PUBLISHER: Grand View Research | PRODUCT CODE: 1133253
PUBLISHER: Grand View Research | PRODUCT CODE: 1133253
The global patient referral management software market size is expected to reach USD 35.9 billion by 2030, based on a new report by Grand View Research, Inc., expanding at a CAGR of 17.6% from 2022 to 2030. Some of the key factors driving the demand for patient referral software are the rising need for patient engagement, reduction in the likeliness of errors, decrease in administrative burden, and budgetary allocation for healthcare, especially in developing countries. Medical errors can result in tremendous losses in terms of finances and patient care. For instance, as per the Canadian Patient Safety Institute, medical errors account for approximately 28,000 deaths per year in Canada.
The business strategies undertaken by the players to strengthen their presence are fuelling the market growth. Collaborations between the market players and the healthcare providers, new product launches, technological advancements, and customization of patient referral software are expected to fuel market growth. For instance, companies such as Cerner Corporation and ReferralMD have come up with innovative features of providing patients with the flexibility of direct appointment booking. This provides the care coordinators with a platform that includes patient engagement solutions and also allows the patients and the healthcare providers to search for specialists and schedule appointments from the web portal.
The supportive government regulations to promote the adoption of healthcare IT solutions are boosting the penetration of medical referral software. For instance, the program "Healthy China 2030" seeks to increase health coverage and promotion of patient referral software. Moreover, the Ministry of Health in Argentina introduced a nationwide digital health network in April 2020 to enable care facilities to securely access patient data through standardized integration in order to enhance patient interactions. The initiative is likely to enable close to 45 million individuals to have access to free public healthcare.