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HEALTHCARE & PHARMACEUTICAL

Healthcare ERP Market Analysis by Deployment (Cloud-based, and On-premise); by Application (Inventory & Material Management, Supply Chain & Logistics Management, Patient Relationship Management, Finance & Billing, and Others); and by End Users (Hospitals, Clinics, Long & Short Term Facilities, and Others) - Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Infor acquired Intelligent InSites, Inc., a North Dakota-based provider of healthcare software and services. Intelligent InSites, Inc. offers dynamic, scalable, and user-friendly location platforms to businesses in order to optimize operations, streamline patient journeys, and improve clinical outcomes.
  • McKesson Corporation has entered into a partnership with HCA Healthcare, Inc. to form a joint venture to advance cancer care by combining McKesson’s US Oncology Research (USOR) and HCA Healthcare’s Sarah Cannon Research Institute (SCRI).

Global Healthcare ERP Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~7%

Base Year Market Size (2022)

~USD 6500 Million

Forecast Year Market Size (2033)

~USD 12432.5 Million

The global healthcare ERP market is estimated to garner a revenue of ~USD 12432.5 million by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 6500 million in the year 2022. The primary factor for the market growth is attributed to the rising cases of cardiovascular diseases and deaths owing to them. As per the World Health Organization, cardiovascular diseases are considered to be the leading cause of deaths globally, taking almost 17.9 million lives in 2019, which is equivalent to 63% of the total deaths that occurred.

Healthcare-ERP-Market-Scope-AnalysisGet more information on this report: Request Sample PDF

The world is projected to see a huge pool of patients in the upcoming years. As a result, the pressure on the healthcare system is rising, which increases the demand for a smooth process of supply chain and logistics, as well as patient care and treatment. Thus, the increase in the number of deaths due to non-communicable diseases is anticipated to increase the adoption rate of healthcare ERP in hospitals, ambulances, and clinics. As per a report published by the World Health Organization in 2021, it is stated that non-communicable diseases kill almost 41 million people each year, an equivalent of 71% of global deaths.

Global Healthcare ERP Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence of Unhealthy Lifestyle Diseases –

Several diseases such as diabetes, hypertension, obesity and high blood pressure are occurring among the population owing to the shift towards an unhealthy lifestyle, which is further expected to bring lucrative opportunities in the healthcare ERP market in the assessment period. Diabetes prevalence was estimated to be nearly 10%, or 460 million people, in 2019 and is expected to rise steadily in the future, reaching 11%, or 700 million people, by 2030.

  • Prevalence of Heart Diseases – There is an alarming rise in the number of heart disease patients across the world. This has brought the need for the deployment of healthcare ERP systems across the healthcare sector. The majority of cardiovascular diseases are accounted for by heart attacks and strokes. Around 85% of the cardiovascular disease deaths were due to heart attacks and strokes in 2019.
  • Increase in Patient Visits—According to recent reports, approximately 770 million outpatient visits were reported in hospitals in the United States in 2020.
  • Boom in the Healthcare Sector-The revenue generated by the global healthcare sector in 2022 stood at USD 60 billion.
  • Escalation in Health Expenditure – The World Bank released the health expenditure of the world in the year 2019, which accounted for 9.83% of the total GDP. This is a rise from 2017, when global health expenditure was 9.77% of total GDP.

Challenges

  • Lack Awareness About ERP Healthcare
  • Low Adoption Rate in Developing Countries
  • Stringent Rules by Government

The healthcare ERP market is segmented and analyzed for demand and supply by end users into hospitals, clinics, long & short-term facilities, and others. Out of these, the hospitals segment is expected to garner the highest market share by 2033, owing to the rising number of hospitals across the world. As per the Organization for Economic Co-operation and Development, the number of hospitals in the United States rose from 5,564 in 2015 to 6,090 in 2019.

On the other hand, in the deployment segment, as of 2022 the on premise segment holds the major market share with 71%. The rising popularity of on premise owing to its easy accessibility and other associated benefits is expected to significantly drive the demand for on premise based healthcare ERP systems across the globe.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Healthcare ERP Market Regional Synopsis

Regionally, the global healthcare ERP market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America garnered the largest market share, i.e., 36% in 2022. The market in the region is primarily driven by the high cost of healthcare. The Centers for Medicare & Medicaid Services stated that the national health expenditure increased by 9.7% in 2020 to USD 4.1 trillion, or USD 12,530 per person. This accounted for 19.7% of Gross Domestic Product (GDP). Further, the burden of chronic diseases and the deaths caused by them is another factor driving the expansion of life care solution services. The recent study of 2022 stated that 6 in 10 adults in the U.S. have a chronic disease, and chronic disease is the leading driver of the nation’s USD 4.1 trillion.

Healthcare-ERP-Market-Scope-Future

The global healthcare ERP market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global healthcare ERP market includes the following segments:

By Deployment

  • Cloud-based - 29%
  • On-premise - 71%

By Application

  • Inventory & Material Management
  • Supply Chain & Logistics Management
  • Patient Relationship Management
  • Finance & Billing
  • Others

By End User

  • Hospitals
  • Clinics
  • Long & Short-Term Facilities
  • Others

Top Featured Companies Dominating the Global Healthcare ERP Market

  • McKesson Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Infor
  • Odoo SA
  • SAP SE
  • Oracle
  • Epicor Software Corporation
  • QAD Inc.
  • Aptean Group
  • The Sage Group plc
  • Microsoft

 

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