Healthcare Supply Chain Management Market to Grow at a CAGR of 13.2% during Forecast Period
Published | 05 August 2022
Global Healthcare Supply Chain Management Market is growing at a high CAGR because of the emergence of cloud-based and mobile-based solutions along with the adoption of GS1 system of standard in the healthcare industry globally. The increased need to improve the operational efficiency, reduce the operating costs, improve the profitability and quality are also driving the global healthcare supply chain management market.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global healthcare supply chain management market was worth USD 2.2 billion in the year 2021. The market is projected to grow at a CAGR of 13.2%, earning revenues of around USD 5.3 billion by the end of 2028. The global healthcare supply chain management market is booming because the healthcare industry is adopting a single integrated supply chain management software that performs important processes such as planning, designing, executing, controlling, purchasing, monitoring the flow of products and services, and synchronizing the demand and supply of products. The unfolding of cloud-based and mobile-based solutions has aided the healthcare industry in sharing, integrating, recording, and storing information and minimizing installation and maintenance costs. This efficient system helps to improve operational efficiency, reduce operating costs and improve the profitability and quality of the healthcare services.
Digitalization by use of Software-Based Systems and Cloud-based Solutions to Drive the Market Growth
Healthcare Supply Chain Management includes the supply chain management of medical supplies, pharmaceuticals, medical devices, and surgical supplies. In a highly fragmented healthcare industry with high economies of scale, to meet the increasing customer demand and satisfaction, it is essential to customize the technology so as to emerge as quality healthcare providers. This is facilitated by the use of a single integrated software that manages all processes such as planning, designing, executing, controlling, purchasing, monitoring the flow of products and services, and synchronizing the demand and supply of products. Therefore, software-based systems are preferred over hardware systems due to the fast, reliable, and convenient flow of information.
With changing times, healthcare organizations have adopted supply chain management systems to automate their processes; however, the level of automation in the different healthcare organizations varies. The supply chain management systems precisely capture, organize, retrieve, store and analyze data which minimizes the organization's operational costs. These systems also help stabilize the inventory by delivering better information on product needs and focusing on risk management strategies. Nevertheless, some healthcare organizations prefer to use the traditional techniques in dealing with important, top secret, and sensitive information; for example, many hospitals prefer to manually count their inventory in real-time. This lack of awareness, lack of trained staff, and issues with integration limit the growth of the global market.
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Global Healthcare Supply Chain Management Market - By End User
Based on end users, the global healthcare supply chain management market is segmented into healthcare providers (hospitals, clinics, maternity centers, outpatient centers, pathology laboratories), healthcare manufacturers, distributors and retailers, and logistics companies.
Amidst the segmentation, the healthcare product manufacturers segment accounted for the largest market share in 2021. Various pharmaceutical giants often outsource the manufacturing to contract development and manufacturing organizations (CDMO) to cut down the cost of manufacturing and operations. To track the manufacturing process, warehouse management, and transportation, opting for an advanced healthcare supply chain management solution is essential.
According to BlueWeave Consulting, in 2021, the second largest users of health supply chain management solutions were the healthcare providers due to the rising need for data for inventory management and procurement planning.
Global Healthcare Supply Chain Management Market - Regional Insights
Based on regions, the global healthcare supply chain management market has been segmented into five categories- North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Amidst the segmentation, North America will lead the global healthcare supply chain management market share in 2021 due to the increasing number of unique device identification initiatives by the FDA and improved healthcare infrastructure. This is large because the U.S.A is the greatest employer in the healthcare sector, with more than 780 thousand companies to the State of Healthcare Industry – Statistics for 2022. The Asia-Pacific is estimated to grow at the highest rate in the forecast period due to the availability of mobile-based healthcare solutions and technical advancements in the supply chain management domain.
Impact of COVID-19 on Global Healthcare Supply Chain Management Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The emergence of the covid-19 pandemic has brutally impacted the global healthcare supply chain management market. The lockdowns in major countries of the world affected the import and export of healthcare supplies like gloves, PPE kits, surgical masks, sanitizers, and medicines. Moreover, it resulted in overcrowding in hospitals, lack of beds, and low oxygen supply, to name a few. This eye-opening pandemic forced healthcare organizations, healthcare providers, and pharmaceutical companies to adopt the software and cloud-based healthcare supply chain management system, which undoubtedly mitigated some of the challenges faced by the healthcare industry.
Competitive Landscape
The key players operating in the global healthcare supply chain management market are SAP, Infor, Oracle Corporation, TECSYS, McKesson Corporation, Manhattan Associates, Jump Technologies, JDA Software, LogiTag Systems, Advocate Health Care, Global Healthcare Exchange (GHX), Jabil, AmerisourceBergen, MEDICAL Information Technology Inc., CPSI, Meta, Elinext, EPIC Systems Corporation, Cognizant, Jag products LLC, Allscripts Healthcare LLC, Optum Inc., Cerner Corporation, Change Healthcare, Koninklijke Philips N.V., Athenahealth, eClinicalWorks. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Healthcare Supply Chain Management Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Healthcare Supply Chain Management Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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