Healthcare ERP Market Insights 2021, Size, Global Trends, Industry Share, Growth Rate, Top Players, Business Opportunities, Demand, Forecast 2031

Healthcare ERP Market Outlook 2031
The global healthcare ERP market was valued at US$ 4.8 Bn in 2020

It is estimated to expand at a CAGR of 6.5% from 2021 to 2031

The global healthcare ERP market is expected to reach the value at US$ 9.6 Bn by the end of 2031

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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.

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.

Are Digitalization and Cloud Solutions Broadening Technology Gap in Healthcare ERP?
Digitalization of the global healthcare industry and rise in adoption of smart software systems are acting as key drivers for the healthcare ERP market. An increasing number of doctors, surgeons, and medical staff in India, Bangladesh, and Sri Lanka are widening their acceptance for digital technologies and cloud-based software solutions. However, there is a need for training of medical staff and healthcare professionals in remote & rural areas of developing countries in order to make them well-versed with software technologies.

Technology gap between software products and healthcare practitioners in developing economies of Vietnam, South Korea, and Japan, among other countries of Asia Pacific is hampering the growth of the healthcare ERP market. Hence, software companies should invest in training programs for medical staff and healthcare practitioners in these regions to boost acceptance of software platforms.

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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: 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.

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Healthcare ERP Market: Drivers
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 18.8% in 2008 to 38.4% 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: 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 2021 to 2031 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
Healthcare ERP Market: Major Players
The healthcare ERP market report concludes with the company profiles section, which includes key information about major players in the global healthcare ERP market
Leading players analyzed in the report 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.

Each of these players has been profiled in the healthcare ERP market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments

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