- Healthcare facilities and firms are embracing cloud-based ERP systems due to advantages such as minimum ownership cost, low availability of in-house technical expertise, agile & flexible infrastructure capacity, less capital requirement, and constant upgrades. On-premises systems require significant capital expenditure and high costs. Hence, small and medium companies are embracing cloud-based ERP systems.
- Rise in usage of ERP systems among small and medium businesses boosts demand for these systems to bring down operational costs and improve functional outcomes. Moreover, pharmacies and laboratories have started to embrace ERP systems for inventory management, accounts, purchase, point-of-sale profile, and selling.
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Healthcare ERP Market: Drivers
- Adoption of the healthcare business management system, which integrates human resources, payroll, materials management, accounts payable, general ledger, supply chain management, and other business applications, is low
- Currently, around 60% of the U.S. hospitals do not have an ERP solution in place. According to an analysis of data from the HIMSS Analytics Logic Platform, hospital ERP adoption increased from 18.8% in 2008 to 38.4% a decade later.
- The platform monitors the use of over 200 health IT tools. However, according to healthcare advisors, ERP adoption will continue to rise. Currently, nearly 200 hospitals are contracting, installing, or planning to purchase an ERP solution.
- In the past 10 years, hospitals have prioritized clinical and financial improvements, particularly through the use of technology. The push for value-based care and clinical quality improvement, for instance, as well as the federally mandated meaningful use initiative, induced hospitals to install EMR systems.
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Healthcare ERP Market: Segmentation
- In terms of offering, the global healthcare ERP market has been bifurcated into solutions and services. The solutions segment has been split into cloud-based and on-premises.
- Based on application, the global healthcare ERP market has been classified into inventory & material management, supply chain & logistics management, patient relationship management, finance & billing, and others
- In terms of end-user, the global healthcare ERP market has been divided into hospitals, clinics, long & short term facilities, and others
- Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The healthcare ERP market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2031, considering 2020 as the base year. The compound annual growth rate (percentage CAGR) has been provided for each segment and market from 2021 to 2031 along with market size estimations.
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Regional Overview: Healthcare ERP Market
- In terms of region, the global healthcare ERP market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Rise in demand for advanced technological solutions among healthcare professionals and clinicians to deliver high quality care to patients, elimination of data silos for back-end operations, and reduction of operational costs are the key factors driving the market in North America
- Rapidly expanding and robust healthcare infrastructure, presence of major players, and rise in demand for sophisticated technological solutions propel the market in the region
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