The Worldwide Referral Management Industry is Projected to Reach $6.1 Billion by 2027

DUBLIN, Nov. 9, 2022 /PRNewswire/ -- The "Referral Management Market by Component (Software (Integrated, Standalone), Services), Delivery Mode (Cloud Based, On Premise), Type (Inbound, Outbound), End User (Providers, Payers) - Analysis & Global Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.

The referral management market is projected to reach USD 6.1 Billion by 2027 from USD 3.2 Billion in 2022, at a CAGR of 13.6%. Various government initiatives focusing on healthcare digitization and increasing adoption of healthcare IT solutions across the healthcare facilities are set to drive the referral management market.

However, a lack of standard healthcare protocols, high installation cost of systems, poorly connected IT infrastructure, lower IT implementation budgets of hospitals, the reluctance of healthcare practitioners towards the adoption of IT-based solutions, and a shortage of in-house IT expertise in hospitals are expected to restrain the growth of this market to a certain extent during the forecast period.

The software component accounted for the largest market share during the forecast period

On the basis of component, the referral management market is bifurcated into software and services. The software segment is accounted for the largest market share during the forecast period. Introduction of advanced integrated and standalone software solutions along with periodic software upgrades is expected to raise the growth of this market segment.

The cloud-based mode of delivery segment accounted for the largest share of the referral management market in 2021

On the basis of mode of delivery, the referral management market is bifurcated into cloud-base and on-premise. The cloud-based segment accounted for the largest share of the global market in 2021. The large share and high growth of this segment can be attributed reduction in the cost of deploying referral management solutions and improved capacity flexibility.

High volumes of inbound referrals to hold highest market share during the forecast period

On the basis of type, the referral management market is divided into inbound and outbound referrals. The inbound referrals segment is projected to hold the highest market share during the forecast period. The increasing adoption of referral management solutions in hospitals and specialist centers are the key growth factor contributing to the large share of this segment.

The providers segment in the end users is expected to hold the largest share of the global referral management market in 2022

On the basis of end user, the referral management market is bifurcated into providers, payers and others. In 2021, the providers segment accounted for the largest market share and expected to grow at the highest rate during the forecast period. Increased adoption of referral management solutions by the primary care physicians, specialists and other healthcare providers to streamline patient referral process and reduce network leakages are some of the factors supporting the market growth of this segment.

The Asia Pacific referral management market is expected to grow at the fastest rate during the 2022 to 2027

Geographically, the referral management market is bifurcated into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The Asia Pacific market is expected to grow at the fastest rate during the 2022 to 2027. The high growth in Asia pacific region can be attributed to the technology revolution in healthcare sector and growing emphasis of government on connected healthcare approach in this region. Rising geriatric patient pool in the APAC countries, increasing demand for advanced healthcare services and efficient care transition will further support the regional market growth.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Referral Management Market Overview
4.2 North America: Referral Management Market, by Type and Country (2021)
4.3 Referral Management Market Share, by Type, 2022 Vs. 2027
4.4 Referral Management Market Share, by Component, 2022 Vs. 2027
4.5 Referral Management Market Share, by Mode of Delivery, 2022 Vs. 2027

5 Market Overview
5.1 Introduction
5.1.1 Drivers
5.1.1.1 Increasing Government Initiatives to Incorporate It Solutions in Healthcare
5.1.1.2 Benefits Offered by Automated Referral Processes
5.1.1.3 Rising Geriatric Population and Subsequent Increase in Incidence of Chronic Diseases
5.1.2 Restraints
5.1.2.1 Lack of Skilled Healthcare It Professionals
5.1.3 Opportunities
5.1.3.1 Asia-Pacific Market to Offer High Growth Potential
5.1.3.2 Cloud-Based Models Offer Significant Growth Opportunities
5.1.4 Challenges
5.1.4.1 Reluctance to Adopt Hcit Solutions and Data Security Concerns
5.1.4.2 Lack of Awareness

6 Referral Management Market, by Component
6.1 Introduction
6.2 Software
6.2.1 Integrated Software
6.2.1.1 Integration of Referral Management Systems with Emrs Increases Referral Volume by 250?300%
6.2.2 Standalone Software
6.2.2.1 Standalone Software Provides High Data Security
6.3 Services
6.3.1 Need for Software Interoperability and Training for Advanced Solutions Will Boost Market Growth

7 Referral Management Market, by Mode of Delivery
7.1 Introduction
7.2 Cloud-Based Delivery
7.2.1 Cloud-Based Delivery Eliminates Upfront Hardware Expenses
7.3 On-Premise Delivery
7.3.1 On-Premise Delivery Allows Customization of Solutions According to Vendor Requirements

8 Referral Management Market, by Type
8.1 Introduction
8.2 Inbound Referrals
8.2.1 High Volume of Inbound Referrals from Multiple Referring Channels to Drive Market
8.3 Outbound Referrals
8.3.1 Increased Demand for Patient Referral Systems by Fohcs and Chcs to Support Market Growth

9 Referral Management Market, by End-User
9.1 Introduction
9.2 Providers
9.2.1 Referral Management Solutions Improve Profitability of Healthcare Providers by Reducing Patient Referral Leakages
9.3 Payers
9.3.1 Referral Management Solutions Help Payers Increase Operational Efficiency
9.4 Other End-Users

10 Referral Management Market, by Region

11 Competitive Landscape
11.1 Overview
11.2 Key Player Strategies/Right to Win
11.2.1 Overview of Strategies Adopted by Players in Referral Management Market
11.3 Market Ranking
11.4 Competitive Leadership Mapping
11.4.1 Stars
11.4.2 Emerging Leaders
11.4.3 Pervasive Players
11.4.4 Participants
11.5 Competitive Scenario

12 Company Profiles
12.1 Key Players
12.1.1 Cerner Corporation
12.1.2 Careport Health
12.1.3 Ehealth Technologies, Inc.
12.1.4 Optum, Inc.
12.1.5 Change Healthcare
12.1.6 Persistent Systems
12.1.7 Eceptionist
12.1.8 Referralmd
12.1.9 Kyruus
12.1.10 Healthviewx
12.1.11 Conifer Health Solutions, LLC
12.1.12 Ecosoft Health
12.1.13 Dentalcarelinks
12.1.14 Blockitnow, Inc.
12.1.15 Cloudmed
12.1.16 Ez Referral
12.1.17 Referwell
12.1.18 Arcadia
12.2 Other Players
12.2.1 Healthware Systems
12.2.2 Netsmart Technologies, Inc.
12.2.3 Advanced
12.2.4 Innovaccer, Inc.
12.2.5 Lightbeam Health Solutions
12.2.6 Mdfit
12.2.7 Medcohere, Inc.

13 Appendix

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