Supply chain management in healthcare refers to the management of resources required to provide the end-user with services/goods. It is a fragmented process involving multiple industries, such as medical equipment, information technology, pharmaceuticals, and facilities, to ensure that patients receive high-quality medical treatment. It includes securing money, handling materials, and supplying patients and suppliers with products & services. Supply chain management in healthcare deals with the physical and information infrastructure necessary by the end-customer to provide services. One of the most rapidly developing and influential sectors are healthcare.
Healthcare Supply Chain Management Market is expected to project a notable CAGR of 7.7% in 2030.
Healthcare Supply Chain Management Market to surpass USD 3.8 Billion by 2030 from USD 1.8 Billion in 2019 in terms of value growing at a CAGR of 7.7% throughout the forecast period, i.e., 2020-30. In the healthcare market globally, the implementation of the GS1 standard framework and an improvement in overall profitability is projected to drive the healthcare supply chain management market over the years forecast. Besides, the advent of cloud-based solutions and the reduction of operating costs by improving performance is expected in the coming years to improve the sector. Besides, during the forecast era, the emergence of big data & social media, developments in machine learning, and analytics are expected to fuel the market.
Healthcare Supply Chain Management Market: Segments
Services segment to grow with the highest CAGR of 8.5% during 2020-30
Healthcare Supply Chain Management Market is segmented by product as Software, Hardware, and Services. The software products segment is expected to lead the market with a share of over XX.X percent in 2019. Among the key factors that improve the segment is the growing adoption of software such as SaaS, which provides next-generation cloud computing applications. Besides, the software segment is motivated by the increasing need for successful management of organizational workflows in healthcare organizations and a change in the trend towards value-based treatment in developed economies. The services segment is projected to grow at a steady CAGR of 8.5% over the forecast period. Advances in software platforms have stimulated demand for services such as support and maintenance, consultancy, and education and training for the supply chain management.
Antifungal Segment to grow with the highest CAGR during 2020-30
Healthcare Supply Chain Management Market is segmented by Mode of Delivery into On-premise, Cloud-based, and Web-based. The cloud-based delivery mode segment accounted for the largest revenue share of XX.X% in 2019 the segment is also expected to exhibit the fastest growth over the forecast period. One of the key factors contributing to the large share of the segment is the rising demand for cost-effective, user-friendly innovations and higher acceptance rates. The market is further boosted by the growing penetration of cloud computing among healthcare providers to manage inventory and procurement information. Owing to numerous security breaches in on-site and web-based implementation, preferences for cloud-based technology have increased. Network efficiency affects Web-based applications
Healthcare Supply Chain Management Market: Market Dynamics
The rapid increase in the adoption of GS1 standards
In the coming years, it is projected that the rapid increase in the adoption of GS1 standards and specific product identification (UDI) for medical devices will propel the industry. GS1 standards certify globally unique identification and allow such solutions to be cross-border compatible. In the healthcare industry, global standards have greatly increased patient safety and supply chain efficiencies and effectiveness. In combating counterfeit drugs, adoption of global standards, such as barcodes, has helped. Duplication and unauthorized serial numbers can be captured by serialization, authentication, and traceability.
High Cost of Implementation of Supply Chain Management Software
There is a long way to go to reach a sufficient degree of cost reduction, considering the increased efforts of healthcare providers and suppliers to fight against the higher costs associated with supply chain management. Developed countries such as the United States are successfully introducing modern supply chain management technology, but developing markets are still struggling with the cost of supply chain management software.
Healthcare Supply Chain Management Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Providence Health & Services
STERLING HEALTHCARE LOGISTICS.
Healthcare Supply Chain Management Market: Regions
Healthcare Supply Chain Management Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Healthcare Supply Chain Management Market in North America led the market with a lion share of more than XX.X% in 2019 owing to the growing adoption of scanning technologies such as barcodes and RFID by manufacturers to curb counterfeit drugs has aided the market. The mandatory implementation of GS1 standards and Specific Device Identification (UDI) on prescription drugs and medical devices, coupled with the existence of major manufacturing hubs, are among the main factors boosting the supply chain management market in North America. Besides, the continuous advancement of healthcare and IT technology and the rising demand for cloud computing contribute significantly to market growth. Asia Pacific is anticipated to be the most lucrative market, exhibiting the highest CAGR of 9.5% during the forecast period.
Healthcare Supply Chain Management market, which is highly competitive, consists of several major players such as SAP SE (Germany), Oracle Corporation (US), and Infor (US) hold a substantial market share in the Healthcare Supply Chain Management market. Other players analyzed in this report are McKesson Corporation (US), TECSYS (US), Global Healthcare Exchange (US), Cardinal Health (US), Determine (US), Epicor (US), LLamasoft (US), Manhattan Associates (US), Blue Yonder Group, Inc. (JDA Software) (US), Cerner (US), Jump Technologies (US), LogiTag Systems (US), Harris Affinity (US), Premier (US), Accurate Info Soft (US), Hybrid (US), and Arvato Systems (Germany) among others.
Key players are adopting in-organic growth strategies such as product launches in the global nutritional supplement market. For instance, In 2019, SAP SE partnered with Microsoft Corporation, to improve consumer adoption of SAP Cloud Platform and SAP S/4 HANA on Microsoft Azure.
Healthcare Supply Chain Management Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Healthcare Supply Chain Management Market report also contains analysis on:
Healthcare Supply Chain Management Market Segments:
By Mode of Delivery:
Healthcare Supply Chain Management Market Dynamics
Healthcare Supply Chain Management Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
FAQs on Healthcare Supply Chain Management Market
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