Healthcare ERP Market Size Worth $10.3 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, Dec. 1, 2021 /PRNewswire/ -- The global healthcare ERP market size is expected to reach USD 10.3 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.6% from 2021 to 2028. Healthcare organizations are under pressure to adopt technological solutions to curb the rising expenditures, ineffective hospital service management, rising workforce shortage, and growing patient population. The rising awareness regarding benefits associated with adopting ERP systems, such as high-quality care delivery solutions, eliminating back-end manual activities, and minimizing operational expenses, contribute to the healthcare enterprise resource planning market growth.
Key Insights & Findings from the report:
- The healthcare enterprise resource planning market growth can be attributed to the growing digitalization of business processes to streamline workflows
- In terms of function, the finance and billing segment dominated the market in 2020, owing to the need to lower barriers between front-end revenue cycle management processes and back-end activities
- The on-premises deployment segment dominated the market in 2020 owing to the ease-of-access and minimum maintenance cost of ERP solutions
- North America dominated the market in 2020 due to the rise in adoption of advanced ERP systems and the significant presence of market players
Read 110 page market research report, "Healthcare ERP Market Size, Share & Trends Analysis Report By Function (Finance And Billing, Inventory And Material Management), By Deployment (On-premises, Cloud), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
The growing demand for ERP systems from small and medium businesses to enhance business processes and outcomes are driving the market. Seamless access to centralized data from remote locations improves the functioning and data management of the organization. The COVID-19 pandemic exposed the shortcomings of the existing systems adopted by healthcare organizations. During the pandemic, several businesses began adopting ERP systems to automate and digitalize their business processes and streamline their workflows to enhance their productivity and efficiency.
The finance and billing function segment dominated the market in 2020 owing to the growing need to amalgamate the front-end revenue cycle management processes, such as patient access, with back-end activities such as claims management. The inventory and material management segment is expected to grow signficantly over the forecast period due to the feature of real-time access to manufacturing and supply chain management. The on-premises deployment segment dominated the market in 2020 due to minimizing costs and ease of access. The cloud deployment segment is expected to grow lucratively over the forecast period owing to the growth of cloud computing and improved accessibility of the internet.
North America dominated the market in 2020 due to rising adoption rates of advanced ERP systems and the emergence of AI-empowered solutions, coupled with infrastructure development. Asia Pacific is expected to register a significant growth rate over the forecast period owing to the emergence of start-ups providing AI-powered ERP systems, growing public and private partnerships to promote healthcare IT infrastructure, and availability of an economical high-skilled workforce.
Grand View Research has segmented the global healthcare ERP market based on function, deployment, and region:
- Healthcare ERP Function Outlook (Revenue, USD Million, 2016 - 2028)
- Inventory and Material Management
- Supply Chain and Logistics Management
- Patient Relationship Management
- Finance and Billing
- Healthcare ERP Deployment Outlook (Revenue, USD Million, 2016 - 2028)
- Healthcare ERP Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of Healthcare ERP Market
- McKesson Corporation
- Epicor Software Corporation
- QAD, Inc.
- Sage Group PLC
Browse through Grand View Research's coverage of the Global Healthcare IT Industry:
- U.S. Healthcare ERP Market – The U.S. healthcare ERP market size is expected to reach USD 2.1 billion by 2025. The market is expected to expand at a CAGR of 5.6% CAGR from 2019 to 2025.
- Healthcare Information System Market – The global healthcare information system market size is expected to reach USD 539.3 billion by 2028. The rising demand for cloud-based information systems in healthcare organizations to boost the market growth.
- Healthcare Analytics Market – The global healthcare analytics market size is expected to reach USD 129.7 billion by 2028. It is expected to expand at a CAGR of 23.8% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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