Ottawa, May 06, 2024 (GLOBE NEWSWIRE) -- According to Precedence Research, the global healthcare ERP market size was valued at USD 6.28 billion in 2023. The market is driven by a rise in consumer awareness, changing consumer health preferences, and rising technological advances.
Healthcare ERP Market Revenue (US$ Mn), by Function
| By Function | 2020 | 2021 | 2022 | 2023 |
| Supply Chain & Logistics | 1,267.6 | 1,331.9 | 1,407.8 | 1,493.1 |
| Finance & Billing | 1,785.9 | 1,864.6 | 1,958.3 | 2,063.8 |
| Inventory Management | 998.0 | 1,062.3 | 1,137.3 | 1,221.9 |
| Patient Relationship Management | 736.8 | 765.4 | 799.8 | 838.6 |
| Others | 595.1 | 616.7 | 642.4 | 670.9 |
Healthcare ERP Market Revenue (US$ Mn), by End-User
| By End User | 2020 | 2021 | 2022 | 2023 |
| Hospitals | 2,309.2 | 2,443.6 | 2,601.1 | 2,778.4 |
| Clinics | 1,550.6 | 1,621.9 | 1,706.5 | 1,801.7 |
| Nursing Homes | 983.3 | 1,018.6 | 1,061.3 | 1,109.6 |
| Others | 540.3 | 556.8 | 576.7 | 598.6 |
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The healthcare ERP market is the part of the healthcare business that focuses on the development and deployment of ERP (Enterprise Resource Planning) systems built exclusively for healthcare enterprises. ERP is a software suite that centralizes data from diverse company systems, allowing for smoother flow and avoiding data duplication. Healthcare ERP systems knock down data silos, increasing patient access, streamlining operations, and lowering expenses.
Healthcare ERP solutions simplify caregiver access to patient data, resulting in improved expenditure tracking and resource management. They also give broad oversight of administrative and medical functions, which allows for more informed decision-making. Healthcare ERP is a natural progression from logistics-based techniques in other industries, improving cost control and data insights for units.
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Key Insights
- North America dominated the market with the largest market share of 34.08% in 2023.
- Asia-Pacific is expected to expand at the fastest CAGR of 8.40% during the forecast period.
- By function insight, the finance and billing segment has held a major market share of 32.81% in 2023.
- By function insight, the patient relationship management segment is estimated to be the most opportunistic segment during the forecast period.
- By deployment insight, the on-premises segment has accounted for the biggest market share of 60.92% in 2023.
- By deployment insight, the cloud segment is estimated to be the fastest-growing segment during the forecast period.
- By end-use insight, the hospital segment dominated the market in 2023.
- By end-use insight, the nursing homes segment is estimated to be the most opportunistic during the forecast period.
Regional Stance
The U.S. healthcare ERP market size is calculated at USD 1.90 billion in 2024 and is projected to surpass around USD 3.19 billion by 2033, expanding at a CAGR of 5.84% from 2024 to 2033.
The development and diffusion of new technology, rising incomes, an aging population, and rising illness prevalence all contribute to the increase in healthcare spending. Medical technology accounts for almost half or more of actual long-term healthcare spending. Other variables include high salary growth in the health industry, increased insurance coverage subsidized by the government, and a low proportion of healthcare costs paid out of pocket by consumers.
Asia-Pacific is expected to be the most opportunistic during the forecast period because of government investments in digitalized healthcare infrastructure and a growing prevalence of chronic diseases and geriatrics. Consumers are taking more control of their health and are willing to pay more for better outcomes, experiences, and efficiency. Telehealth utilization has increased dramatically after COVID-19, making online-offline the "new normal." Consumers want a single point of contact for managing their health and have high trust in primary care physicians and alternate sites of treatment such as pharmacies and digital health. Therefore, to provide efficient and improved patient care services, the demand for healthcare ERP is predicted to grow in the Asia-Pacific region.
