HEALTHCARE ERP MARKET ANALYSIS

Healthcare Erp MarketSize and Trends

The global healthcare ERP market was valued at US$ 6.99 Bn in 2022 and is forecast to reach a value of US$ 11.79 Bn by 2030 at a CAGR of 6.8% between 2023 and 2030. The global healthcare ERP market is experiencing strong growth due to the rise in adoption of ERP solutions and rise in patient pool across the globe. Moreover, growing adoption of technologically advanced solutions and need for efficient supply chain management is expected to boost the growth of the market. However, factors such as high cost of the system and implementation and stringent rules and regulations are expected to hamper the market growth.

Global Healthcare ERP Market: Regional Insights

Based on geography, the global healthcare ERP market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the healthcare digitalization, increasing adoption of ERP solutions, rise in demand for paper-less technology, and government funding on healthcare services and infrastructure in the region. For instance, in March 2019, Oracle Corporation added new capabilities to Oracle EPM (Enterprise Performance Management) and Oracle ERP (Enterprise Resource Planning) Cloud. The new additions include intelligent assistants and AI capabilities for financial controls, improved accuracy, reduction in manual processes, and compliance.

Figure 1. Global Healthcare ERP Market Share (%), by Region, 2023

Figure 2. Global Healthcare ERP Market Share (%), by Function, 2023

Global Healthcare ERP Market Trends:

Increasing awareness is a recent trend

Healthcare organizations across the world are growing aware of the benefits associated with these advanced technological solutions (healthcare ERP), such as reducing operational costs, delivering high-quality patient care, improve patient outcomes, rise in caregiving efficiency, better utilization of resources, and eliminating data siloes in back-end operations, which is turn contribute to the increasing demand for novel or technologically advanced ERP solutions. This trend is expected to continue over the forecast period, driving the market growth.

Growing adoption of ERP is another trend

Increasing adoption of ERP systems amongst small and medium organizations is contributing to the growing demand for ERP solutions to reduce operational costs and improve patient outcomes. The system allows healthcare organizations to amalgamate data generated from human resources, manufacturing and inventories, supply chain cycles, and finances & accounting, and help optimize back-end processes. Thus, they have begun adopting ERP systems. This trend is also expected to continue during the forecast period, driving the market growth.