The Global Healthcare ERP Market size is expected to reach $9,399. 8 million by 2027, rising at a market growth of 6. 5% CAGR during the forecast period. Healthcare facilities and firms are highly embracing cloud-based ERP systems because of the various advantages related to them, like minimum ownership cost, low availability of in-house technical expertise, agile and flexible infrastructure capacity, less capital requirement, and constant upgrades.
New York, Dec. 27, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global Healthcare ERP Market By Function, By Deployment, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027" – https://www.reportlinker.com/p06193312/?utm_source=GNW
As on-premises systems need massive capital expenditure and a significant cost, small and medium companies are highly embracing cloud-based ERP systems.
The rise in deployment of ERP systems among small and medium businesses is boosting 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.
COVID-19 Impact Analysis
The functioning of global healthcare systems has been severely challenged by the outbreak of the COVID-19 pandemic. The pandemic has put immense pressure on the workforce, highlighted limitations of current systems, and hampered the supply & demand cycles. With the drastic and rising transition towards remote healthcare and teleworking, companies are embracing cloud services to effortlessly access data, automate inventory and supply chain management functions, simplify the workflow, and enhance the financial & clinical outcomes of the industry.
During the COVID-19 outbreak, numerous hospitals were willing to go live with their ERP. The adoption of ERP solutions has supported the supply chain of CentraCare’s, thereby placing the company in a better position to handle and manage the global pandemic.
Market Growth Factors:
Increasing need for Data Integration
These systems enable companies to integrate data collected from human resources, supply chain cycles, manufacturing & inventories, and finances & accounting, and optimize back-end processes like payroll management, inventory management, and account management. Moreover, pharmacies and laboratories have started to embrace ERP systems for inventory management, accounts, purchase, point-of-sale profile, and selling.
Rising awareness about the advantages of Healthcare ERP
The rise in the installation rate of ERP systems among small and medium businesses is boosting demand for these systems to bring down operational costs and improve functional outcomes. Standardized patient data enables streamlined access from remote locations to enhance patient acquisition and patient management techniques. Healthcare facilities and firms are highly embracing cloud-based ERP systems because of the various advantages related to them, like minimum ownership cost, low availability of in-house technical expertise, agile and flexible infrastructure capacity, less capital requirement, and constant upgrades.
Market Restraining Factor:
Absence of well-skilled professionals
The management of Healthcare ERP solutions needs many well-skilled employees and staff. On the other hand, the absence of proficient experts and staff has been a major obstacle barrier to the adoption of healthcare ERP solutions in the market. In addition, the healthcare ERP software and solutions must be regularly updated due to technological advancements. Additionally, data security is expected to become difficult as these systems collect data from various processes, computers, and networks that are highly susceptible to being hacked.
Function Outlook
Based on Function, the market is segmented into Finance and Billing, Supply Chain and Logistics Management, Inventory and Material Management, Patient Relationship Management, and Others. The finance and billing segment procured the maximum revenue share in 2020. Healthcare organizations are moving towards the deployment of ERP systems with an aim to optimize processes and reduce obstacles between front-end revenue cycle management activities and back-end activities, like claims management.
Deployment Outlook
Based on Deployment, the market is segmented into On-premises and Cloud. The on-premises deployment segment procured the maximum revenue share of the market of the overall healthcare ERP market in 2020. This is attributed to the various advantages like a low requirement for maintenance, less reliance on vendors, ease of access from any locations, reduced costs, full control over security & privacy, operations, and easy customization.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America emerged as the leading region in the overall Healthcare ERP market. Factors such as quickly growing and robust healthcare infrastructure, the existence of major market players, and rising demand for sophisticated technological solutions are responsible for the growth of the regional market.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix Microsoft Corporation is the major forerunners in the Healthcare ERP Market. Companies such as QAD, Inc., Aptean, Epicor Software Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Oracle Corporation, SAP SE, McKesson Corporation, Sage Group Plc., Infor, Inc. (Koch Industries), Odoo, QAD, Inc. (Thoma Bravo), Aptean (Vista Equity Partners), and Epicor Software Corporation.
