What You Should Know:
- The global healthcare ERP market is expected to reach $9.6 billion by 2031, expanding at a CAGR of 6.5% between 2021 and 2031, according to a recent report by Transparency Market Research Inc.
- The report reveals the rise in remote patient monitoring and telehealth after the COVID-19 peak driving significant opportunities for stakeholders in the global healthcare ERP industry.
Rising Global Demand for Healthcare ERP
Healthcare enterprise resource planning (ERP) is now an essential component of the global healthcare system. Healthcare professionals are increasingly using ERP systems, which is expected to drive market demand for these systems to reduce operational costs and enhance patient outcomes. The rise in demand for innovative technological solutions among physicians and healthcare professionals to provide patients with high-quality treatment, removal of data silos for back-end processes, and lower operational expenses are driving the healthcare ERP market in North America.
Global Healthcare ERP Market: Growth Drivers
- Mission-critical applications, such as inventory management, financial management, and patient relationship management, are becoming more common as a result of the COVID-19 pandemic. These factors are expected to contribute to the growth of the global healthcare ERP market in the near future.
- Two significant factors driving the healthcare ERP market are the digitalization of the healthcare industry and the increase in smart software system usage. Acceptability of digital technology and cloud-based software solutions among medical staff, surgeons, and physicians is growing in Sri Lanka, Bangladesh, and India.
- Cloud computing is gaining traction in the healthcare ERP market owing to developments in drug development including customized therapies, analysis of data from multiple external sources, and gathering of patient health information. The incidence of chronic diseases such as heart problems and diabetes is increasing the demand for ERP systems that spur the development of novel treatments boosting clinical numbers.
- Market players are utilizing patient relationship management potential for revenue generation and also to enhance quality of life of patients, as chronic illnesses are linked to patient mortality and morbidity. The increasing importance of healthcare ERP in managing patient relationships, particularly for the geriatric and disabled groups, is expected to fuel market development.
