New York, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The Global Healthcare Supply Chain Management Market Size is to Grow from USD 2.5 Billion in 2022 to USD 9.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 14.4% during the projected period. Growing demand for limiting large-scale drug counterfeiting in the pharmaceutical industry, as well as the emergence of cloud-based solutions, are among the factors driving healthcare supply chain management market growth.
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Healthcare supply chain management is critical to the healthcare industry. It encompasses a wide range of activities, including sourcing and procurement, as well as logistics and distribution. The main goal of supply chain management is to ensure that patients get the care they need when they need it, while also reducing costs and waste. The process of monitoring and managing the flow of healthcare products in order to eliminate inventory waste, reduce human error, and improve patient care is known as healthcare supply chain management. The introduction of advanced supply chain solutions will drive market expansion. Organizations all over the world have had the opportunity to modify their services thanks to cutting-edge technology, solutions, and tools. Globally, supply chain management has grown in popularity as businesses begin to integrate their key business operations from start to finish. One of the key factors driving the healthcare supply chain management market is the increasing adoption of cloud-based software solutions by healthcare professionals. However, the high cost associated with implementing these solutions limits market growth by limiting the adoption rate. As a result, one of the major concerns among healthcare facilities is cost management.
COVID-19 Impact
The COVID-19 pandemic posed significant challenges to global supply chain operations. Multiple lockdowns stopped the transportation of finished products and unprocessed materials, causing the manufacturing process to be disrupted. Healthcare systems also encountered difficulties in managing their services as a result of increased demand for medical services during the disruption in their supply chain operations.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Healthcare Supply Chain Management Market Size, Share, and COVID-19 Impact Analysis, By Component (Software, Hardware, Services), By Delivery Mode (On-premise, Cloud-based), By End-user (Healthcare Providers, Healthcare Manufacturers, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The software segment is expected to dominate the global healthcare supply chain management market during the forecast period.
Based on the component, the global healthcare supply chain management market is classified into software, hardware, and services. Among these, the software segment is expected to dominate the global healthcare supply chain management market during the forecast period. The increasing adoption of software as a service (SaaS) that provides next-generation cloud computing applications such as supply chain management enterprise resource planning is one of the key factors driving the growth of the healthcare supply chain management market.
The cloud-based segment accounted for a significant market share over the forecast period.
Based on the delivery mode, the healthcare supply chain management market is segmented into on-premise and cloud-based. Among these, the cloud-based segment accounted for a significant market share over the forecast period. The benefits associated with it, such as risk mitigation, monitoring, and identification of supply chain risks, vulnerabilities, and disruptions, can be attributed to the growth. Furthermore, the platform enables collaborative information sharing.
The healthcare manufacturers segment is witnessing substantial CAGR growth over the forecast period.
Based on the end user, the healthcare supply chain management market is segmented into healthcare providers, healthcare manufacturers, and others. Among these, the healthcare manufacturers segment holds the market with substantial CAGR growth over the forecast period. Emerging IT trends and technologies, such as cloud computing, have benefited pharmaceutical companies significantly. Healthcare manufacturers' increasing use of SaaS software is shifting the trend away from paper-based operations and toward an automated system. This reduced the possibility of errors while also overcoming significant challenges such as efficient planning and visibility into consigned inventory.
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North America accounted for the highest market share over the forecast period.
North America accounted for the highest market share over the forecast period. The mandatory implementation of GS1 standards and unique device identifiers (UDIs) on pharmaceutical drugs and medical devices can be attributed to this. The growing use of scanning technologies to combat counterfeit drugs, such as barcodes and RFID, has aided in drug tracking. To combat the counterfeit drug trade, manufacturers in the United States have begun to use edible barcodes.
Asia Pacific healthcare supply chain management market is expected to grow with a significant share during the forecast period. Factors such as constantly developing healthcare IT infrastructure and rising demand for cloud computing can be attributed to the growth of the Asia Pacific market. Furthermore, China's healthcare supply chain management market had the highest market share, while India's healthcare supply chain management market was the fastest growing in the Asia-Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Healthcare Supply Chain Management market include Oracle, Epicor Software Corporation, McKesson CORPORATION, Ochsner Health, Ascension, Global Healthcare Exchange, LLC., Tecsys Inc., Banner Health, Henry Schein, Inc., Cardinal Health, and among others.
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Recent Developments
- In November 2022, Cardinal Health, a healthcare SCM solutions provider based in the United States, launched Velocare, a supply chain solution that can provide patients with critical products and services in as little as one to two hours. In addition, the company has signed an agreement with Medically Home, a healthcare provider, and is providing Velocare to Medically Home health system customers for high-quality care at home.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global healthcare supply chain management market based on the below-mentioned segments:
Global Healthcare Supply Chain Management Market, Component Analysis
- Software
- Hardware
- Services
Global Healthcare Supply Chain Management Market, Delivery Mode Analysis
- On-premise
- Cloud-based
Global Healthcare Supply Chain Management Market, End User Analysis
- Healthcare Providers
- Healthcare Manufacturers
- Others
Global Healthcare Supply Chain Management Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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