Recent Strategies Deployed in Healthcare ERP Market
Partnerships, Collaborations, and Agreements:
Jul-2021: Infor entered into a partnership with Amazon Web Services (AWS), a subsidiary of Amazon providing on-demand cloud computing platforms and APIs. Through this partnership, the two entities would support the Health initiative from AWS to assist drive up operational efficiencies and generate insights, respond rapidly to unexpected circumstances, reduce costs, and enhance clinical and patient care. By harnessing the potential of AWS global infrastructure, Infor enables customers to realize advantages from AWS agility, cloud security, expertise, and economies of scale. Following the partnership, Infor would offer critical power and responsiveness to hospitals and health systems, so they can remain proactive in a growing complicated environment.
May-2021: Oracle entered into a partnership with HealthPartners, an integrated health care organization providing health care services and health plan financing and administration. The partnership aimed to transfer HealthPartners’ business processes in finance, supply chain, and human resources to the cloud. Through this partnership, the Oracle Fusion Cloud Applications portfolio would overhaul and simplify work which is crucial for the success of HealthPartners.
Mar-2021: Infor came into a partnership with C3 AI, a leading vendor of enterprise AI software. The partnership would broaden the enterprise-class artificial intelligence (AI) solutions across applicable industries to expand the native machine learning capabilities of Infor. Following the partnership, Infor would experience expansion in its product portfolio into edge scenarios and examine methods to offer better capabilities beyond its conventional offerings.
Jan-2021: SAP expanded its partnership with Microsoft, an American multinational technology corporation. The expanded partnership would combine Microsoft Teams with an intelligent portfolio of solutions of SAP. In addition, the two companies aimed to expedite the adoption of SAP S/4HANA on Microsoft Azure. Following the partnership, the two entities would streamline and smooth out the journeys of customers to the cloud. Moreover, the two companies would enhance their ability to run a mission-critical intelligent enterprise on Azure while assisting customers to upgrade their enterprise applications.
Nov-2020: Oracle partnered with Omega Healthcare, a premier vendor of RCM Solutions & Clinical Services for US Healthcare. Following the partnership, Omega aimed to gain a unified record of all the data (ERP, HCM, EPM, and CX) at the enterprise level, combining their current ecosystem of multiple applications. Through this partnership, Omega Healthcare would achieve a massive competitive edge from constant developments through quarterly updates. Moreover, the smooth data flow across business functions of human resources, finance, and sales would result in improved service delivery efficiency for Omega Healthcare with a superior customer experience.
Aug-2020: QAD entered into a partnership with eNoah iSolutions, a popular company providing modern BPO and IT solutions worldwide. Following this partnership, eNoah iSolutions would become a reseller of QAD Adaptive ERP applications in North America.
Jun-2020: Epico entered into a partnership with ETQ, a company that offers powerful compliance and quality management platform. Through this partnership, Epicor QMS further enhanced by ETQ Reliance. This cloud-based, agile quality system enables the clients to enhance quality processes to generate better financial results and get competitive advantages.
May-2020: Epicor came into a partnership with Microsoft, an American multinational technology corporation. Through this partnership, Epicor would provide its enterprise-class solutions to the Azure platform of Microsoft. Moreover, the partnership would support the customer-centric focus of Epicor by Microsoft’s focus on the Intelligent Cloud and Intelligent Edge.
May-2020: Oracle formed a partnership with KPMG, a British-Dutch multinational professional services network. Through this partnership, KPMG would allow clients to transfer their finance, supply chain functions and humna resources to the Oracle Cloud with the help of its Powered Healthcare which is a healthcare version of the company’s Powered Enterprise solution. Moreover, Oracehumand harness the experience and best practices of KPMG’s healthcare industry professionals to improve its cloud solutions for the healthcare industry. The Powered Healthcare of KPMG is built on a target operating model for business integrated with industry-leading practices of KPMG.
