Healthcare ERP market is estimated to garner a revenue of ~ USD 12432.5 Million by the end of 2033 by growing at a CAGR of ~7% By 2033

NEW YORK, UNITED STATE, December 13, 2022 /EINPresswire.com/ -- Global Healthcare ERP Market Key Insights

During the forecast period of 2023-2033, the global healthcare ERP market is expected to reach an estimated value of ~USD 12432.5 Million by 2033 by expanding at a CAGR of ~7%. The market further generated a revenue of ~USD 6500 Million in the year 2022. Major key factors propelling the growth of the healthcare ERP market are the increasing prevalence of cardiovascular diseases (CVDs) and rising cases of deaths owing to CVDs all across the world.

Market Definition of Healthcare ERP

Healthcare ERP solutions are designed to oversee and manage the entire financial process by monitoring costs, revenue, and assets for your company. Hospital ERP systems are created using cutting-edge technology like AI analytics and machine learning, which may shield any private medical information from security risks.It can be tough and expensive to maintain the various healthcare technologies and techniques used to manage hospital operations. The ERP system for healthcare keeps all the operations streamlined and stores data on a single database, including finance, human resources, billing, and record-keeping. Additionally, the workers and doctors can simply access information thanks to a single central database.

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Global Healthcare ERP Market: Growth Drivers

The growth of the global healthcare ERP market can majorly be attributed to the increasing investment by key market players in the field of technology to boost the technology further and to make it more user friendly. For instance, the healthcare software and service business Intelligent InSites, Inc. from North Dakota was purchased by Infor. In order to streamline patient journeys, enhance operational efficiency, and enhance therapeutic outcomes, Intelligent InSites, Inc. provides organizations with dynamic, scalable, and user-friendly location platforms. On the other hand, the rising collaboration drive between key market players and the growing inclination of hospitals for ERP systems is estimated to accelerate market growth. It was noticed that in order to promote cancer care, McKesson Corporation and HCA Healthcare, Inc. have partnered to create a joint venture that combines McKesson’s US Oncology Research (USOR) with HCA Healthcare’s Sarah Cannon Research Institute (SCRI).

The global healthcare ERP market is also estimated to grow majorly on account of the following:

Increasing prevalence of unhealthy lifestyle diseases
Rising cases of heart diseases
Increase in patient visits
Boom in the healthcare sector
Escalation in healthcare expenditure
Global Healthcare ERP Market: Restraining Factor

Low adoption of healthcare ERP systems in low and middle-income countries owing to a lack of awareness and skilled professionals. Hence this factor is expected to be the major hindrance for the growth of the global healthcare ERP market during the forecast period.

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Global Healthcare ERP Market Segmentation

By End Users(Hospitals, Clinics, Long &Short Term Facilities, and Others)
Out of these, the hospitals segment is expected to garner the highest market share by 2033, owing to the rising number of hospitals across the world. According to the Organization for Economic Co-operation and Development, there were 6,090 hospitals in the US in 2019 compared to 5,564 in 2015. Further, the rising expenditure on healthcare and increasing patient pool in the hospitals are predicted to drive segment growth.

By Deployment (Cloud-based, and On-premise)
By Application (Inventory & Material Management, Supply Chain & Logistics Management, Patient Relationship Management, Finance & Billing, and Others)
By Region
The North America healthcare ERP market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Moreover, in 2022, the region held the biggest market share or 36%. The high cost of healthcare in the area is the main factor driving the market growth. In 2020, the national health expenditure climbed by 9.7% to USD 4.1 trillion, or USD 12,530 per person, according to the Centers for Medicare & Medicaid Services. This represented 19.7% of the national gross domestic product (GDP). Additionally, the burden of chronic diseases and the deaths caused by them is another factor driving the expansion of life care solution services.

The market research report on global healthcare ERP also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

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Key Market Players Featured in the Global Healthcare ERP Market

Some of the key players of the global healthcare ERP market are McKesson Corporation, Infor, Odoo SA, SAP SE, Oracle, Epicor Software Corporation, QAD Inc., Aptean Group, The Sage Group plc, Microsoft, and others.

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