Need for Better Data Management Expected to Provide Significant Opportunity to Healthcare ERP Market Players
- Himanshu Patni
- June 4, 2022
- HEALTHCARE, NEWS
- Healthcare ERP Market, Healthcare ERP Market Growth, Healthcare ERP Market Share, Healthcare ERP Market Trends
- 0 Comments
Enterprise resource planning (ERP) systems are complete, integrated platforms, either on-premises or in the cloud, managing all aspects of a production-based or distribution business. Furthermore, ERP systems support all aspects of financial management, human resources, and supply chain management, among others. Additionally, the integration of the ERP systems with the healthcare systems provides transparency to the customer and patients about the processes. ERP knits the different segments of the healthcare facility together and presents them in one place, resulting in an improved pace of the treatment. Moreover, the rising utilization of the integrated systems among the different healthcare institutions is the driving factor for the market growth of the healthcare ERP industry. In addition, the increasing number of cases and the expenditure on healthcare facilities over the years raises the demand for a proper and transparent management system that contributes significantly to the growth of the healthcare ERP industry. Thus, the global Healthcare ERP market to grow at an exponential CAGR of ~6% during the forecast period.
For a detailed analysis of the Offerings in the Healthcare ERP Market browse through – https://univdatos.com/report/healthcare-erp-market/
Based on offerings, the market is bifurcated into solutions and services. The solution segment is expected to grow at a significant pace during the forecast period. The increasing demand for advanced software in the industry for efficient operations induces the demand for advanced solutions for the management of the hospitals such as patients’ medical history and finances.
On the basis of application, the market is categorized into inventory & material management, supply chain & logistics management, patient relationship management, finance & billing, and others. In 2020, finance & billing category held a significant share in the market. This is mainly attributed to the rapid adoption of ERP systems by healthcare organizations to optimize processes such as front-end revenue cycle management, claims management, tracking profits, and tax management, among others. Financial ERP modules allow organizations to monitor financials and related tasks in real-time, which is further expected to support the category’s growth.
For a detailed analysis of the Industry in the Healthcare ERP Market browse through – https://univdatos.com/report/healthcare-erp-market/
Based on end-users, the healthcare ERP market is segmented into hospitals & clinics, ambulatory surgery centers (ASC), and others. Amongst them, the hospital & clinics is expected to retain its dominance during the forecast period. This can be attributed to the increasing investment by government and private hospitals in management software like ERP due to the rising need for transparency in the funds allocated, management of patient records, inventory of medical consumables and devices, cloud-based diagnostics reporting, and access. Furthermore, the increasing prevalence of chronic diseases and managing the patients act as the driver for the EPR software market. For a better understanding of the market adoption of the Healthcare ERP Industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. During the forecast period, North America is expected to have a higher CAGR due to the rising prevalence of chronic diseases and the increasing geriatric population in the region, positively influencing the healthcare ERP industry landscape. Developed countries having better healthcare infrastructure such as U.S and Canada must deal with an increasing number of national as well as international patients undergoing various treatments and medical consultancy increases the need for software solutions for better management. Furthermore, in the attempt to make the healthcare system more efficient the need for an integrated system is rising which results in the development of the market of the healthcare ERP.
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Some of the major players operating in the market include Microsoft Corporation, Oracle Corporation, SAP SE, McKesson Corporation, Sage Group plc, Infor, Inc. ,Odoo, QAD, Inc., Aptean. , and Epicor Software Corporation
Healthcare ERP Market Segmentation
Market Insight, by Offerings
Market Insight, by Application
- Inventory & Material Management
- Supply Chain & Logistics Management
- Patient Relationship Management
- Finance & Billing
Market Insight, by End-users
- Hospitals &Clinics
- Ambulatory surgery centers (ASC)
Market Insight, by Region
- North America Healthcare ERP Market
- United States
- Rest of North America
- Europe Healthcare ERP Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Healthcare ERP Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Healthcare ERP Market
Top Company Profiles
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- McKesson Corporation
- Sage Group plc
- Infor, Inc.
- QAD, Inc.
- Epicor Software Corporation.