Top 5 Insights From The Healthcare ERP Consulting Services Market Report 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
According to The Business Research Company’s Healthcare ERP Consulting Services Global Market Report 2024, the healthcare ERP consulting services market is expected to show promising growth in the forecast period.
The healthcare ERP consulting services market has witnessed significant growth, reaching $4.96 billion in 2023 and projecting an increase to $5.54 billion in 2024 at a Compound Annual Growth Rate (CAGR) of 11.6%. This expansion is primarily attributed to the integration of data, enhanced cost control, administrative efficiency, workflow automation, and the integration of electronic health records.
Future Projections
Steady Growth in the Horizon
Anticipated growth in the healthcare ERP consulting services market remains robust, with a forecasted leap to $8.41 billion in 2028, showcasing a CAGR of 11.0%. The future landscape is shaped by emerging factors, including value-based care models, telehealth expansion, cybersecurity, data protection, sustainability, environmental impact, and pandemic preparedness.
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Emerging Trends
In the forecast period, notable trends are expected to drive the market forward, encompassing digital transformation roadmaps, adoption of cloud-based ERP solutions, integration of data analytics, patient engagement solutions, and the infusion of AI and machine learning into ERP systems.
Catalysts for Growth
- Adoption of ERP Systems in Healthcare
The surge in the adoption of ERP systems is a pivotal driver for the healthcare ERP consulting services market. These systems play a crucial role in planning and managing an organization’s core functions. Notably, the interest in cloud-based ERP systems spiked to 42% in 2022, as reported by Software Connect. The adoption is primarily driven by company owners and C-suite executives, initiating the software purchasing process in more than half of the cases.
- Leading Companies in the Market
Major players contributing to the growth of the healthcare ERP consulting services market include Accenture PLC, Deloitte Touche Tohmatsu, PricewaterhouseCoopers, and many others. These companies are at the forefront, providing essential consulting services to healthcare organizations.
Strategies for Evolution
Innovation and Product Diversification
Major companies operating in this market are actively engaged in developing new products and expanding their offerings. Deloitte, for instance, launched the Oracle MyCloud ERP offering in October 2022. This innovative product aims to expedite business transformation for fast-growing and private clients by leveraging Oracle’s state-of-the-art integrated SaaS Cloud platform. It not only provides access to Oracle Cloud products but also includes Deloitte’s implementation and support services, consolidating everything into a fixed monthly fee. This approach allows growth-focused companies to manage financial resources efficiently.
Strategic Acquisitions: Oracle-Cerner Deal
In June 2022, Oracle Corporation made a significant move by acquiring Cerner for $28.3 billion. This strategic acquisition aims to enhance healthcare delivery by providing better information to medical practitioners, ultimately leading to improved treatment decisions and better patient outcomes. Cerner, a healthcare company specializing in ERP consulting services, adds substantial value to Oracle’s portfolio.
Market Segmentation
The healthcare ERP consulting services market is segmented based on functionality, deployment, and end-user:
- Functionality:Includes Implementation, Training and Education, and Other Functionality.
- Deployment:Encompasses On-Premise and Cloud solutions.
- End-User:Targets Life Science Companies, Healthcare Providers, and Other End-Users.
Regional Dominance
North America took the lead as the largest region in the healthcare ERP consulting services market in 2023, underscoring the region’s pivotal role in steering the market’s trajectory.
In conclusion, the healthcare ERP consulting services market is poised for remarkable growth, driven by technological advancements, innovative solutions, and strategic collaborations. As the healthcare industry continues to evolve, the integration of ERP systems and consulting services will play an instrumental role in shaping a more efficient, data-driven, and patient-centric future.
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