The global healthcare ERP market size was valued at US$ 6.9 billion in 2021 and is expected to hit US$ 14.6 billion by 2030 with a registered CAGR of 6.96% from 2022 to 2030.
Growth Factors:
Adoption of the healthcare business management system, which integrates human resources, payroll, materials management, accounts payable, general ledger, supply chain management, and other business applications, is low
Currently, around 60% of the U.S. hospitals do not have an ERP solution in place. According to an analysis of data from the HIMSS Analytics Logic Platform, hospital ERP adoption increased from 20.8% in 2008 to 40.4% a decade later.
The platform monitors the use of over 200 health IT tools. However, according to healthcare advisors, ERP adoption will continue to rise. Currently, nearly 200 hospitals are contracting, installing, or planning to purchase an ERP solution.
In the past 10 years, hospitals have prioritized clinical and financial improvements, particularly through the use of technology. The push for value-based care and clinical quality improvement, for instance, as well as the federally mandated meaningful use initiative, induced hospitals to install EMR systems.
Healthcare ERP Market: Overview
Healthcare facilities and firms are embracing cloud-based ERP systems due to advantages such as minimum ownership cost, low availability of in-house technical expertise, agile & flexible infrastructure capacity, less capital requirement, and constant upgrades. On-premises systems require significant capital expenditure and high costs. Hence, small and medium companies are embracing cloud-based ERP systems.
Rise in usage of ERP systems among small and medium businesses boosts demand for these systems to bring down operational costs and improve functional outcomes. Moreover, pharmacies and laboratories have started to embrace ERP systems for inventory management, accounts, purchase, point-of-sale profile, and selling.
Report Scope of the Healthcare ERP Market
Healthcare ERP Effective to Overcome Uncertainties During COVID-19
Healthcare ERP has emerged as one of the most important strategies to support healthcare facilities amid the COVID-19 pandemic. Stakeholders are striving to maintain optimum inventory levels to reduce dependence on other countries for raw materials, products, medical devices or instruments, equipment, and the likes. Companies in the healthcare ERP market are gauging long-term revenue opportunities, since the healthcare system of China, the U.K., and India is under scrutiny due to the new infection wave.
Mission-critical applications such as inventory management, patient relationship management, and financial management are growing prominent amid the ongoing pandemic. Such trends are providing impetus to the global healthcare ERP market in the upcoming years.
Healthcare ERP Market – Scope of Report
Nova one advisor’s report on the global healthcare ERP market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2022 to 2030. The report provides revenue of the global healthcare ERP market for the period 2017–2030, considering 2021 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global healthcare ERP market from 2022 to 2030.
The report has been prepared after an extensive research. Primary research involved bulk of the research efforts, wherein analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the healthcare ERP market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various attributes of the global healthcare ERP market.
The report includes an elaborate executive summary along with a snapshot of the growth behavior of various segments included in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the global healthcare ERP market. These serve as valuable tools for existing market players as well as for entities interested in participating in the global healthcare ERP market.
The report delves into the competitive landscape of the global healthcare ERP market. Key players operating in the global healthcare ERP market have been identified and each one of these has been profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are the attributes of players in the global healthcare ERP market profiled in this report.
Rapid Adoption of Healthcare ERP Systems Contributing to Market Growth
Healthcare enterprise resource planning (ERP) has become an indispensable part of the healthcare system worldwide. Rise in usage of ERP systems among healthcare practitioners is triggering the demand for these systems to lower operational cost and improve patient outcomes.
Several healthcare organizations, including clinics, hospitals, and emergency departments across the world have been seeking ways to implement ERP to boost operational efficiencies. Such trends are steering the growth of the global healthcare ERP market with respect to accurate information about key performance indicators (KPIs), optimization of costs, and to streamline back-end operations. The integration of ERP with the healthcare IT infrastructure in developing economies has enabled players in the healthcare industry to revolutionize their IT systems.
Cloud Computing Technologies Dictating Market Expansion
Drug development innovations such as analysis of data from various external sources, tailored treatments, and collection of patient health records are providing impetus to cloud computing in the healthcare ERP market. The high prevalence of chronic illnesses among diabetic and heart patients is fueling the need of ERP systems to innovate in new therapeutics that increase clinical numbers.
The growing medical tourism for cost-efficient treatments at healthcare facilities in Malaysia is also contributing to market expansion. Increase in international and multi-state clinical trials holds promising potentials for boosting the adoption of cloud based software technologies.
Value-based Treatment for Elderly Patients Catalyzing Market Growth
Since chronic diseases are closely related to patient morbidity and mortality, companies in the healthcare ERP market are tapping revenue opportunities in patient relationship management to improve their quality of life. The growing importance of healthcare ERP for patient relationship management, especially for the geriatric population and disabled people, is augmenting market growth.
Awareness about value-based treatment and need to enhance patient experience are being recognized by healthcare facilities worldwide. Future technologies such as surgical robots and AI for the treatment of neurological conditions among patients are necessitating the importance of healthcare ERP.
Healthcare ERP Market: Segmentation
- In terms of offering, the global healthcare ERP market has been bifurcated into solutions and services. The solutions segment has been split into cloud-based and on-premises.
- Based on application, the global healthcare ERP market has been classified into inventory & material management, supply chain & logistics management, patient relationship management, finance & billing, and others
- In terms of end-user, the global healthcare ERP market has been divided into hospitals, clinics, long & short term facilities, and others
- Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The healthcare ERP market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2031, considering 2020 as the base year. The compound annual growth rate (percentage CAGR) has been provided for each segment and market from 2022 to 2030 along with market size estimations.
Regional Overview: Healthcare ERP Market
- In terms of region, the global healthcare ERP market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Rise in demand for advanced technological solutions among healthcare professionals and clinicians to deliver high quality care to patients, elimination of data silos for back-end operations, and reduction of operational costs are the key factors driving the market in North America
- Rapidly expanding and robust healthcare infrastructure, presence of major players, and rise in demand for sophisticated technological solutions propel the market in the region
Some of the prominent players in the Healthcare ERP Market include:
- Allscripts Healthcare, LLC
- Azalea Health
- CentralBOS, LLC
- CPSI
- Deskera
- Elinext Group
- Focus Softnet Pvt. Ltd.
- Infor
- Infosys Limited
- Medical Information Technology, Inc.
- Microsoft
- Oracle
- Premier
- Rootstock Software
- Sage Group plc
- SAP
- The HCI Group (Tech Mahindra Limited)
- Wipro Limited
- Workday, Inc.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
- By Offering
- By Application
- Inventory & Material Management
- Supply Chain & Logistics Management
- Patient Relationship Management
- Finance & Billing
- Others
- By End-user
- Hospitals
- Clinics
- Long & Short Term Facilities
- Others
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Key Points Covered in Healthcare ERP Market Study:
- Growth of Healthcare ERP in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Healthcare ERP and How to Navigate
- Key Product Innovations and Regulatory Climate
- Healthcare ERP Consumption Analysis
- Healthcare ERP Production Analysis
- Healthcare ERP and Management
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