The patient referral management software market size is expected to advance at a CAGR of 17.9% during 2024–2030, to reach USD 30,221.2 million by 2030.
The continuous increase in the geriatric population, the exponential rate of technological development, as well as the initiatives being taken by governments to deploy IT solutions in healthcare centers are some of the major factors that are propelling the growth of the market.
Referral management software is a platform that makes it easier for healthcare organizations to track and keep a record of referrals, as well as reducing certain out-of-network practices, i.e., referring patients outside the network of affiliated healthcare facilities, to an extent. The communication between patients and providers becomes better, and this software also aids in streamlining the complete referral process, maintaining data accuracy as well as patient satisfaction, increasing the rates at which the referrals are completed, and better utilizing the available facilities.
The overall technological advancements, digitalization of procedures, and increasing prevalence of chronic diseases are some of the key factors expected to drive the market in the projection period. The medical needs, especially of newborns and the elderly, are more diverse and more complicated to cater to efficiently. Hence, software to ease as well as manage the referral of patients from one healthcare facility to another, for the right treatment, on time; tracking patients’ treatment, and enabling better communication between them and providers is required.
The APAC region is expected to grow at the highest CAGR, of 18.3%, during the projection period owing to the continuous rise in the geriatric population and the government initiatives for providing better care through digitalization as well as the incorporation of other advanced technologies in healthcare systems.
Elderly people need extensive care, especially because of senescence, which is quite normal as age increases. Referral systems bring together different service providers and create a network to provide a way in which the health provider or patient can better understand the various stages of the clinical condition and ways to manage it.
Moreover, the governments of regional countries are taking initiatives to improve healthcare facilities, due to the rising prevalence of various chronic diseases. For instance, one of the leading healthcare organizations of India, All India Institute of Medical Sciences (AIIMS), along with the central as well as various state governments, is planning to introduce a referral policy that would enable the shifting or forwarding of patients to a local or smaller healthcare facility, once they are stable for further treatment, if required, and vice versa, i.e., shifting patients from local or smaller hospitals to the ones equipped with advanced equipment.
Further, in the state of Karnataka, an online referral system has been introduced to facilitate the easy referral of patients from government hospitals to tertiary-care facilities. It would ensure that patients are able to avail of the treatment on time, as well as maintaining the transparency of the procedures conducted in healthcare facilities.
Some of the major companies operating in the patient referral management software market are ReferralMD, Kyruus, eHealth Technologies, BlockitNow Inc., CarePort Health, Conifer Health Solutions, Optum Inc., Netsmart Technologies Inc., ReferWell, HealthViewX, and Lightbeam Health Solutions.