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Scope of the Healthcare ERP Market
| Report Coverage | Details | |
| CAGR | 6.71% from 2024 to 2033 | |
| Market Size in 2023 | USD 6.28 Billion | |
| Market Size by 2033 | USD 12.04 Billion | |
| Base Year | 2023 | |
| Forecast Period | 2024 to 2033 | |
| Lagtest Market | North America | |
| North America Market Share in 2023 | 34.08 | % |
| On-premise Segment Market Share in 2023 | 60.92 | % |
| Segments Covered | End User, Deployment, Function, and Regions | |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa | |
Report Highlights
Function Insights
The finance and billing segment dominated the healthcare ERP market in 2023. Healthcare companies require financial stability to continue delivering patient care. Proper revenue collection and administration are critical to profitability. Revenue cycle management (RCM) entails comprehending the revenue cycle, from patient referral to payment collection from patients and insurance. Smaller clinics are increasingly using medical billing software to improve billing and claim processes, which reduces the need for paper and physical forms. This system dramatically reduces errors and provides secure document storage, resulting in virtually little paperwork.
The patient relationship management segment is estimated to be the most opportunistic segment during the forecast period. Effective patient engagement and tailored care (PRM) can result in enhanced patient retention, better health outcomes, cost savings, more revenue, better communication, and a competitive edge in the healthcare business. Healthcare providers can preserve a competitive advantage by developing strong patient-provider relationships, encouraging adherence to treatment programs, and improving communication.
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Deployment Insights
The on-premise segment dominated the healthcare ERP market in 2023. In comparison to cloud-based systems, on-premise ERP provides lower long-term costs, greater independence, and flexibility. It eliminates reliance on vendors, allowing businesses to continue operating despite internet disruptions. On-premise solutions also provide security because you are responsible for critical hardware and data, eliminating the risk of data breaches or third-party access.
The cloud segment is estimated to be the fastest-growing segment during the forecast period. Cloud ERP software offers innovation, cost savings, automation, real-time insights, mobile ERP, and intelligent technologies. It consolidates legacy applications and standardizes and integrates systems. Real-time analytics unlock big data, improve resource usage, and enhance customer service. Could-based systems are accessible from remote locations, which increases work flexibility. Data storage becomes easy, and no hindrance is faced in the systems due to huge data sets.
End Use Insights
The hospitals segment dominated the healthcare ERP market in 2023. The rising number of hospital admissions due to the increasing incidence of chronic diseases is driving the implementation of ERP systems. Hospitals offer lifesaving care, comprehensive medical services, and advanced illness detection and treatment. They partner with universities and research institutions to create novel treatments and technology. Hospitals play an important role in emergency preparedness by providing urgent medical aid and resources during times of crisis. They play an important role in medical development, emergency response, and addressing local health concerns.
On the other hand, the nursing homes segment is estimated to be the most opportunistic market during the forecast period. Nursing facilities provide daily tasks, balanced stimulation, active socialization, housekeeping services, food preparation, a safe environment, on-site health care, and specialized care for seniors with serious health conditions. They ensure seniors' well-being by providing bathing, dressing, medicine administration, and running errands. The rising frequency of chronic diseases, the convenience and customized care provided in nursing homes, and the growing acceptance of these services by the general public are all driving their expansion.
Browse More Insights:
- Medical Billing Outsourcing Market: The global medical billing outsourcing market size was estimated at USD 13.5 billion in 2022 and is expected to hit around USD 44.43 billion by 2032; poised to grow at a CAGR of 12.7% from 2023 to 2032.
- U.S. Medical Billing Outsourcing Market: The U.S. medical billing outsourcing market size was exhibited at USD 3.73 billion in 2022 and is projected to hit around USD 12.48 billion by 2032, registering a CAGR of 12.9% from 2023 to 2032.
- Healthcare BPO Market: The global healthcare BPO market size was valued at USD 391.32 billion in 2023 and it is expected to hit around USD 864.02 billion by 2032, poised to grow at a CAGR of 9.20% between 2023 and 2032.
- Digital Patient Monitoring Devices Market: The global digital patient monitoring devices market size was valued at US$ 80.61 billion in 2021 and is expected to reach over US$ 451.54 billion by 2030, growing at a remarkable CAGR of 21.1% from 2021 to 2030.
- Blockchain in Healthcare Market: The global blockchain in healthcare market size was exhibited at USD 0.76 billion in 2022 and it is expected to expand to around USD 14.25 billion by 2032, poised to grow at a CAGR of 34.02% during the forecast period 2023 to 2032.