Acquisitions and Mergers:
Nov-2021: Aptean took over Objective Holding from Alpina Capital Partners and private shareholders. The acquisition would help Aptean to expand its supply chain offerings in Europe and add complementary solutions to Aptean’s ERP portfolio for process and discrete manufacturers. Following the partnership, Aptean would offer a wide range of solutions to its customers in the region.
Oct-2021: Microsoft took over Clear Software, a company developing products to help automate repetitive business processes. The acquisition aimed to expand support for enterprise resource planning (ERP) integrations in Microsoft’s software package for automating routine business workflows. The product consists of over 100 present abstractions for business workflow development that work together with ERP systems like Oracle and SAP. The software is designed to copy a task being carried out manually on a computer.
Jul-2021: Microsoft completed the acquisition of Suplari, a company that provides data analysis software for companies to manage supplier spending, and utilize the company’s capabilities to enhance its Dynamics 365 product. Following the acquisition, Microsoft aimed to integrate Suplari Spend Intelligence Cloud with Dynamics 365 and provides customers higher automation in terms of spending analysis and helping users to predict the better spend management actions.
Jul-2021: Microsoft acquired Orions Systems, a company that offers digital video and data management solutions for organizations in the health care industry. Through this acquisition, Microsoft aimed to improve the video AI and management abilities of its Dynamics 365 Connected Store, an in-store retail optimization solution that utilizes computer vision and other sensor-based data analysis. The acquisition would help Dynamics Connected Store of Microsoft to better evaluate personalized store spaces.
May-2021: Epicor completed the acquisition of KBMax, a configure-price-quote (CPQ) company. Through this acquisition, Epicor aimed to boost its consistent growth further with the capability to provide KBMax software as a stand-alone cloud-first, low/no-code toolset, or integrated into the Epicor productivity portfolio to develop new, cross-and-up sell potential.
Mar-2021: Sage completed the acquisition of Task Sheriff, an AI-based SaaS technology start-up based in Tel Aviv, Israel. The acquisition aimed to bolster Sage’s customer experience as emerging and advanced technologies continue to drive real business benefits.
Aug-2020: Aptean acquired Innovative Systems, a leading vendor of enterprise resource planning (ERP) software solutions, and electronic data interchange (EDI) mapping and transaction support services. Through this acquisition, Innovative Systems would facilitate Aptean to build its presence in the apparel and distribution segments with customized software solutions for companies of all sizes.
Product Launches and Product Expansions:
Nov-2021: QAD introduced upgradation in its QAD Adaptive ERP and the QAD Adaptive Applications offerings developed to assist makers to become Adaptive Manufacturing Enterprises. The latest solutions would assist the company’s customers to communicate efficiently and transparently with their suppliers, automating and streaming supplier performance and risk information across the supplier lifecycle.
Jul-2021: Infor unveiled FHIR Server, which is designed to assist healthcare firms to better leverage and analyse their data. Infor FHIR Server is based on advanced web technologies and is one of the most sophisticated, latest, and scalable FHIR servers commercially available. With the help of the FHIR Server, companies become capable of expanding their electronic health records and clinical systems’ Fast Healthcare Interoperability Resource (FHIR) and application programming interface (API) capabilities beyond their existing limited support, simplify care coordination by offering required information to vendors as well as patients, and accelerate their organization’s digital transformation while using current clinical systems linked to an advanced FHIR-based ecosystem.
Business Expansions:
Jul-2021: Sage rolled out TilliT SaaS and IoT service as a separate business. The newly expanded TilliT platform is capable to operate standalone between the ERP and the machine control layer to digitalize the operation or co-exist with present tools in place because to its flexibility and simple installation as a cloud solution.
Scope of the Study
Market Segments covered in the Report:
By Function
• Finance and Billing
• Supply Chain and Logistics Management
• Inventory and Material Management
• Patient Relationship Management
• Others
By Deployment
• On-premises
• Cloud
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• McKesson Corporation
• Sage Group plc
• Infor, Inc. (Koch Industries)
• Odoo
• QAD, Inc. (Thoma Bravo)
• Aptean (Vista Equity Partners)
• Epicor Software Corporation
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06193312/?utm_source=GNW
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