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.
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.
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
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.
Global Health Care ERP Market: Research Scope
Global Health Care ERP Market, by Offering
- Installation Services
- Support & Maintenance Services
- Consulting Services
Global Health Care ERP Market, by Application
- Core Modules
- Back Office Modules
- Hospital ERP Support Modules
- Front Desk Management
- Equipment Maintenance System
Global Health Care ERP Market, by End-user
- Long & Short Term Facilities
- Nursing Facilities
Global Health Care ERP Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.