Healthcare ERP Market: Current Analysis and Forecast (2021-2027)

The Healthcare ERP market is predicted to grow at a CAGR of ~6% between 2021 and 2027. Enterprise resource planning (ERP) systems are complete, integrated platforms, either on-premises or in the cloud, managing all aspects of businesses. Furthermore, ERP systems support all aspects of financial management, human resources, and supply chain management, among others. The improving healthcare infrastructure and increasing the number of patients owing to the development of different software and databases. For instance, according to an ONC survey, about 95% of hospitals eligible for the Medicare and Medicaid Electronic health report (EHR) Incentive Program have achieved meaningful use of certified health IT. Moreover, the ERP systems are designed according to provide better healthcare services with better, accurate, and hassle-free treatment. In addition, the ERP systems bring every segment of the healthcare facility under a single roof that integrated system, helps in increasing work efficiency, resulting in the reduced operational cost of the system. Thus, reduced operational cost, better-designed systems, and surging chronic diseases attributes to the future growth of the Healthcare ERP market.

Insights Presented in the Report

"Amongst offerings, solution category is expected to dominate the market"

Based on offerings, the market is bifurcated into solutions and services. The solution segment is further segmented into cloud-based and on-premises. The solution-based ERP is expected to witness significant growth in the forecast period due to the continuous developments in the IT industry and the rising adoption of technologically advanced solutions and services in the healthcare sector. Furthermore, the surging prevalence of chronic diseases coupled with the COVID-19 pandemic boosted the requirement for improved a software solutions. In addition, with the advent of the 5G technology and digitization of public and private healthcare system in developing nations, the cloud-based solution is expected to witness significant growth

Amongst application, a finance & billing segment is expected to have the significant market share

On the basis of application, the market is categorized into inventory & material management, supply chain & logistics management, patient relationship management, finance & billing, and others. Among them, in 2020, the finance & billing category held a significant market share. The growing focus on nations to develop healthcare infrastructure and services coupled with increasing healthcare expenditure is further expected to drive the category's growth. For instance, According to WHO, the global per capita expenditure on healthcare increased by 12.96% and reached US$ 1,121 in 2019 from US$ 993 in 2015. However, the inventory and material management category is expected to record the robust growth rate over the forecast period. Inventory and material management-based ERP modules provide improved reporting, real-time supply chain management, overall inventory analysis, and inventory planning. As per an article published by Xtelligent Healthcare Media, LLC, in March 2018, the integration of analytics and automation with inventory management has resulted in an efficient order of supplies and management of the organization.

"Amongst End Users, the hospital & clinics segment is likely to capture significant market share during the foreseeable future

Based on end-user, the healthcare ERP market has been segmented into hospitals & clinics, ambulatory surgery centers (ASC), and others. Amongst them, hospitals & clinics are predicted to have a significant market share in the foreseeable future. The rising number of public and private hospitals across the world fueled by increased government and private expenditures on healthcare infrastructure coupled with the growing deployment of digital and technologically sophisticated solutions and systems is expected to result in increased adoption and integration of ERP in the healthcare sector. Furthermore, the adoption of ERP systems is fueled by the growing number of hospital admissions as a result of the increasing incidence of chronic diseases. According to the CDC, 40% of American adults are suffering from chronic diseases and which is expected to grow in the future. In addition, the integration of the diagnostic centers within the hospitals also drives the market of the hospital & clinics.

"North America holds the lion's share in the Healthcare ERP"

During the forecast period, North America is expected to have a significant market share. The increasing awareness about the severity of the diseases and the increasing geriatric population in the region which is positively influencing the market landscape of the healthcare industry. Continuously increasing the number of online and offline medical consultations in the region has forced countries like the U.S. to focus on Healthcare ERP and deal with greater quantities of healthcare software that can manage many patients at a time. Furthermore, the increasing investment in the healthcare system in the region also contributes to the market growth of the Healthcare ERP. For instance, the healthcare expenditure of Mexico is increasing by 3.2% from 2016 to 2019 which accounted for US$ 1,076 in 2016 and reached US$ 1,111 in 2019. Moreover, the rise in demand for advanced technological solutions among healthcare professionals and clinicians to deliver high-quality care to patients drives the market share of the Healthcare ERP in the region.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry

The study comprehensively covers the market across different segments

Deep dive regional level analysis of the industry

Customization Options:

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