referral management market is segmented on the basis of type into inbound and outbound referrals. The inbound referrals segment is expected to hold the largest share of the market in 2020 and is estimated to grow at the highest CAGR during the forecast period. High volume of inbound referrals made by general physicians to medical specialists and hospitals is the major factor driving the growth of this type segment.
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The Asia Pacific market to grow at the highest CAGR during the forecast period
While North America is expected to dominate the global referral management market in 2020, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing adoption of advanced healthcare IT solutions in Japan and the large patient population in markets like China and India. Due to this, the demand for referral management solutions is expected to grow in this region.
The major players operating in the referral management market include Cerner Corporation (US), CarePort Health (an Allscripts Company) (US), eHealth Technologies (US), ReferralMD (US), Optum (US), Kyruus (US), Change Healthcare (US), Persistent Systems (India) and EZ Referral (Canada).
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