In order to meet the increasing demands of the global marketplace, a company must adopt supply chain management (SCM). This process involves sourcing raw materials, manufacturing them, and packing them for sale. As the number of suppliers, markets, and products expands, the complexity of supply chains also increases. These factors are creating a high demand for talent in supply chain management. SCM software is an essential tool for addressing these needs. It can streamline data from upstream to downstream systems, which helps customers make better purchasing decisions. The success of a hospital depends on the quality of care provided by the supply chain. Investing in the right supply chain can provide a better patient experience and reduce costs. And it will also improve the profitability of the healthcare organization.
The global healthcare supply chain management market is estimated to be US$ 2,080.6 Million in 2021 and is expected to reach US$ 3,883.4 million by 2028, at a CAGR of 9.3% during the forecast period (2021 –2028).
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Rapid digitalization in the healthcare sector amidst the adoption of IoT (Internet of Things) technology and cloud-based solutions is expected to augment the growth of the healthcare supply chain management market during the forecast period.
Furthermore, the rising application of SCMS (supply chain management software) tools in medical operations is expected to further cushion the growth of the healthcare supply chain management market over the forecast period.
Summary of the COVID-19 Aftermath
The global healthcare supply chain management market is gaining momentum with the ongoing prevalence of the pandemic. Rising hospitalization rates of COVID-infected patients in parallel to growing non-COVID admissions across the healthcare sector have provided an upthrust for the market’s expansion. Coupled with this, the catalyzed shift in delivery of care, including the adoption of virtual consultations for addressing podiatric patients, has positively influenced the market.
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Major companies contributing to the global healthcare supply chain management market include Manhattan Associates, Blue Yonder Group, Inc., Epicor Software Corporation, Cardinal Health, Global Healthcare Exchange, LLC., Infor., McKesson Corporation, Tecsys Inc., SAP SE, Oracle, Arvato Supply Chain Solutions SE, HYBRENT, INC, Premier, Picis Clinical Solutions, Inc., Logi-Tag Systems, LLamasoft Inc., Cerner Corporation, and Jump Technologies, Inc.
Global Healthcare Supply Chain management Market, By Models:
- Continuous Replenishment
- Chain Assembly
Global Healthcare Supply Chain management Market, By Functions:
- Forecasting and Planning
- Inventory Management and Procurement
- Internal Logistics and Operations
- Warehousing and Distribution
- Reverse and Extended Logistics
Global Healthcare Supply Chain management Market, By Component:
Global Healthcare Supply Chain management Market, By Delivery Mode:
Global Healthcare Supply Chain management Market, By End User:
- Healthcare Manufacturers
- Healthcare Providers
The healthcare supply chain management market is anticipated to grow at a CAGR of 9.3% throughout the forecast period owing to the rapid adoption of advanced solutions in the healthcare sector. For instance, in October 2020, Jack Daniel’s whiskey production facility converted its manufacturing operations to make sanitizer to cater to the sanitizer scarcity in Tennessee State, U.S.
In the cluster of regions, the North American region holds the pole position in the global healthcare supply chain management market on the heels of increasing penetration of clinical laboratories and early adoption of EHRs (electronic health records).
Bubbling under the top spot, the Asia Pacific region is another investment hotspot for the global healthcare supply chain management market on account of growing healthcare expenditure combined with a large patient pool.
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