Healthcare supply chain management refers to systems and processes involved in streamlining backend operations in the healthcare ecosystem. Its focus is on ensuring that healthcare resources are procured and delivered in an efficient and timely manner to different locations.
The global healthcare supply chain management market report incorporates a comprehensive evaluation of possible market trends and the factors that will play a key role in the market. A rapidly rising patient pool is anticipated to be the key driver of the global healthcare supply chain management market during the forecast period.
Some of the major companies that are present in the global healthcare supply chain management market
- McKesson Corporation
- Intermountain Healthcare
- Walgreens Boots Alliance, Inc.
- AmerisourceBergen Corporation
- Owens & Minor, Inc.
- United Parcel Service of America, Inc.
- Henry Schein, Inc.
- Cardinal Health
- Oracle and others.
The operations related to supply chain management include use of analytics, use of RFID technologies, virtual centralization of supply chains, and supply utilization management practices.
Rising Prevalence of Chronic Diseases to Aid the Market
According to the World Health Organization (WHO), by 2020, almost 75% of all deaths around the world will be caused by chronic diseases. Diabetes, a major chronic disease, will affect close to 228 mn people by 2025, as per the WHO. This signals good news for the global healthcare supply chain management market as a rapidly expanding patient pool will broaden the market base.
As lifestyles become more sedentary, exercise become irregular, and unhealthy dietary habits grow, chronic diseases will get more predominant. The global healthcare supply chain management market will rise as a result.
“Multiple Benefits to Spur Market Growth”
The global healthcare supply chain management market is slated to witness accelerated growth as awareness about supply chain and its advantages spreads. For example, advanced analytics in healthcare supply chain can help hospitals and healthcare organizations to make informed decisions about their inventories, spending patterns and so on.
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Furthermore, an efficient supply chain system can enable better vendor management by standardizing monitoring techniques. Cost optimization, simplification of ordering and procurement processes, and reduction of overhead costs are factors that fuel the global healthcare supply chain management market in the forecast period.
“Lack of Awareness of Supply Chain in Developing Countries to Hinder the Market”
A study paper published by researchers at IIM-Lucknow showed that hospital managers in developing countries have low awareness regarding supply chain management methods and technologies. This can prove to be a major roadblock for the global healthcare supply chain management market rise.
Moreover, installation of supply chain systems is a costly affair, taking up almost 40% of a hospital’s operating budget. This factor could emerge as a major hindrance in the global healthcare supply chain management market during the forecast period.
“Increasing Innovations and Collaborations to Enhance Market Opportunities”
Major companies are looking to gain a competitive edge through increased focus on research, new product launches, and strategic partnerships. For example, Infor launched its analytics solutions that can hospitals streamline their operations and lower costs. The global healthcare supply chain management market potential is elevated through alliances among players. For example, Cardinal Health partnered with PANTHERx Specialty in 2019, offering a wholesome package of third party logistics services, specialty distribution, and specialty pharmacy dispensing services.
“Technical Advancements to Propel Market in North America”
Regionally, North America is expected to hold a significant market share during the forecast period. This is owing to increasing percentage of aging population, robust healthcare infrastructure, rising concerns about healthcare costs, and growing investments in healthcare supply chain technologies. Rising prevalence of chronic diseases and rapidly rising populations will see Asia-Pacific, Middle East, and Africa provide lucrative opportunities for the global healthcare supply chain management market.
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