(MENAFN – GetNews) According to report published by Grand View Research, the U.S. healthcare ERP market size was valued at USD 1,425.9 million in 2018 and is expected to register a CAGR of 5.6% over the forecast period.
The U.S. Healthcare ERP Market size is expected to reach USD 2.1 billion by 2025, registering a 5.6% CAGR from 2019 to 2025, according to a new report by Grand View Research, Inc. 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.
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. Moreover, a hybrid deployment can support the features of both on-premise deployment and cloud-based deployment of these solutions, thereby ensuring cost-effectiveness, data security, and agility in administrative processes. A hybrid deployment also helps in overcoming the cost concerns associated with on-premise deployment and the security concerns associated with cloud-based deployment. 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. They are focusing on licensing and strategic partnerships as part of the efforts toward this end. 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. On the other hand, healthcare providers are also focusing on replacing obsolete technologies with the latest technologies to adapt to the changing requirements.
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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. Ltd.; and QAD Inc.; among others.
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Grand View Research has segmented the U.S. healthcare ERP market on the basis of function and deployment:
U.S. Healthcare ERP Function Outlook (Revenue, USD Million, 2014 – 2025)
- Inventory and material management
- Supply chain and logistics management
- Patient relationship management
- Finance and billing
U.S. Healthcare ERP Deployment Outlook (Revenue, USD Million, 2014 – 2025)
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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