Healthcare Supply Chain Management Market is projected to grow at a CAGR of 8.03% between 2025 to 2030.
Healthcare supply chain management is the management of resources necessary to provide services/goods to the end customer. It is a disjointed process that includes a variety of sectors like as medical equipment, information technology, medicines, and services to ensure that patients receive high-quality medical care. Obtaining resources, managing supply, and providing products and services to patients and providers are all part of the job. The physical and informational resources required to offer services to the end customer are dealt with by healthcare supply chain management. Healthcare is one of the most important and fast-developing sectors. Over the next few years, the healthcare supply chain management market is projected to be driven by the global adoption of the GS1 system of standardization and an improvement in total profitability. In addition, the introduction of cloud-based solutions, as well as the decrease in operational expenses via improved efficacy, are expected to drive the market in the future years. Furthermore, the introduction of big data and social media, as well as advances in machine learning and analytics, are expected to propel the market forward throughout the anticipated period. All operations related to the production, procurement, storage, and shipping of various product categories, such as surgical supplies, medical equipment, and medicines, are included in healthcare supply chain management. Because of the advantage of managing various processes on a single platform, the growing use of software-based systems is projected to boost market growth. Because of the growing number of online transactions and growing demand for environmentally friendly logistics, the software system is far more convenient than hardware solutions. According to a 2019 poll done by Sage Growth Partners, about 86 percent of respondents believed that using SCM software will enhance care quality and profit margin. In addition, the software aids hospitals and medical practices in adhering to and delivering value-based care, boosting the healthcare supply chain management industry.
Because of the development of novel supply chain management solutions and the increased penetration of software deployment in the region, particularly in the United States, North America is expected to lead the worldwide market during the projected period. SATO, for example, announced the release of the smart CT4-LX-HC small desktop printer in March 2021, which aids in the creation of auto-ID, labels, patient ID wristbands, and other items. This method will aid in reducing firmware problems and improving the healthcare supply chain. The European area is projected to develop at a higher rate as providers and manufacturers become more aware of the importance of healthcare supply chain management. As a result, the increasing use of SCM software and services in the area is expected to boost European countries' economy.
Growth Factors
One of the major reasons for the growth of the global healthcare supply chain management market is the growing demand for cloud-based solutions. Companies all over the world have discovered the value of incorporating cloud-based solutions into their supply chain plans and operations in order to improve efficiency and profitability. Hybrent SCM software, for example, has released an inexpensive cloud-based procurement and inventory management solution for LTC/SNFs, physician clinics, and ASCs. Furthermore, Sterling's technology, known as ACXSS, is a cost-effective cloud-based supply chain management solution for the healthcare industry that streamlines the purchasing process and is tailored to fit the demands of health institutions. As a result, one of the key reasons leading to the adoption of hospital supply chain management solutions is the development of advanced cloud-based solutions.
Impact of COVID–19
The COVID-19 pandemic has had a great impact on the world as a whole and has led to economic breakdown and loss of life. The healthcare industry suffered a severe setback at the start of the supply chain as a result of the extraordinary incidence of the coronavirus pandemic. Due to a spike in the number of COVID-19 infections, a rapid surge in demand for medical masks, gloves, sanitizers, and medications created an imbalance in the sector, upsetting the usual supply chain. However, in order to streamline the process, providers and manufacturers were obliged to use SCM software. Companies were able to overcome supply chain difficulties by using mitigation measures during the epidemic. As a result, the coronavirus pandemic has had a minor impact on market share, and substantial growth is expected throughout the projection period. However, in the post-COVID scenario the global healthcare supply chain management market is expected to bloom with the surging demand during the forecast period.
Competitive Insights
The market leaders for the pretreatment coating market are SAP, Oracle, Tecsys Healthcare, McKesson Corporation, Infor, Intermountain Healthcare, Global Healthcare Exchange, Cerner Corporation, Logi-Tag Systems and Envi (IOS).
Segmentation