By 2027, The Healthcare Supply Chain Management Market Is Expected To Generate USD 3.74 Billion In Revenue
Healthcare supply chain management refers to a set of processes involving several teams and the transfer of medicines, surgical equipment, and other things that healthcare personnel require to execute their jobs.
The goal of the supply chain in healthcare is to identify departmental weaknesses and suggest solutions to mitigate them.
Its goal is to identify vulnerable regions to achieve targeted health outcomes and enhance global health spending.
During 2022-2027, the healthcare supply chain management market is projected to expand at a CAGR of over 8%.
Important Points to Remember
Increased use of advanced systems such as the GS1 System of Standards and the Food and Drug Administration’s (FDA) unique device identification (UDI) system are driving the growth of the global healthcare supply chain management industry.
COVID-19 had a favorable influence on the global supply chain management market because demand for gloves, medical masks, medicines, and sanitizers soared during the pandemic, causing supply chain disruption.
On the other hand, manufacturers and providers were pushed to use SCM software to streamline the process.
North America dominated the geography section with USD 914.26 million in incremental growth.
However, due to increased acceptance and technological improvements in the region, the APAC region would expand at the fastest rate of 9.25 percent throughout the projection period.
The software component type monopolized the market’s component type sector. The plethora of supply chain management software benefits are driving this segment’s growth.
Healthcare manufacturers commonly use supply chain management systems for transport and logistics management to ensure faster, more accurate, and more effective operations.
Tecsys and Oracle, two significant participants in the worldwide healthcare supply chain management market, are focusing on extending their market position through acquisitions and mergers.
Market Segmentation for Healthcare Supply Chain Management
Rapid technical evolution and frequent new product debuts characterize the software industry.
Machine learning and IoT are used in the innovative software applications built on top of the SAP Leonardo intelligent platform to bring transparency, prediction, analytics, and interaction to the next level.
Furthermore, adopting an e-procurement model can assist a company in analyzing its spending and halving the procure-to-pay cycle time.
PRM360’s procurement system, for example, enables hospitals to keep track of the cost of supplies and services while also streamlining procure-to-pay operations.
By 2027, the planning and procurement sub-segment is expected to increase at a CAGR of 9.26%, reaching USD 1,357.74 million.
Geographical Distribution of the Healthcare Supply Chain Management Market
|North America||Europe||APAC||Latin America||Africa and Middle East|
A Brief Analysis Of the Key Players
A wide variety of supply chain management products are available from several providers, and they can be deployed on-premises or in the cloud.
Cardinal Health, Tecsys Inc., Oracle Corporation, and SAP SE are all significant competitors in the global industry, with considerable market shares.
Vendors have many options to investigate and develop their market growth thanks to the growing trend of cloud-based services. On the other hand, emerging players pose a severe threat to established players.
Even though prominent firms dominate the market, other players provide low-cost supply chain management solutions to their customers.
Tecsys Inc., Oracle Corporation, SAP, and Cardinal Health are the most well-known vendors.
The following are a few other less well-known competitors:
|BlueBin||Harris Affinity||LogiTag Systems|
|Blue Yonder Group Inc.||Hybrent||Par Excellence Systems|
|Epicor Software Corporation||Jump Technologies Inc||Syft|
|Global Healthcare Exchange||LogiTag Systems||Vizient Inc.|
The supply chain impacts every department in the hospital.
To meet your supply chain goals, you must examine the individuals in the business, as well as your supply partners, and figure out how to get the most synergy and efficiency out of your clinical and supply chain personnel.
Engaging clinical staff can also assist in developing cost-cutting behaviors, the prevention of hoarding, and the empowerment of practitioners to consider cost issues when providing care.
Healthcare systems today must be willing to take risks. They must be willing to relinquish control and allow physicians to co-lead these initiatives.
Physicians will engage if they grasp the concerns, and it is critical to allow them to contribute to creating a solution that they can follow.