Wilmington, Delaware, United States, June 09, 2023 (GLOBE NEWSWIRE) — The global healthcare ERP market was valued at US$ 4.8 Bn in 2020 and is likely to reach US$ 9.6 Bn by 2031, expanding at a CAGR of 6.5% between 2021 and 2031. Rise in remote patient monitoring and telehealth after the COVID-19 peak presented significant opportunities to stakeholders in the global healthcare ERP industry.
Healthcare enterprise resource planning (ERP) is now an essential component of the global healthcare system. Healthcare professionals are increasingly using ERP systems, which is expected to drive market demand for these systems to reduce operational costs and enhance patient outcomes.
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Despite the fact that medical personnel and healthcare workers in Africa are open to the concept of cloud-based and software solutions, the need for job security in healthcare institutions in Africa is beginning to emerge as a key concern. Therefore, software companies could fund educational initiatives for healthcare workers and medical staff to close the technological divide. It is projected that healthcare facilities would increasingly utilize ERP in order to manage the massive volume of patient data acquired through digital tools.
Key Findings of Market Report
- Increase in usage of ERP systems among small and medium-sized organizations has fueled demand for these systems to reduce operating costs and enhance functional outcomes. Additionally, ERP systems for accounting, inventory management, point-of-sale profiles, purchases, and selling have begun to be adopted by laboratories and pharmacies.
Global Healthcare ERP Market: Key Players
- Medical Information Technology, Inc.
- Allscripts Healthcare, LLC.
- The HCI Group (Tech Mahindra Limited)
- Sage Group plc
- Focus Softnet Pvt. Ltd.
- CentralBOS, LLC.
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Global Healthcare ERP Market: Growth Drivers
- Mission-critical applications, such as inventory management, financial management, and patient relationship management, are becoming more common as a result of the COVID-19 pandemic. These factors are expected to contribute to growth of the global healthcare ERP market in the near future.
- Two significant factors driving the healthcare ERP market are digitalization of the healthcare industry and increase in smart software system usage. Acceptability of digital technology and cloud-based software solutions among medical staff, surgeons, and physicians is growing in Sri Lanka, Bangladesh, and India.
- Cloud computing is gaining traction in the healthcare ERP market owing to developments in drug development including customized therapies, analysis of data from multiple external sources, and gathering of patient health information. Incidence of chronic diseases such as heart problems and diabetes is increasing the demand for ERP systems that spur development of novel treatments boosting clinical numbers.
- Market players are utilizing patient relationship management potential for revenue generation and also to enhance quality of life of patients, as chronic illnesses are linked to patient mortality and morbidity. Increasing importance of healthcare ERP in managing patient relationship, particularly for the geriatric and disabled groups, is expected to fuel market development.
Global Healthcare ERP Market: Regional Landscape
- Rise in demand for innovative technological solutions among physicians and healthcare professionals to provide patients with high-quality treatment, removal of data silos for back-end processes, and lower operational expenses are driving the healthcare ERP market in North America. Presence of several large players, rapidly developing and strong healthcare system, and increase in demand for advanced technical solutions are likely to drive market development in the region.
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Global Healthcare ERP Market: Segmentation
- Inventory & Material Management
- Supply Chain & Logistics Management
- Patient Relationship Management
- Finance & Billing
- Long & Short Term Facilities
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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