January 12, 2022 04:28 ET | Source: Research and Markets Research and Markets
Dublin, Jan. 12, 2022 (GLOBE NEWSWIRE) — The “Global Healthcare ERP Market By Function, By Deployment, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” report has been added to ResearchAndMarkets.com’s offering.
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. 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.
Marketing 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.
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.
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.
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.
Cardinal Matrix – Healthcare ERP Market Competition Analysis
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.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
18.104.22.168 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis – Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Business Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2018, Apr – 2021, Jul) Leading Players
Chapter 4. Global Healthcare ERP Market by Function
4.1 Global Finance and Billing Market by Region
4.2 Global Supply Chain and Logistics Management Market by Region
4.3 Global Inventory and Material Management Market by Region
4.4 Global Patient Relationship Management Market by Region
4.5 Global Other Function Market by Region
Chapter 5. Global Healthcare ERP Market by Deployment
5.1 Global On-premises Market by Region
5.2 Global Cloud Market by Region
Chapter 6. Global Healthcare ERP Market by Region
Chapter 7. Company Profiles
7.1 Microsoft Corporation
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expenses
7.1.1 Recent strategies and developments:
22.214.171.124 Acquisition and Mergers:
126.96.36.199 Product Launches and Product Expansions:
7.1.2 SWOT Analysis
7.2 Oracle Corporation
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expense
7.2.5 Recent strategies and developments:
188.8.131.52 Partnerships, Collaborations, and Agreements:
184.108.40.206 Product Launches and Product Expansions
7.2.6 SWOT Analysis
7.3 SAP SE
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expense
7.3.5 Recent strategies and developments:
220.127.116.11 Partnerships, Collaborations, and Agreements:
18.104.22.168 Product Launches and Product Expansions:
7.3.6 SWOT Analysis
7.4 McKesson Corporation
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Regional Analysis
7.4.4 Research & Development Expense
7.5 Sage Group plc
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Research & Development Expenses
7.5.5 Recent strategies and developments:
22.214.171.124 Acquisition and Mergers:
126.96.36.199 Product Launches and Product Expansions:
188.8.131.52 Business Expansions:
7.6 Infor, Inc. (Koch Industries)
7.6.1 Company Overview
7.6.2 Recent strategies and developments:
184.108.40.206 Partnerships, Collaborations, and Agreements:
220.127.116.11 Product Launches and Product Expansions:
7.7.1 Company Overview
7.8 QAD, Inc. (Thoma Bravo)
7.8.1 Company Overview
7.8.2 Recent strategies and developments:
18.104.22.168 Partnerships, Collaborations, and Agreements:
22.214.171.124 Product Launches and Product Expansions:
7.9 Aptean (Vista Equity Partners)
7.9.1 Company Overview
7.9.2 Recent strategies and developments:
126.96.36.199 Acquisition and Mergers:
7.10 Epicor Software Corporation
7.10.1 Company Overview
7.10.2 Recent strategies and developments:
188.8.131.52 Partnerships, Collaborations, and Agreements:
184.108.40.206 Acquisition and Mergers:
220.127.116.11 Product Launches and Product Expansions:
For more information about this report visit https://www.researchandmarkets.com/r/p8rhhv