Referral Management Market is projected to grow from USD 3.2 billion in 2022 to USD 6.1 billion by 2027, at a CAGR of 13.6% from 2022 to 2027, according to a new report by MarketsandMarkets™. The technological advancements in healthcare infrastructure, increasing adoption of digital solutions, various advantages of automated referral process, and the increasing funding for implementing healthcare IT solutions are the major drivers of the referral management market growth. Rising geriatric population base and subsequent surge in the disease burden globally will further upsurge the demand for referral management solutions.
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“Hardware component segment is anticipated to be the fastest growing segment during the forecast period”
The market is segmented into software and services, based on the components. The software segment which includes integrated and standalone software, accounted the largest share of the market in 2021, and this segment is also projected to register the highest CAGR. The price involved in referral management software deployment and periodic software upgradations is expected to boost the segment growth during the forecast period.
“Inbound referral type segment of referral management market expected to occupy the largest market share in 2021”
The referral management market is bifurcated based on type into inbound and outbound referrals. The inbound referrals segment is expected to hold the largest share of the market in 2021 and is estimated to grow at the highest CAGR during forecast period. High volume of inbound referrals made by general physicians to medical specialists and hospitals are the some of the key factor driving the growth of this type of segment.
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“The Asia Pacific referral management market to grow at the highest CAGR during the2022 to 2027”
While North America is expected to dominate the global referral management market in 2021, the Asia Pacific region is expected to register the highest CAGR during the2022 to 2027. The high growth in this region can be attributed to the rising 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 boost in Asia pacific region.
Key Market Players:
Prominent players in referral management market are Cerner Corporation (US), CarePort Health (US), eHealth Technologies, Inc. (US), Optum, Inc. (US), Change Healthcare (US), ReferralMD (US), Kyruus (US), Eceptionist (US), Persistent Systems (India), HealthViewX (US), Conifer Health Solutions, LLC (US), EcoSoft Health (US), DentalCareLinks (US), BlockitNow, Inc. (US), Cloudmed (US), EZ Referral (Canada), ReferWell (US), Arcadia (US), HealthWare Systems (US), Netsmart Technologies, Inc. (US), Advanced (UK), Innovaccer, Inc. (US), Lightbeam Health Solutions (US), MDfit (US), and Medcohere Inc. (US). These players are increasingly focusing on product launches, expansions, acquisitions, and partnerships to expand their product offerings in the referral management market.
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