According to Custom Market Insights (CMI), The Global Healthcare Supply Chain Market was estimated at around USD 2.54 billion in 2021, growing at a CAGR of nearly 16.5% from 2022 to 2030. The market is projected to reach approximately USD 6.89 billion by 2030.
Healthcare Supply Chain Market offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis.
Healthcare supply chain Market: Overview
To build a competitive logistics infrastructure, increase net value, and synchronize supply and demand for goods to measure performance, supply-chain management is the process of planning, designing, carrying out, controlling, and monitoring the flow of various commodities and services. All operations connected to the manufacturing, distribution, and transportation of healthcare items are included in healthcare supply chain management.
One of the industries with the fastest growth rates, healthcare, is affected by rising service pricing. Costs associated with supply chain management are rising due to the greater provision of quality in the healthcare supply chain. High expenditures have been necessary for manufacturers to maintain greater quality. Currently, hospitals are seeking ways to increase their competitiveness and save expenses. Focusing on supply chain management has become crucial in these efforts since it will improve patient care and offer excellent services at reasonable prices.
Browse the full “Healthcare Supply Chain Market Size, Trends and Insights By Component (Software, Hardware, Services), By Delivery mode (On-premises, Cloud-based, Web-based), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/healthcare-supply-chain-market/
Among the initiatives taken by businesses are automating manual production processes, reducing the waste produced during product development, and developing trade relationships between suppliers, partners, and clients. Consequently, the manufacturer’s initiatives are helping to improve the quality of the supply chain and cut costs.
The goal of suppliers is to balance price and quality consistently. For instance, certain vendors let regional care networks automate. Systems for supply chain automation provide advantages to hospitals (care networks) in terms of data visibility, effectiveness, and cost savings. As a result, the healthcare supply chain management market is also growing due to the rising need for high-quality inventory management systems. Additionally, introducing cloud-based and mobile-based solutions within the healthcare sector fosters market expansion.
Increased use of GS1 standards and unique device identification (UDI) for medical devices are anticipated to drive the industry. Global standards have significantly improved patient safety, supply chain efficiency, and effectiveness in the healthcare sector. Implementing international standards like barcodes and RFID has improved attempts to combat counterfeiting.
The European Commission, the United States Food and Drug Administration (FDA), and other agencies have made the healthcare supply chain a strategic emphasis globally by passing rules permitting unique device identification (UDI) for medical equipment. Every year, the prevalence of counterfeit medical devices increases, making the usage of unique device identification (UDI) on medical equipment crucial. Unique Device Identification (UDI), which offers a consistent system of identifying products for distribution, also enhances inventory management. The need for a controlled supply chain system in the healthcare sector is rising due to all the causes above, boosting market expansion.
The market for the healthcare supply chain is segmented into component and delivery modes. According to the component, the software category is expected to increase quickly. The industry was dominated by SaaS, which provides applications for the most recent generation of cloud computing and is becoming increasingly popular. The trend toward value-based care in developed countries and the rise in demand for the efficient administration of structural operations in healthcare organizations are a few additional factors contributing to the segment’s growth. Considerable growth throughout the expected time.
The global market is divided into on-premises, cloud-based, and web-based deployment, depending on the distribution. In 2021, the cloud-based category led the market and was anticipated to expand at the quickest rate over the forecast period. The segmental expansion is projected to be boosted by factors like the increasing usage of cloud computing solutions by healthcare professionals, technical improvements, cost efficiency, and simplicity of use. Additionally, the segment for on-premises deployment is anticipated to have consistent growth throughout the projection period due to an increase in supply chain management systems use in developing countries.
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The North American healthcare supply chain management industry held the biggest market share or over 40% of the total market. The U.S., with more than 780 thousand enterprises, is the world’s largest employer in the healthcare industry, which is one of the reasons why the area dominates the market.
Additionally, the U.S. spends about twice as much on healthcare as other nations, which in 2020 accounted for 19.7% of its GDP. The Asia Pacific market is anticipated to see the greatest CAGR throughout the projected period. This is attributed to the rise of nations like India, China, South Korea, and Singapore as the top choices for big pharmaceutical corporations looking for places for drug manufacture, pathological testing, and clinical trials. As a result, pharmaceutical firms either outsource to or invest in CDMO firms.
Key Players Insights
The players have implemented various strategies to expand the global Healthcare supply chain market. The study contains a thorough competitive analysis of the major healthcare supply chain market participants and information on their company overviews, recent developments, and vital business strategies.
- SAP SE
- Oracle Corporation
- McKesson Corporation
- Tecsys Inc.
- Global Healthcare Exchange
- Infor Inc.
- Cardinal Health
- Manhattan Associates
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