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The Healthcare Supply Chain Management Market, valued at USD 3 billion in 2023, is expected to reach a staggering USD 10.14 billion by 2031. This translates to a remarkable compound annual growth rate (CAGR) of 14.5% throughout the forecast period (2024-2031).
Growing Demand for Efficient Systems to Manage Healthcare Supplies Fuels Market Growth
The global healthcare supply chain management market is poised for significant growth in the coming years, driven by several key factors. Rising healthcare costs are prompting hospitals and physicians to adopt cost-cutting strategies, leading to an increased demand for effective supply chain management solutions. Additionally, advancements in technologies like Radio Frequency Identification (RFID) and blockchain are revolutionizing how healthcare supplies are tracked and managed, further contributing to market expansion.
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List of Healthcare Supply Chain Management Companies Profiled in Report:
- AmerisourceBergen Corporation
- SpendVu
- Providence Health & Services
- STERLING HEALTHCARE LOGISTICS.
- Intermountain Healthcare
- SAP SE
- Vizient Inc.
- McKesson Corporation
- VUEMED
Healthcare Supply Chain Management Industry Segmentation as Follows:
By Product
- Software
- Hardware
- Barcodes
- RFID Tags
- Services
By End-User
- Healthcare Manufacturers
- Healthcare Providers
- Distributors
- Logistics
By Mode of Delivery
- On-premise
- Cloud-based
“Software Holds Supreme Position”
By product type, the software segment currently dominates the market, holding a significant share of 57%. This can be attributed to the launch of new applications specifically designed to optimize supply chain management operations. The rising adoption of technologically advanced software for managing workflow within healthcare organizations also fuels segment growth.
Delivery mode presents another segmentation factor, categorized as on-premise and cloud-based solutions.
Cloud-based solutions secured a leading market share in 2023. This dominance is attributed to the inherent advantages associated with cloud technology, including risk mitigation, monitoring, and identification of potential disruptions within the supply chain. Additionally, cloud platforms facilitate collaborative information sharing, further propelling segment growth. This convenience and efficiency lead to frequent product launches by companies, contributing to continuous market expansion.
End-User Analysis “Healthcare Providers Lead the Market”
The healthcare providers segment holds the largest market share due to the increasing adoption of cloud-based software solutions by hospitals and other healthcare facilities. This widespread adoption serves as a key driver for segment growth.
“In a 2021 move, digital pharmacy PharmEasy acquired Aknamed, a leading Indian cloud-based healthcare supply chain platform”.
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Latest Trends Shaping the Market Landscape
Enhanced Operational Efficiency with RFID: Rapid advancements in RFID technology are transforming healthcare logistics. RFID markers are now playing a crucial role in tracking the distribution of pharmaceuticals and medical supplies. This enables real-time access to key product information like stock levels, expiration dates, and other details. Additionally, RFID tags facilitate asset management by tracking medical supplies, instruments, and equipment. Real-time product tracking fosters improved customer service in hospitals, including streamlining processes and reducing waste from expired products, excess inventory, and unnecessary staff movement.
Blockchain Technology for Enhanced Transparency: Blockchain technology is another notable trend influencing the market. Blockchain transactions offer a secure method for monitoring the entire movement of medicine and medical products. Since all transactions are recorded on a distributed ledger, every node within the chain maintains a verifiable record, allowing for instant identification of the drug’s origin, seller, and distributor. This increased transparency strengthens trust and promotes efficient supply chain management within the healthcare industry.
Impact of Geopolitical Tensions
The ongoing Russia-Ukraine war has disrupted global supply chains, impacting the healthcare sector as well. Shortages of raw materials and disruptions in transportation have caused delays in the supply of essential medical equipment and pharmaceuticals. This has compelled healthcare providers to explore alternative sourcing options and implement stricter inventory management practices. While the short-term impact may be challenging, the long-term consequences might lead to a renewed focus on building more resilient and diversified supply chains within the healthcare industry.
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North America Dominates The Global Healthcare Supply Chain Management Market, Holding A Substantial Share Of 49% In 2023
This dominance can be attributed to the presence of major players offering innovative supply chain management solutions within the region. Additionally, the increasing adoption of these solutions by healthcare providers in North America further strengthens the regional market position.
“For instance, in August 2021, e2open, a prominent provider of connected supply chain software platforms, announced a strategic partnership with Vizient, Inc”. This collaboration aimed to develop a multi-party collaboration platform specifically designed to enhance visibility among healthcare providers, suppliers, and distributors within the North American market.
The Asia Pacific region is expected to show the highest growth rates over the forecast period
This can be attributed to the increasing demand for cloud computing solutions within the region’s healthcare sector. Advancements in healthcare IT infrastructure and rising government investments also contribute significantly to the market’s growth potential in Asia Pacific.
“For instance, in August 2021, the Government of Delhi embarked on a project to establish a cloud-based integrated health information management system across its hospitals”.
This initiative received funding approval of USD 18.9 million from the city government’s cabinet. The contract to develop the system was awarded to IT provider NEC Corporation, India, signifying a major step towards digitalization within the Indian healthcare sector.
Recent Developments
- In October 2022, Oracle announced a collaboration with WellSpan Health, where WellSpan opted for Oracle Fusion Cloud Application Suite to unify their operations and achieve greater business visibility. This application suite will integrate WellSpan’s finance, supply chain, and HR processes.
- In May 2022, Global Healthcare Exchange, LLC. joined forces with the Healthcare Industry Resiliency Collaborative (HIRC) to establish a transparent and resilient supply chain within the healthcare industry.
Invaluable Market Insights:
- Understand the market’s trajectory towards a staggering $9.11 billion valuation by 2031, fueled by a robust 49% CAGR.
- Gain in-depth knowledge of how advancements like RFID, blockchain, and cloud computing are transforming the healthcare supply chain landscape.
- Explore the dominance of software solutions designed to optimize efficiency within healthcare supply chain operations.
- Discover the significant growth of cloud-based delivery models and their advantages in risk mitigation, monitoring, and collaboration.
- Learn how healthcare providers are leading the charge by actively adopting cloud-based solutions for better supply chain management.
- Uncover the regional landscape, with North America currently in the lead and Asia Pacific poised for the highest growth due to factors like cloud adoption and government investments.
- Gain insights into how potential hurdles like the Russia-Ukraine war and economic slowdowns could pave the way for long-term transformations towards a more resilient and diversified healthcare supply chain
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