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.
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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.
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.
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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.
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.
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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
- Elinext Group
- Focus Softnet Pvt. Ltd.
- Infosys Limited
- Medical Information Technology, Inc.
- Rootstock Software
- Sage Group plc
- The HCI Group (Tech Mahindra Limited)
- Wipro Limited
- Workday, Inc.
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