What Has Been the Progress and Growth of the Healthcare Supply Chain Management Market in Recent Years?
The healthcare supply chain management market has seen considerable growth due to a variety of factors.
• In recent times, the market size of healthcare supply chain management has seen swift expansion. It is projected to rise from $3.09 billion in 2024 to $3.52 billion in 2025, with a compound annual growth rate (CAGR) of 13.7%.
The surge experienced in the historic phase can be credited to factors such as cost control, regulatory compliance, inventory management necessity, cooperation with vendors, and demand forecasting.
What Can Be Expected from the Healthcare Supply Chain Management Market in the Coming Years?
The healthcare supply chain management market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of the healthcare supply chain management is predicted to witness a sharp increase, pegged to reach $5.64 billion by 2029 with a compound annual growth rate (CAGR) of 12.5%.
This surge during the forecast period is due to factors such as expansion of telehealth, adoption of value-based care, enhancement of sustainability, modifications in regulations, and strengthening of supply chain resilience. Key trends to watch in the anticipated period involve digitalization and automation, predictive analytics, IoT and RFID tracking, the application of blockchain for improved transparency, along with a lean and agile supply chain.
What Are The Leading Drivers Of Growth In The Healthcare Supply Chain Management Market?
The growth of the healthcare supply chain management market is anticipated to be fueled by intensifying globalization. Globalization refers to the expanding interdependence of global economies, cultures, and populations, facilitated by international trade in goods and services, technology, capital flows, as well as migration of people and exchange of information. It has enhanced healthcare management through increased healthcare knowledge and reduced costs of healthcare technologies. For example, predictions by the International Monetary Fund, an American financial institution, in April 2024, suggest that the global economy will see a growth rate of 3.2 percent in 2024 and 2025, mirroring the growth pace of 2023. Therefore, it can be concluded that the escalating globalization is a key driver for the expansion of the healthcare supply chain management market.
How Are The Segments Defined Within The Global Healthcare Supply Chain Management Market?
The healthcare supply chain management market covered in this report is segmented –
1) By Component: Software Application, Hardware Type
2) By Delivery Mode: On-Premise, Cloud Based
3) By End-User: Healthcare Providers, Healthcare Manufacturers, Other End-Users
Subsegments:
1) By Software Application: Inventory Management Software, Procurement Management Software, Supply Chain Analytics Software, Order Management Software
2) By Hardware Type: Barcode Scanners, RFID Systems, Mobile Computing Devices, Point-Of-Care Devices
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How Are New Trends Expected To Influence The Growth Of The Healthcare Supply Chain Management Market?
Leading enterprises in the healthcare supply chain management market are developing innovative products like cloud-based platforms to enhance real-time data accessibility, boost operational efficiency, and simplify procurement, inventory, and logistics processes within healthcare entities. Unlike locally hosted or on-premise servers, cloud-based platforms are digital structures functioning on remote servers accessible via the internet. For example, in March 2024, UPS Inc., a prominent US-based shipment & reception and supply chain management business, introduced UPS Supply Chain Symphony for UPS healthcare. This cloud-based platform is aimed at improving healthcare supply chain management by merging various logistics elements into one system. This instrument enables users to efficiently handle and visualize their warehouse and transportation information, offering insights that can refine supply chain operations. Users can track shipment details from origin to destination and access detailed reports of UPS shipments, warehouse status, and inventory levels on demand.
Who Are the Key Players in the Healthcare Supply Chain Management Market?
Major companies operating in the healthcare supply chain management market include:
• SAP AG Group
• Oracle Corporation
• McKesson Corporation
• TECSYS Inc.
• Global Healthcare Exchange LLC
• Cardinal Health Inc.
• Determine Epicor
• Llamasoft Ltd.
• Manhattan Associates
• Blue Yonder Group Inc.
• Cerner Corporation
• Jump Technologies Inc.
• LogiTag Systems
• Harris Affinity
• Premier Ltd.
• Accurate InfoSoft Pvt. Ltd.
• Hybrent Inc.
• Arvato Systems
• Jabil Inc.
• AmerisourceBergen Corporation
• Infor Global Solutions
• Henry Schein Inc.
• Manhatten Associates
• Becton Dickinson and Company
• Owens & Minor Inc.
• Medtronic plc
• Novo Nordisk AS
• Stryker Corporation
• F. Hoffmann-La Roche AG
• Boston Scientific Corp.
• Biogen Inc.
• Johnson & Johnson Services Inc.
What Is The Most Dominant Region In The Healthcare Supply Chain Management Market?
North America will be the largest region in the healthcare supply chain management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare supply chain management market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
