The global healthcare supply chain management market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period (2024-2031). The market growth is driven due to the increasing pressure faced by healthcare providers to improve operational profitability and efficiency along with the growing adoption of the GS1 system of standards in various countries. The growing intervention of organizations like WHO is further promoting global market growth. The other major factor contributing to the market growth is the rising incidences of counterfeit drugs in the healthcare sector. Also, the growing adoption of Radio Frequency Identification (RFID) is anticipated to boost market growth.
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The global healthcare supply chain management market is segmented based on component (into solutions and services), deployment model (into cloud-based and on-premises), end-user (into healthcare providers, healthcare payers, and others) and geographies ((into North America, Europe, Asia Pacific and Rest of World).
Market Outlook, Recent Developments Challenges, and Opportunities
- The software segment held a considerable share in the market, attributed to the growing adoption of software such as SaaS, the rising need for efficient management of organizational workflows in healthcare organizations, the shift in the trend toward value-based care in developed economies, and the rising initiatives undertaken by private and public players in support of healthcare IT infrastructure.
- The growing funding for healthcare supply chain management startups is anticipated to offer lucrative opportunities for the growth of the market. For instance, in September 2023, 29 African healthcare supply chain startups received funding, and support from the i3 program.
- In March 2023, the World Health Organization (WHO) entered into a partnership with the Ministry of Health in Syria to hold a workshop that aims to assess the national medical supply chain. This critical initiative will review essential processes, analyze distribution mechanisms, and provide strategic solutions to establish a national logistics management system. The assessment of the national medical supply chain undertaken in the workshop will enhance the healthcare system in Syria.
- The North American region is anticipated to hold a considerable market share during the forecast period. This is due to the presence of advanced healthcare IT infrastructure along with the high integration of advanced IT technologies in healthcare supply chain management. The presence of key market players across the region is also contributing positively towards the regional market growth.
- For instance, in July 2023, Concordance Healthcare Solutions LLC, one of the largest independent healthcare distributors in the US launched Surgence, a healthcare supply chain ecosystem that fully connects providers, distributors, and suppliers by bringing visibility to supply and demand information. Developed in partnership with Palantir Technologies Inc., a builder of operating systems for the modern enterprise, Surgence, powered by Palantir Foundry’s technology, and aims to optimize the healthcare supply chain, ensuring the seamless flow of critical medical supplies and enhancing patient care.
- The Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period, owing to the constantly developing healthcare IT infrastructure and growing demand for cloud computing in the region. According to the World Health Organization (WHO), Asia Pacific holds the largest share of the trade in counterfeit medicines. The adoption of scanning technologies is also bolstering the regional market.
- Moreover, China’s healthcare supply chain management market held the largest market share, and the Indian healthcare supply chain management market was the fastest-growing market in the Asia-Pacific region.
- India’s healthcare supply chain management market is the favored destination for the growing adoption of GS1 standards to track the visibility of pharmaceutical products.
- In August 2023, Terso Solutions entered into a partnership with PAR Excellence Systems, Inc. (PAR). This partnership demonstrates both companies’ commitment to the continued delivery of innovative inventory management solutions within healthcare.
The major players in the global healthcare supply chain management market include SAP AG Group, McKesson Corp., Avery Dennison Corp., Oracle Corp., and Tecsys Inc. among others. These are contributing considerably to the market growth by the adoption of various market strategies. For instance, in January 2023, Softeon, a global supply chain software provider added new capabilities to its supply chain execution software solutions for the healthcare and pharma sectors.
full report of Healthcare Supply Chain Management to Improve Operational Capabilities of Healthcare Units available @ https://www.omrglobal.com/industry-reports/healthcare-supply-chain-management-market
