Wilmington, Delaware, United States, Transparency Market Research. Inc, July 02, 2024 (GLOBE NEWSWIRE) -- The projected advancement of the global healthcare supply chain management market is likely to occur at a CAGR of 11.9% through 2034, elevating the size of the sector to USD 8.8 billion by the end of the forecast period. The last recorded size of the market was USD 2.5 billion, measured in 2023.
Medical organizations aim to augment services and other offerings with the help of cutting-edge technologies and innovative tools. Healthcare institutes aim to revolutionize functioning in order to gain a sustainable niche in the industry. More emphasis is placed on the integration of key end-to-end operations into the business, which elevates the importance of key supply chain management solutions.
To cater to this objective, various organizations have been inclined toward using cutting-edge software and practices. E-procurement software and supply chain planning systems are some key examples that have gained prominence within the ecosystem, driving the demand for better management solutions. Across different stages and landmarks within supply chain operations, these key tools can be used. Procurement, manufacturing, storage, and transportation are some vital stages of the supply chain that can be catered to with the use of such software and tools.
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Adhering to such software, organizations can capitalize on better supply chain practices, thereby increasing operational efficiency. This drives the demand for healthcare supply chain management systems. The increasing adoption rate of such practices is likely to augment the size of the healthcare supply chain management market.
To improve accuracy and decision-making, cloud-based solutions are expected to gain more traction in the industry. Capital expenses are reduced with the use of such solutions, driving the demand for such solutions. Warehouse management, which might be a key concern for several healthcare organizations, can be effectively handled through the implementation of such solutions. As a result, the demand pertaining to the segment is likely to elevate.
The probable threat of miscommunication can be avoided with the use of cloud-based solutions, elevating the demand for such practices. The efficiency of the business unit can be improved through such systems. Technological acquisition aids in streamlining business operations, favoring the overall efficiency of the healthcare organization. This drives the growth of the global healthcare supply chain management market.
Key Findings from the Market Report
- The competitive space of the global healthcare supply chain management market is segmented into different sectors. Based on the component, the software category is likely to gain more attention due to the ability of the tool to automate key aspects of a supply chain.
- Inventory management software is another category gaining importance in the sector. Due to the emphasis on stock management, the category is likely to generate more revenue.
- Based on applications, the forecasting and planning segment is expected to generate the highest revenue in the industry. Due to the emphasis on planning processes, the demand for software is likely to rise.
- Based on the end-user, healthcare providers are likely to generate more demand for such software.
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Regional Profile
- Owing to the technological infrastructure, North America is expected to lead the global healthcare supply chain management market.
- The expansion in the healthcare infrastructure is allowing Europe to innovate in the competitive space.
- Small-scale healthcare businesses in Asia-Pacific are relying more on enhancing the efficiency of supply chains to generate more profits. This augments the said competitive landscape in the region.
Competitive Landscape
Different competitors explore the market space using many strategies, including product launches.
- Oracle Corporation offers products related to analytics, cloud applications, and many more.
- SAP SE develops cloud platforms, advanced planning and optimization tools, and many more.
- Infor is another key player offering CloudSuit solutions, Infor Birst OEM and embedded analytics, and many other solutions.
Key Players
- Oracle Corporation
- SAP SE
- Infor
- McKesson Corporation
- Tecsys
- GHX
- Cardinal Healthcare, Inc.
- Epicor Software Corporation
- LLamasoft, Inc.
- Cerner Corporation
- LogiTag Systems
- Accurate Info Soft Pvt. Ltd.
- Arvato Systems
Key Developments in Healthcare Supply Chain Management Market
- In June 2024, Oracle Corporation announced to invest USD 1 billion in AI and cloud computing in Spain. This is expected to consolidate the position of the firm in the country.
- In June 2024, SAP SE initiated the proposal to acquire WalkMe. The move is expected to bolster the organization’s market position.
Market Segmentation
Component
- Software
- Purchasing Management Software
- Inventory Management Software
- Hardware
- Barcodes & Barcode Scanners
- RFID Tags & Readers
- Others (Systems, etc.)
Application
- Forecasting & Planning
- Inventory Management & Procurement
- Internal Logistics & Operations
- Warehousing & Distribution
- Reverse & Extended Logistics
- Others (Implant Management, etc.)
Delivery Mode
- On-premises
- On-cloud
End User
- Healthcare Providers
- Healthcare Manufacturers
- Suppliers & Distributors
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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