A recent report published by Infinium Global Research on healthcare supply chain management market provides in-depth analysis of segments and sub-segments in the global as well as regional healthcare supply chain management market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional healthcare supply chain management market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global healthcare supply chain management market. The global healthcare supply chain management market was valued at nearly USD 2.3 billion in 2022 and is expected to reach about USD 4.1 billion in 2030, with a CAGR of nearly 7% during the forecast period 2023-2030.
Healthcare supply chain management comprises locating resources, managing supplies, and delivering goods and services to providers and patients. Improved processes, efficient utilization of resources, satisfied employees, effective treatment, and happy patients are the advantages of an efficient supply chain in healthcare. The supply chain management in healthcare ensures proper linkage of hospitals department, operations, and revenue cycle. The supply chain can be visualized as a back-end program running which is necessary to integrate all the different processes together.
The substantial rise in the healthcare and pharmaceutical sector is the key driving factor for the market. Healthcare supply chain management helps for financial management, labor optimization, and the smooth flow of information throughout the entire supply chain. The need for cloud-based solutions to keep the record, track, and trace the delivery of drugs or devices that are shipped are covered in supply chain management. The implementation of an inventory management system with the GS1 system of standards in healthcare removes counterfeit products and reduces human errors thus increasing the patient’s safety. The accuracy of ordered drugs and medical devices is increased in the supply chain management system. The manufacturing companies (producers), wholesalers and distributors (purchasers), and hospitals, pharmacies, and clinics (providers) are the three main streams in health care where supply chain management is used. The presence of e-commerce solutions leads to error-free manual processes from the supply chain, and the subsequent increase in profitability with less process cost. Supply chain risks hamper business routine by affecting business operations and financial stability. In addition, growing efforts for high-quality services to deliver on time, increasing dispersion and implementation of various components such as software and cloud-based solutions, and technological advancements in the automation of the processes are likely to boost the growth of the market. On the other hand, the implementation and maintenance cost of healthcare supply chain management solutions is very high and is likely to hamper the growth of the market. The COVID-19 pandemic has caused serious disruptions to the healthcare system and has revealed substantial healthcare disparities. The healthcare facilities including hospitals, clinics, and outpatient surgical centers were overwhelmed by the number of COVID-19 patients. This, in turn, exerted pressure on these facilities and the healthcare supply chain management in these facilities. Players in the market have safeguarded that there are minimal supply chain disturbances to their clients. To ensure safety, companies have also implemented more arduous cleaning and disinfection procedure, implementing visitor guidance and screening, controlling business travel, and setting up remote working arrangements and stringent quarantine measures.
Among the regions, North America is expected to be the largest market for healthcare supply chain management. The presence of the leading pharmaceutical companies is the key factor that drives the growth in this region. The demand for the supply chain management system in healthcare is high in the U.S. Moreover, the Asia-Pacific region is projected to grow at the highest CAGR among the regions. The growth in the Asia-Pacific region is mainly driven by emerging countries such as India, China, and Japan and the growing healthcare sector.
The report on global healthcare supply chain management market covers segments such as function, delivery mode, and end user. On the basis of function, the sub-markets include forecasting and planning, inventory management and procurement, internal logistics and operations, warehousing and distribution, reverse and extended logistics, and other. On the basis of delivery mode, the sub-markets include on-premise, web-based, and cloud. On the basis of end user, the sub-markets include pharmaceutical and biotech companies, distributors, healthcare providers, and other.
The report provides profiles of the companies in the market such as MCKESSON CORPORATION, Oracle, Cardinal Health, Hybrent,Inc., Microsoft, Tecsys Inc., SOLSTICE MEDICINE, Epicor Software Corporation, Manhattan Associates, and Infor.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the healthcare supply chain management market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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