Growing awareness regarding benefits of healthcare SCM, advancements in technology such as IoT, and increasing demand for better patient care are some key factors expected to drive market growth
According to Emergen Research, the global healthcare supply chain management market size was USD 2.04 Billion in 2019 and is expected to reach USD 3.67 Billion by 2027 and register a revenue CAGR of 7.6% during the forecast period, 2020-2027.
Market Dynamics:
Healthcare supply chain management or SCM involves obtaining resources and managing distribution of products and services. The goal of healthcare SCM is to identify organizational vulnerabilities and suggest strategies to minimize them, so that the targeted health outcomes can be achieved, and enhance health care services. Further, healthcare sector depends on a stable and reliable supply chain. It ensures smooth functioning of healthcare services by ensuring that medical equipment, medication, and medical supplies reach the retailer or patient in a timely manner. This has been boosting demand for healthcare supply chain software and is expected to drive market revenue growth during the forecast period.
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Integration of emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), predictive analysis, RFID tracking and blockchain, into supply chain management systems allows for smooth operations, security, transparency, and rapid growth in the global healthcare industry. Introduction of drone technology in SCM offers great ability to provide a competitive advantage in the delivery of drugs, vaccinations, medical kits, and other equipment. In addition, pharmaceutical and medical device companies are looking forward to implement supply chain software (that simplifies and automates repetitive tasks) to deliver products fast that could help save many people’s lives globally. The benefits of software automation include reducing waste, enabling timely delivery, streamlining inventory, data-based decision-making, and reducing labor and operational costs. However, lack of knowledge of supply chain software, inaccurate inventory data, high cost of cloud based solutions, and shady ordering and bidding processes are some factors expected to restrain market revenue growth over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Software Segment Revenue to Expand at a Rapid CAGR:
Software segment is expected to register a rapid revenue CAGR over the forecast period attributed to rising government initiatives towards digitalization, growing number of online purchases (especially during COVID-19 pandemic), and developments in software based solutions. In addition, inventory management software minimizes aged inventory and deadstock, automate manual inventory tasks, offers easy inventory processing and higher productivity that are expected to further boost revenue growth of the segment.
Manufacturers Segment to Register Significant Revenue Growth:
Manufacturers segment is expected to register significant revenue growth over the forecast period due to presence of a vast number of manufacturing hubs in the healthcare industries and growing adoption of SaaS in pharmaceutical manufacturing sections to develop cost structure system and reduce maintenance.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to rising prevalence of chronic diseases, presence of a well-established healthcare system, and growing demand for cloud computing in healthcare sector. Further, increasing use of RFID tracking by manufacturers to curb counterfeit pharmaceuticals and rising penetration of SCM services are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- SAP SE
- Oracle
- Tecsys Inc.
- Cardinal Health
- Epicor
- Infor
- Global Healthcare Exchange
- McKesson Corporation
- Manhattan Associates
- Cerner
For the purpose of this report, Emergen Research has segmented the global healthcare supply chain management market based on component, delivery mode, end-user, and region:
Component Outlook (Revenue, USD Billion; 2017–2027)
- Software
- Purchasing Management Software
- Procurement software
- Strategic Sourcing Software
- Supply Management Software
- Capital Purchasing Software
- Transportation Management Software
- Inventory Management Software
- Warehouse Management Software
- Implant Management Software
- Order Management Software
- Consignment Management Software
- Tissue Management Software
- Purchasing Management Software
- Hardware
- Barcodes & Barcode Scanners
- RFID Tags & Readers
- Systems
- Others
Delivery Mode Outlook (Revenue, USD Billion; 2017–2027)
- On-premises Delivery
- Cloud-based Delivery
End-user Outlook (Revenue, USD Billion; 2017–2027)
- Manufacturers
- Providers
- Distributors
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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