- AI in Revenue Cycle Management Market: The global AI in revenue cycle management market is surging, with an overall revenue growth expectation of hundreds of millions of dollars during the forecast period from 2023 to 2032.
- Healthcare Compliance Software Market: The global healthcare compliance software market size accounted for USD 2.6 billion in 2022 and it is projected to surpass around USD 9.18 billion by 2032, expanding at a CAGR of 13.5% during the forecast period 2023 to 2032.
- AI in Medical Coding Market: The global AI in medical coding market size was valued at USD 2.06 billion in 2022 and is expected to be worth around USD 7.15 billion by 2032, poised to grow at a CAGR of 13.3% during the forecast period from 2023 to 2032.
Market Dynamics
Driver
Scalability and data protection
Scalability and data protection are key drivers of the healthcare ERP market. An effective hospital ERP solution must be scalable and adaptable to the changing needs of healthcare organizations. A scalable system provides long-term efficiency, productivity, and cost savings. Security and data security are critical in the healthcare business, as they protect patient information and ensure compliance with legal obligations such as HIPAA.
Implementing strong security measures assures the privacy of patient data and compliance with regulatory requirements. Hospitals must take the required steps to secure and protect patient data, assuring the long-term effectiveness of their ERP system.
Restraint
Resistance to Change
Resistance to change is a major restraint in the healthcare ERP market. Changes in medical facilities are difficult to implement since many medical staff are resistant to change. These employees are usually eager to cooperate or accept changes, but more frequent changes are regarded with suspicion, mistrust, and rejection. This resistance is frequently found in the culture of medical institutions, which commonly promotes person-centered or patient-centered approaches.
Psychologists caution that resistance to change is a normal part of the process, and those implementing the change must be aware of this. Despite the World Health Organization's guidance, resistance exists among medical personnel and teams, emphasizing the importance of effective resistance and assessment of change effectiveness.
Opportunity
AI in ERP
AI integration into enterprise resource planning (ERP) systems is revolutionizing modern company operations and the healthcare ERP market. ERP software solutions are critical for managing essential organizational operations, but integrating AI technology increases their potential. AI-powered ERP systems can analyze massive volumes of data, optimize processes, anticipate possible problems, and improve decision-making. Businesses that implement AI-driven ERP software solutions can increase efficiency, cut costs, and improve agility, providing them with a substantial competitive advantage.
Generative AI, machine learning algorithms, natural language processing capabilities, and predictive analytics are examples of artificial intelligence advancements in ERP systems. As of 2024, more organizations are incorporating AI assistants and bots into their ERP software, signaling a shift toward more automated and efficient workflows. Cloud systems are making AI easier to use, allowing organizations of all sizes to benefit from powerful AI tools without making significant expenditures. However, there is a need for more AI professionals as the skills required for AI improve.
Recent Developments
- In February 2024, Apollo Health & Lifestyle Limited selected Oracle Fusion Cloud Enterprise Resource Planning (ERP) to improve its financial operations, efficiency, and accuracy. The ERP will minimize manual procedures, align economic and operational planning, and deliver insights to help make better decisions.
- In September 2023, Marengo Asia Hospital is collaborating with Oracle to adopt Oracle ERP, utilizing its full assistance to embrace technology changes in the healthcare industry.
- In August 2023, INTEGRIS Health, Oklahoma's biggest not-for-profit healthcare organization, worked with PwC to improve back-office productivity and staff trust during the transition to Oracle Cloud ERP, resulting in better patient care and healthier lifestyles.
Prominent Players in the Global Healthcare ERP Market
- Oracle Corporation
- Microsoft Corporation
- McKesson Corporation
- Epicor Software Corporation
- Sage Group Plc.
- SAP SE
- Infor, Inc.
- Odoo
- QAD, Inc.
- Aptean
Market Segments
By Function
- Supply Chain & Logistics
- Finance & Billing
- Inventory Management
- Patient Relationship Management
- Others
By Deployment
- On-Premise
- Cloud
By End User
- Hospitals
- Clinics
- Nursing Homes
- Others
By Geography
North America
- The U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
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