Global Health Care ERP Market: Introduction
Enterprise resource planning (ERP) systems and associated technologies have gained considerable traction across diverse industries over the last couple of decades, beginning with the manufacturing sector. The promise of several gains accrued from the deployment of ERP system underpins its burgeoning popularity. The gains entail large efficiency improvements across business processes of organizations, streamlining communication across departments, better productivity, and several strategic benefits to managers. The health care industry is no different. For long, health care organizations, including hospitals, across the world have been seeking ways to successfully implement ERP to boost operational efficiencies, with respect to key performance indicators (KPIs) and optimize cost, especially from their back-end operations.
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Implementation of ERP can span vast spectrum of areas or functions such as inventory management, supply chain management, patient relationship management, finance & billing, compliance management, medical equipment, and revenue cycle management. ERP system in the health care industry also plays a crucial role in synchronizing patient database and take patient interaction with clinicians to the next level. Integration of ERP with their health IT infrastructure has enabled players in the health care industry to modernize their IT systems.
Key Drivers of Global Health Care ERP Market
Adoption of cloud computing
Cloud computing in life sciences R&D is primarily driven by a surge in multinational and multistate clinical trials, rise in prevalence of chronic diseases in major regions, and researches in gene therapy. Innovations in drug making such as those for personalized medicines call for aggregation and consequent analysis of data from multiple external sources such as patients, physicians, and payers. Nevertheless, increased customization of computing solutions to meet specific needs and the emergence of social media in cloud computing is expected to accelerate the adoption rate. Additionally, rise in prevalence of chronic diseases in various regions have stimulated extensive R&D initiatives by companies for making targeted and novel therapies, thereby unlocking exciting opportunities for the market players.
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Rise in Prevalence of Chronic Diseases
Chronic diseases (e.g., cardiovascular diseases, mental health disorders, diabetes, and cancer) and injuries are the leading causes of death and disability. According to the U.S. Department of Health & Human Services, 6 in 10 adults in the U.S. have a chronic disease and 4 in 10 adults in the country have two or more chronic diseases. Various cost-effective prevention strategies are available; however, implementation is generally low, especially among people who are poor and those living in rural areas.
North America to Account for Major Share of Global Health Care ERP Market
- North America is projected to account for major share of the global health care ERP market during the forecast period. The market in the region is anticipated to grow at a rapid pace in the next few years due to increase in research & development and technologically advanced products introduced in the market. Europe is expected to be the second largest market during the forecast period owing to advanced facilities provided by the hospital infrastructure in the region.
- The health care ERP market in Asia Pacific is likely to expand at a high CAGR during the forecast period owing to the dense population and high birthrate
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Key Players Operating in Global Health Care ERP Market
The global health care ERP market is highly consolidated owing to the presence of small number of key players. Leading players operating in the global health care ERP market include:
- Allscripts Healthcare, LLC
- Azalea Health
- CentralBOS, LLC
- CPSI
- Deskera
- Elinext Group
- Focus Softnet Pvt. Ltd.
- Infor
- Infosys Limited
- Medical Information Technology, Inc.
- Microsoft
- Oracle
- Premier
- Rootstock Software
- Sage Group plc
- SAP
- The HCI Group (Tech Mahindra Limited)
- Wipro Limited
- Workday, Inc.
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The market is expected to grow over the forecast period owing to the continued adoption of ERP software among healthcare providers based in the U.S. to deal with large volumes of data accumulated through digital resources.
The rising burden of processing payment, insurance, and other administrative information of newly-enrolled patients on healthcare administrators is also expected to drive the adoption of healthcare ERP solutions in the U.S. Download Free Sample Report @ https://www.radiantinsights.com/research/us-healthcare-erp-market/request-sample Cloud computing technology has triggered a paradigm shift from an on-premise deployment to a cloud-based deployment of ERP solutions in the U.S.
Cloud-based deployment of ERP solutions in the U.S. is expected to grow at a rapid pace over the forecast period owing to the benefits associated with the hybrid deployment.
Vendors in the market for healthcare ERP in the U.S. are trying aggressively to increase their customer base and gain a competitive edge over their rivals.
Companies, such as SAP SE, Microsoft Corporation, and Nuvolo, among others, are also focusing on strategic technology collaborations either to develop new healthcare ERP applications for the U.S. market or to add new capabilities to their existing applications.
Further key findings from the report suggest: • The patient relationship management segment is expected to emerge as the fastest-growing segment over the forecast period as medical care providers are finding it challenging to strengthen their relationships with patients owing to the continued enrolment of new patients • The integration of artificial intelligence (AI) in healthcare ERP solutions is allowing to provide personalized patient care by determining the condition of patients and providing them with the necessary care • The initiatives undertaken by the government to improve healthcare facilities are expected to open opportunities for the growth of the market • Medical care administrators in the U.S. are focusing on integrating natural language processing (NLP) programs and machine learning (ML) in their ERP systems to employ predictive analytics in proactively identifying patients • Some of the key players in the U.S. healthcare ERP market include Epicore Softcare Corporation; Infor; Oracle Corporation; Microsoft Corporation; Sage Software Solution Pvt.
The U.S. healthcare ERP market size is estimated to be USD 2.1 billion by 2025, growing at a CAGR of 5.6% over the forecast period, 2019 to 2025, as per a new report by Million Insights.
ERP software helps healthcare service providers to better manage the data and draw actionable insights from them.
Further, increasing burden of payment processing, insurance along with other information of several newly-enrolled people is estimated to drive the deployment for ERP software in healthcare.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/us-healthcare-erp-market/request-sample Market Synopsis of U.S. Healthcare ERP Market: Cloud adoption has further bolstered the ERP deployment.
Hybrid system supports both on-premise and cloud deployment along with offering agility, data-security and cost-effectiveness.
Owing to these benefits offered by the hybrid system, cloud adoption is estimated to gain traction across the U.S. Key players in the U.S. healthcare ERP market are focusing on increasing their dominance and gain competitive advantages over their peers.
The article is an insight into ERP Solution that has been surfed several times on the Internet.
Simultaneously, the page will offer some quick entertaining features about the technology itself.
ERP technology is a common phenomenon applied everywhere.
According to some expert statistics, the US healthcare ERP market would grow around $2.1 Billion by 2025.
With the expansion of the mechanism, there would be more facilities like cut-down on labour costs, quick reporting, and healthcare analysis, etc.
Hence, it becomes a crucial aspect to study the entire concept and advances it brings to the healthcare industry.
