$9+ Billion Global Healthcare ERP Market is Expected to Grow at a CAGR of over 6.4% During 2022-2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, May 29, 2022 (GLOBE NEWSWIRE) -- Recently, owing to stringent regulations proposed by healthcare organization associations, the need for healthcare ERP is considered to be an important factor for major hospitals and medical centers. Also, the growing e-prescription trends in the healthcare sector are driving the Healthcare ERP Market. With the successful implementation of healthcare ERP, major companies are taking keen interests in the management systems, data and statics, and backup.
The Global Market revenue value stood at USD 6.31 Billion in the year 2021. The Global Healthcare ERP Market size is expected to reach USD 9.16 Billion by the year 2028 and is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
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Market Dynamics:
Driver: Rapid Adoption of Healthcare ERP
With the growing economic crisis and increasing market demand, major reforms are currently taking place in the healthcare sector. The need for quality healthcare and operational efficiency, with reduction in costs and optimizing back-end operations is considered to be an important factor for implementing healthcare ERP in hospitals and medical facilities.
In 2019, according to Oracle Netsuite, 67% of distributors and manufacturers described their implementation of healthcare ERP as successful. Companies that had very successful healthcare ERP implementations noted internal organizational elements like support from management, good change management programs and due diligence as primary reasons for success. Thus, in the forecast years the need for Healthcare ERP Market is expected to flourish.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Healthcare ERP market is predicted to grow at a CAGR of roughly 6.4% during the forecast period.
The Healthcare ERP market was estimated to be worth roughly USD 6.31 Billion in 2021 and is expected to reach USD 9.16 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Healthcare ERP market.
Driver: Technology and Digitalization Broden Healthcare ERP
In today's digitized world healthcare organizations are looking ways to improve quality of operational efficiency and patient care. The search for cost-effective technologies to achieve these goals and optimizing their back-end operations is major concerns of healthcare organizations. It is necessary for these organizations to organised their information flow and communication. For instance, according to a recent Cardinal Health survey, 40% of healthcare organizations stated that they have had to cancel surgeries due to lack of supplies while another 69% needed to delay cases due to missing supplies. Digitization in ERP solution can address such issues and many others faced by hospitals.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Healthcare ERP Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Healthcare ERP Market
North America held the largest market share in 2021. The growing demand is attributed to the strong healthcare infrastructure, developed economy, centralized healthcare insurance and other factors. Also, countries such as the U.S. and Canada have strengthened their ERP solutions domain to the far most advanced stage. This makes it easy and cost effective to implement healthcare ERP in their countries.
is anticipated to register the fastest growth rate during the forecast period. The growing economy of the developing countries such as India, Thailand, Indonesia, and others is promoting startups for investing in healthcare ERP. This region is still facing problems with healthcare such as political issues, insufficient funds, pandemics, and others. To streamline these problems, the need for healthcare ERP can play a vital role.
List of Prominent Players in Healthcare ERP Market:
Allscripts Healthcare LLC
Azalea Health
Central BOS 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.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Healthcare ERP Market Size, Share & Trends Analysis Report by Offering (Solutions, Services), by Applications (Inventory & Material Management, Supply Chain & Logistics Management, Patient Relationship Management, Finance & Billing), by End Users (Hospitals, Clinics, Long & Short Term Facilities, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/healthcare-erp-market-415591
Recent Developments:
January 2021, SAP and Microsoft announced their strategic alliance and plans to integrate SAP’s intelligent suite of software solutions with Microsoft Teams.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Healthcare ERP Market?
How will the Healthcare ERP Market change in the upcoming six years?
Which application and product will take a lion’s share of the Healthcare ERP Market?
What is the Healthcare ERP market drivers and restrictions?
What will be the CAGR and size of the Healthcare ERP Market throughout the forecast period?
This market titled “Healthcare ERP Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
Offering
Solutions
Services
Applications
Inventory & Material Management
Supply Chain & Logistics Management
Patient Relationship Management
Finance & Billing
Others
End Users
Hospitals
Clinics
Long & Short-Term Facilities
Others
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Region & Counties Covered
North America
U.S.
Canada
Mexico
Europe
U.K
France
Germany
Italy
Spain
Rest Of Europe
Asia Pacific
China
Japan
India
South Korea
South East Asia
Rest Of Asia Pacific
Latin America
Brazil
Argentina
Rest Of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest Of Middle East & Africa
Companies Covered
Allscripts Healthcare LLC
Azalea Health
Central BOS 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.
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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