Ottawa, May 04, 2022 (GLOBE NEWSWIRE) -- The rising government initiatives to equip the hospitals with advanced, digital, and automated technologies are a key factor that fosters the growth of the healthcare ERP market. The healthcare ERP systems helps the healthcare administrators to offer enhanced care services to the patients by efficiently handling the backend operations such as supply chain & logistics, finance & billing, inventory management, patient relationship management.
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Moreover, the growing prevalence of chronic diseases among the global population is creating a pressure on the healthcare units to provide quick services and treatment. The various diseases such as cancer, cardiovascular disease, diabetes, and neurological disorders. The ability of the healthcare ERP systems to offer enhanced patient services by eliminating the operational or the administrative tasks is fueling the demand for the ERP systems across the healthcare sectors around the globe.
Regional Snapshot
North America dominated the global healthcare ERP market in 2020. The government initiatives to equip the hospitals with the latest and advanced digital technologies has played a prominent role in the growth of the market. Moreover, the increased prevalence of the chronic diseases among a huge portion of the US population coupled with favorable reimbursement policies and increased healthcare expenditure has fostered the access to the healthcare services, which has resulted in the increased volume of patients and increased volume of patient data. The ERP systems efficiently handles the patient database and enhances the interaction between the service providers and the patient, which has fostered the adoption of the healthcare ERP in North America.
Scope of the report
| Report Attributes | Details |
| Market Size in 2021 | USD 6.89 Billion |
| CAGR | 5.96% from 2022 to 2030 |
| Revenue forecast by 2028 | USD 10.33 Billion |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | Microsoft Corporation, Oracle Corporation, SAP SE, McKesson Corporation, Sage Group Plc., Infor, Inc., Odoo, QAD, Inc., Aptean, Epicor Software Corporation |
Asia Pacific is estimated to be the most opportunistic market. The rising prevalence of chronic diseases and increasing government investments in the development of advanced healthcare infrastructure is anticipated to drive the demand for the healthcare ERP solutions in the region. Moreover, the presence of huge population and improving access to the healthcare facilities is expected to drive the adoption of the ERP systems in the healthcare sector to enhance the patient care services.
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Report Highlights
- Based on the function, the patient relationship management is estimated to be the fastest-growing segment. This is attributed to the quality patient care and personalized services offered by the ERP systems that boosts and enhances the interaction between t5he clinicians and patients.
- Based on the deployment, the cloud is estimated to be the most opportunistic segment during the forecast period. The rising adoption of the cloud computing due to the conveniences associated with the storage, access, and transfer of the patient data over the internet is expected to boost the growth of this segment.
- Based on the end user, the hospitals segment dominated the market in 2020. This is attributable to the government and corporate investments to develop smart hospitals by equipping the hospitals with the latest and advanced technologies. The healthcare ERP is extensively used in the hospitals owing to the huge number of patients and higher number of hospital admissions across the globe.
Market Dynamics
Driver
Rising prevalence of chronic diseases
According to the International Agency for Research on Cancer,around 28.4 million new cancer cases will be recorded in 2040, globally.According to the World Health Organization, the cardiovascular diseases results in around 17.9 million or 32% of the global deaths and it is a leading cause of death across the globe. As per the International Diabetes Federation, the global diabetic population is estimated to reach at 783 million by 2045. The increased prevalence of the diseases will generate huge volume of patient data along with the rising number of hospital admissions. To efficiently handle the patients and the patient-related data, the demand for the ERP systems is expected to rise in the forthcoming years.
Restraint
Lack of professional knowledge in handling the ERP systems
The lack of knowledge among the healthcare professionals in handling the healthcare ERP systems forces the healthcare units to adopt the third-party services, which results in increased cost. Thus, this is a major restraining factor that may hinder the growth of the market.
Opportunity
Rising adoption of the cloud computing
The cloud computing has gained rapid traction across the globe owing to the developed telecommunications and IT infrastructure. Moreover, the increasing penetration of the internet has fostered the adoption of the cloud computing based healthcare ERP systems that can store data on the cloud that is easily accessible through the internet.
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Challenge
Data breach and cybersecurity
With rising adoption of the internet and the digital technologies, the threat of cyberattacks and data breach has significantly increased. The cyberattacks may cause a severe financial losses to the healthcare units. This is the major threat to the healthcare ERP market.
Market Segmentation
By Function
- Supply Chain & Logistics
- Finance & Billing
- Inventory Management
- Patient Relationship Management
- Others
By Deployment
- On Premise
- Cloud
By End User
- Hospitals
- Clinics
- Nursing Homes
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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