- Increasing relevance of healthcare ERP for patient relationship management, particularly among the disabled and the elderly, is likely to fuel market expansion
ALBANY, N.Y., April 28, 2022 (GLOBE NEWSWIRE) -- The value of the global healthcare ERP market was clocked at US$ 4.8 Bn in 2020. The global market is likely to develop at a CAGR of 6.5% during the forecast period, from 2021 to 2031. The global healthcare ERP market is anticipated to attain valuation of US$ 9.6 Bn by 2031. The market is expected to rise due to the increase in ERP adoption at hospitals in order to cope with massive volumes of patient data obtained through digital resources.
Healthcare enterprise resource planning or ERP has now become a critical component of the global healthcare system. The rising utilization of ERP systems by healthcare professionals is likely to drive usage of these systems to reduce operational costs and enhance patient outcomes.
Several healthcare institutions throughout the world, including hospitals, clinics, and emergency rooms, have been looking for ways to incorporate ERP systems so as to improve operational efficiencies. Such developments are likely to drive the global healthcare ERP market with regard to reliable information concerning cost optimization, key performance indicators (KPIs), and streamlined back-end operations. In developing countries, the integration of ERP with healthcare IT infrastructure has enabled participants in the healthcare business to transform their IT systems.
Due to improved facilities and services offered by hospitals in Europe, the region is likely to become one of the leading markets for healthcare ERP in the years to come.
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Key Findings of Market Report
- In the midst of the continuing pandemic, mission-critical applications such as patient relationship management, finance management, and inventory management are becoming more significant. In the forthcoming years, such developments are likely to offer momentum to the global healthcare ERP market.
- Globalization of the healthcare business as well as growing implementation of smart software solutions are likely to drive the healthcare ERP market. In countries such as Sri Lanka, Bangladesh, and India, a growing number of physicians, surgeons, and medical personnel is accepting digital technology and cloud-based software solutions.
- Gradual shift of healthcare facilities and hospitals toward providing patients more value-based treatment & care and improving patient experience has elevated the significance of healthcare ERP in management of patient relationship in mainstream healthcare
- Healthcare institutions all around the globe are becoming more aware of value-based treatment options and the need to improve patient satisfaction. The relevance of healthcare ERP is necessitated by emerging technologies such as artificial intelligence (AI) and surgical robots for treating of neurological diseases in patients.
- The global health care ERP market is expected to be dominated by North America during the forecast period. Due to increase in research & development activities and technically advanced products produced in the region, the regional market is expected to grow at a rapid speed over the next few years.
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Global Healthcare ERP Market: Growth Drivers
- Cloud computing in life sciences R&D is being driven by rise in gene therapy research, international as well as multistate clinical trials, and growth in prevalence of various chronic illnesses in several countries. Breakthroughs in drug development, such as personalized therapies, require collection of data and its subsequent analysis. Data is gathered from a variety of external sources, such as physicians, patients, and others. However, increase in customization of computer systems to fit to specific needs, as well as the use of social media in cloud computing, is expected to raise the adoption of healthcare ERP.
- In the forthcoming years, the hospitals segment is expected to be driven by rise in ERP adoption in healthcare facilities in order to cope with massive volumes of data obtained through digital resources
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Global Healthcare ERP Market: Key Competitors
- Medical Information Technology, Inc.
- Allscripts Healthcare, LLC
- The HCI Group (Tech Mahindra Limited)
- Focus Softnet Pvt. Ltd.
- Rootstock Software
- Computer Programs and Systems, Inc.
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Global Healthcare ERP Market: Segmentation
Offering
- Solutions
- Services
Application
- Inventory & Material Management
- Supply Chain & Logistics Management
- Patient Relationship Management
- Finance & Billing
- Others
End User
- Hospitals
- Clinics
- Long & Short Term Facilities
- Others
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