New York, July 19, 2023 (GLOBE NEWSWIRE) -- The global healthcare supply chain management market size is projected to grow at a CAGR of over ~11% from 2023 to 2035. The market is expected to garner a revenue of USD 5 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022. Market growth is primarily driven by the adoption of IoT (Internet of Things) in supply chain management. As IoT integrates with healthcare supply chain management, it has been noted that nearly 94% of healthcare professionals feel a greater correlation between management and finance.
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Healthcare supply chain management refers to overseeing and managing the flow of medicines, medical products, and healthcare services from manufacturers to patients, providing access to appropriate medicines and treatments to healthcare providers and patients when and where they need them. It is important for healthcare companies as it can reduce costs, increase supply chain efficiency, and, depending on the type of implementation, make the healthcare value chain more agile and resilient. It is very important for patients as it helps ensure access to needed medicines and treatments.
Global Healthcare Supply Chain Management Market: Key Takeaways
- Market in North America to propel highest growth
- The cloud based segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Rising Digitalization across the Globe to Boost the Growth of the Market
"Digital transformation" is more than digitization; it's the process of organizational transformation. enabling the information, technology, people, and processes of the digital landscape to experience a revolutionary change towards agility and value creation. The world is constantly evolving, be it digital evolution, the political climate, or the actual climate of the planet. In addition, this evolution taps into our core human capacity to adapt to change. Enterprises across the world and across various sectors are adopting digitalization at a rapid rate. By 2022, nearly 65% of the world's gross domestic product (GDP) is projected to be digitized, and digitized organizations will account for more than half of the world's gross domestic product (GDP) by 2023, which is projected to account for nearly USD 54 trillion. Moreover, individual access to the internet via smartphones is notably spiking around the world. According to estimates, there were around 6 billion smartphone users worldwide in the year 2021, and the number is expected to reach about 7.5 billion by the end of 2027. Hence, this is also estimated to fuel the growth of the global healthcare supply chain management market over the forecast period.
Global Healthcare Supply Chain Management Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Elevating Healthcare Expenditure to Propel the Market Growth in North America Region
The healthcare supply chain management market in the North American region is estimated to garner the largest revenue by the end of 2035. Growth of the market in the region is primarily driven by rising healthcare costs and rising disposable incomes, which drive demand for advanced technological developments in the healthcare sector. According to the Centers for Medicare & Medical Services (CMS), U.S. national health care spending increased 9.7% to USD 4.1 trillion (USD 12,350 per capita) in 2020. Additionally, the presence of strong healthcare networks in the region and the availability of regulatory support guidelines have allowed enterprises to find more viable solutions to develop efficient treatment and management options. Furthermore, it encourages market participants to decide to invest in more research and development. It is expected to contribute to the growth of the market in this region. Additionally, as North American consumers increasingly prefer online platforms for a variety of services, businesses are focusing on improving their application management services. According to the World Bank, 91% of the US population uses the Internet personally, and this percentage is estimated to increase significantly during the forecast period. Therefore, it is estimated that this will also contribute significantly to the growth of the market in the region.
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Steady Expansion of Healthcare IT Infrastructure to Favor Market Growth in the Asia Pacific Region
The healthcare supply chain management market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. The regional growth can majorly be attributed to the steady growth of IT infrastructure in healthcare and the growing demand for cloud computing. Market expansion in this region is expected to be further fueled by the increasing implementation of the GS1 standard in the region for tracking drug visibility. The World Health Organization (WHO) says most of the trafficking of counterfeit medicines occurs in the Asia Pacific region. For instance, only 8% of substandard or counterfeit reports to the WHO came from the WHO Western Pacific Region, 6% from the WHO Eastern Mediterranean Region, and only 2% from the WHO South-East Asia Region. To thwart drug counterfeiting, the pharmaceutical sector is implementing cloud management, barcodes, and other scanning technologies to track items and collect information about them. Hence, these factors are expected to influence regional market growth.
Healthcare Supply Chain Management Segmentation by End User
- Healthcare Manufacturers
- Healthcare Providers
- Distributors
- Logistics
The healthcare providers segment is expected to have the largest share over the forecast period of these four segments. The growth of the segment can be attributed to the fact that the healthcare sector is more vulnerable to cyber-attacks, which is compelling the providers to opt for cloud-based management systems to ensure more visibility, control, and security for the procedures and sensitive data of the patients. The healthcare sector is an ever-progressive industry, continuously delivering essential services while seeking to improve treatment and patient care with new technologies, but criminals and cyber threats are constantly lurking in these changes. In 2021, nearly 45 million people were reported to be affected by attacks on healthcare. The rising rate of cybercrime is also thought to be a major contributor to segment growth. According to the FBI's 2021 Internet Crime Report, a record of 847,376 cybercrime complaints were filed with the FBI by the public.
Healthcare Supply Chain Management Segmentation by Mode of Delivery
- On Premise
- Cloud Based
Between these two segments, the cloud-based segment is anticipated to hold a significant share over the forecast period. The growth of this segment can be attributed to emerging BYOD (bring your own device) policies in various organizations combined with strict regulations against rising crime and cyberattacks in the healthcare sector. A cloud-based management system is designed to protect the network by preventing unauthorized or malicious access. Moreover, the increasing adoption of cloud-based services by enterprises across the globe is estimated to offer lucrative growth opportunities to the segment. Cloud-based services are expected to grow by almost 30% in 2023 and are estimated to grow further during the forecast period. Hence, this could be a key factor in boosting the growth of the segment significantly during the forecast period.
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Healthcare Supply Chain Management Segmentation by Component
- Software
- Hardware
- Services
Few of the well-known market leaders in the global healthcare supply chain management market that are profiled by Research Nester are Henry Schein, Inc., McKesson Corporation, Providence Health & Services, Oracle, Syft, Ascension, Ochsner Health, Advocate Health Care, Banner Health, Tecsys Inc., and other key market players.
Recent Development in the Global Healthcare Supply Chain Management Market
- Henry Schein, Inc. announced the full acquisition of Midway Dental Supply, a full-fledged dental distributor serving dental offices and laboratories in the Midwestern United States.
- Oracle Cloud World announces his partnership with NVIDIA. By bringing NVIDIA's entire accelerated computing stack, including GPUs, systems, and software (OCI), to Oracle Cloud Infrastructure, the collaboration uses accelerated computing and artificial intelligence to power customers' businesses. It is meant to address the issue.
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