Offshore Wind Energy Market to Reach Valuation of USD 60.9 Billion by 2028 - Chronic diseases are becoming more common to Drive the Market Growth

Vantage Market Research

May 28, 2022

From the period of 2022 to 2028, the Global Offshore Wind Energy Market is expected to reach USD 60.9 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 11.8%.

Enterprise resource planning (ERP) in healthcare has become a significant component of the worldwide healthcare system. Healthcare professionals' rising use of ERP systems is generating demand for these systems to lower operational costs and improve patient outcomes. Several healthcare organizations throughout the world, including clinics, hospitals, and emergency rooms, have been experimenting with ERP to improve operational efficiencies. Such trends are propelling the global healthcare ERP market forward in terms of trustworthy information on key performance indicators (KPIs), cost optimization, and streamlining back-end processes. The integration of ERP with healthcare IT infrastructure has enabled healthcare business participants to modernize their IT systems in developing countries.

Healthcare ERP systems necessitate a large number of highly skilled professionals and staff. On the other hand, the market's adoption of healthcare ERP solutions has been hampered by a scarcity of competent specialists and personnel. Furthermore, healthcare ERP software and systems must be updated on a regular basis due to technological developments. Furthermore, because these systems collect data from a wide range of processes, computers, and networks, data security is expected to become increasingly complicated. Hospital units are forced to engage third-party services due to a lack of competence among healthcare personnel on how to use healthcare ERP systems, which increases costs. As a result, this is a big roadblock to the market's growth. As the internet and digital technologies have grown more extensively used, the risk of cyberattacks and data breaches has increased considerably. Healthcare organizations could face large financial losses as a result of cyberattacks. This is the greatest threat to the healthcare ERP industry.

Key Highlights from the Report

  • The market is divided into Inventory & Material Management, Supply Chain & Logistics Management, Patient Relationship Management, Finance & Billing, and Others, based on application. Finance & Billing was the market leader in 2020. Healthcare organizations are rapidly using ERP systems to improve processes and remove barriers between front-end revenue cycle management and back-end activities such as claims management. Businesses use these systems to eliminate financial data silos, track profitability, manage ledgers, manage fixed assets, risk management, multi-currency management, reporting, and tax management, among other things. ERP systems are likely to outperform the competition because they give comprehensive financial transparency, informed planning and budgeting, increased productivity, seamless integration of financial ERP modules with our business systems, and real-time financial monitoring.

  • The market is divided into Solutions and Services based on Offering. Solutions lead the global market for Healthcare ERPs, and it is expected to keep its lead during the projected period. Because of several advantages such as low vendor dependency, ease of access from remote locations, reduced expenses, complete control over operations, security and privacy, and easy modification. Systems and solutions are installed on computers within a company's network. Despite being installed on on-premises computers and servers, these solutions may be accessed remotely, saving implementation costs and power consumption.

  • is the fastest regional segment in terms of growth. As a result of rising healthcare costs and a growing labor scarcity In addition, the Asia Pacific market is being boosted by poor health facility service management, a growing patient community, expanding acceptance of advanced technological solutions, and the creation of start-ups. Furthermore, the industry attracts public and private infrastructure, contributing to infrastructure development and economic development.

Market Dynamics:

Chronic Diseases are Becoming More Common

According to the International Agency for Research on Cancer, there would be around 28.4 million new cancer cases worldwide in 2040. According to the World Health Organization, cardiovascular illnesses account for 17.9 million fatalities worldwide, or 32 percent of all deaths, and are the leading cause of mortality worldwide. The International Diabetes Federation estimates that the global diabetic population will reach 783 million by 2045. As disease prevalence rises, so will the volume of patient data generated, as well as the number of hospital admissions. The demand for ERP systems is likely to expand in the next years in order to efficiently handle patients and patient-related data.

The Benefits of Healthcare ERP are Becoming More Well Known.

The growing use of ERP systems by small and medium firms is driving up demand for these systems to reduce operational costs and improve functional outcomes. Standardized patient data allows for more efficient patient collection and management strategies from remote sites. Because of the numerous benefits associated with cloud-based ERP systems, such as low ownership costs, low availability of in-house technical expertise, agile and flexible infrastructure capacity, less capital requirement, and constant upgrades, healthcare facilities and businesses are enthusiastically adopting them.

With a market share of 35.80 percent in 2021, North America is expected to gain the most market share. This is attributable to the rapidly growing and increasing healthcare infrastructure, increased need for innovative technology solutions, and the significant presence of key market players. North American consumers are fast adopting ERP solutions to improve processes, productivity, and cost savings. The advantages of ERP software, such as improved resource use and caregiver efficiency, are driving healthcare ERP adoption in North America.