Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global healthcare supply chain management market projected to promulgate due to the healthcare organizations to optimize their processes while reducing costs
The global healthcare supply chain management market size was valued at USD 1.93 billion in 2019 and is projected to generate revenue of USD 3.16 billion, registering a CAGR of 18.61% over the forecast period. It is primarily attributed to the growing demand for cloud-based software by healthcare manufacturers and providers on achieving higher supplier quality and inventory optimization. Additionally, the growing usage of the supply chain in healthcare management for automation of the manual processes during manufacturing, reducing the cost of a supply chain in healthcare, and reduction of the waste will spur the growth of the global healthcare supply chain management market in the upcoming periods. Moreover, the implementation of the unique device identification (UDI) initiative by the FDA in 2013 for better traceability of medical devices during the whole supply chain is estimated to trigger the growth of the global healthcare supply chain management in the forecast span.
The healthcare supply chain system helps to improve efficiency, reduce inventory, optimize transportation, and reduce overall costs, while also improving service to customers. Also, healthcare supply chain management through the help of automated systems and lean management measures to solve the problem of the immigration process such as ASN (Advance Shipping Notification), rapid storage, interactive delivery, receipt and order fulfilment, and reverse logistics. Furthermore, the huge adoption of GS1 standards and unique device identification (UDI) for medical devices improved patient safety and supply chain efficiencies and effectiveness in the healthcare system will augment the healthcare supply chain management industry. Also, the surge in the applications of healthcare supply chain management to protect manufacturers from variable expenses of a product recall by early identification of product quality problems and improve order management and production planning across all warehouse locations are likely to boom the growth of the global healthcare supply chain management.
Component Overview in the Global Healthcare Supply Chain Management Market
Based on the component, the global healthcare supply chain management market classified into Software (Inventory Management Software and Purchasing Management Software), Hardware (Barcodes and Barcode Scanners, Systems, RFID tags, and others) and Services. The Software segment will be the fastest-growing segment in the forecast period. It is attributable to the software make efficient management of organizational workflows in healthcare organizations and focusing on enhancement of patient outcomes and real-time sharing of patient data. Delivery Mode Overview in the Global Healthcare Supply Chain Management market
Based on delivery mode, the global healthcare supply chain management market segregated into on-premise and cloud based. The cloud-based segment held for the highest revenue in 2019 due to the surge in the adoption of cloud-based solutions among distributors and healthcare providers to maintaining inventory and procurement information.
End-User Overview in the Global Healthcare Supply Chain Management Market
Based on end-user, the global healthcare supply chain management market categorized into healthcare manufacturers, healthcare providers, distributors, and logistics. The healthcare manufacturers segment accounted for a larger market share in 2019 and projected to lead the market by 2027. It is due to the increasing adoption of supply chain management by manufacturers to reducing maintenance and development costs to support systems.
Regional Overview in the Global Healthcare Supply Chain Management Market
By geography, the Global Healthcare Supply Chain Management Market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounted for major revenue share in 2019, owing to the presence of keys players in these regions, coupled with mandatory implementation of GS1 standards and Unique Device Identification on pharmaceutical drugs and medical devices in these regions. Also, the rise in the adoption of scanning technologies such as barcodes and RFID by manufacturers to curb counterfeit drugs are accelerating the North American market.
Global Healthcare Supply Chain Management Market: Competitive Landscape
Companies such as Oracle Corporation, SAP SE, Infor Inc., McKesson Corporation, Global Healthcare Exchange (GHX), TECSYS Inc., LogiTag Systems Ltd., Jump Technologies, Inc., Manhattan Associates, JDA Software, and Cerner, are the key players in the global healthcare supply chain management market.