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Healthcare Supply Chain Management Market Size and Forecast
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Healthcare Supply Chain Management Market size was valued at USD 2,217.98 Million in 2020 and is projected to reach USD 4,394.94 Million by 2028, growing at a CAGR of 8.68% from 2021 to 2028.
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The adoption of the GS1 system of standard in the healthcare industry globally, an increase in overall profitability, and the emergence of cloud-based solutions are expected to drive the healthcare supply chain management market over the predicted years. The Global Healthcare Supply Chain Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Healthcare Supply Chain Management Market Definition
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Supply chain management (SCM) is one of the fundamental aspects of the healthcare industry that requires strategic material management and distribution systems to cut costs and boost efficiency to attain quality patient care. Supply chain systems in the healthcare industry ensure the delivery of medical supplies of drugs, surgical kits, and medical devices at an accurate location on time. The distribution of medical products in the well-run value chain system results in high-quality patient care. Rising healthcare costs have encouraged healthcare providers and manufacturers to make medical services affordable to everyone. But the costs inherent in healthcare supply-chains are rising due to disconnected manual processes, counterfeiting of drugs, lack of visibility in the supply chain, and hidden costs.
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Global Healthcare Supply Chain Management Market Overview
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The growing number of doctors in the healthcare system has created the need to integrate and align doctors with the supply chain of healthcare products and services. Once attained, this should provide better support to the patient care system. The merger of any two companies may result in the need for integration in the supply-chain system. The key is to engage hospital administration and doctors in the value chain processes to manage medical orders and supplies for patient care. Cardinal Health’s healthcare supply chain innovation laboratory uses IoT services to improve the speed of transfer and analysis of big data for patient monitoring applications. The solution allows real-time decisions on issues, such as consumption and expiration of medical products. In addition, it reduces the total cost of care significantly. The company is focused on processes related to procedural areas by automating inventory management. Currently, the company tracks products in more than 2,700 hospitals across 41 countries.
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However, Regulatory bodies such as the FDA mandate healthcare companies to maintain an optimum level of traceability of health products in their SCM system. These bodies help eliminate defective and counterfeit healthcare products from the system. Therefore, healthcare firms need to implement a high level of accuracy to track products at any point of time in the supply chain. In addition, inventory management systems tag shipped products with serial numbers to enable viable tracking and to resolve quality issues.
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Global Healthcare Supply Chain Management Market: Segmentation Analysis
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The Global Healthcare supply chain management market is segmented based on End-User, Component, Delivery, And Geography.
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Healthcare Supply Chain Management Market, By End-User
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- Manufacturers
- Distributors
- Providers
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Based on End-User, the market is bifurcated into Manufacturers, Distributors, and Providers. Manufacturers accounted for the largest market share in 2020 and are projected to grow at the highest CAGR of 8.62% during the forecast period. Manufacturers source raw materials from suppliers to produce healthcare products, such as pharmaceuticals and medical devices. They use distribution channels to supply products to hospitals via distribution systems located at the central stage of the entire value chain process. Distributors, such as cost and freight (C&F), dealers, and group purchasing organizations (GPOs) act as intermediaries to sell manufacturers’ products to hospitals and clinical buyers. The payers in the value chain pay medical bills for patients, while health insurance companies provide payment facilities for patients that subscribe to health insurance plans. In a single payer system, the government incurs healthcare costs for citizens.
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Healthcare Supply Chain Management Market, By Component
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- Software
- Hardware
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Based on Component, the market is bifurcated into Software and Hardware. Software accounted for the largest market share in 2020 and is projected to grow at the highest CAGR of 9.88% during the forecast period. Software and hardware components are available for healthcare supply chain management systems. The Software is further studied across Inventory Management Software and Purchasing Management Software. Because of the growing number of online purchases, improved business information, and growing demand for eco-friendly logistics, software solutions are far more acceptable than hardware systems. This is expected to boost the market for healthcare supply chain management in the coming years. Software solutions designed to handle supplier order management reduce routine customer inquiries and help manage accounts payable.
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Healthcare Supply Chain Management Market, By Delivery
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- Web-Based
- Cloud-Based
- On-Premise
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Based on Delivery, the market is bifurcated into Cloud-Based, Web-Based, and On-Premises. Cloud-Based accounted for the largest market share in 2020 and is projected to grow at the highest CAGR of 10.74% during the forecast period. Cloud-based is defined as software that does not originate from a server in the same location as the end-user. In other words, the software is not installed on-premise. Alternatively, the software is managed by a third party in a secure location. The biggest advantage of having Healthcare SCM in the cloud is the ease of access. Since all the user needs is a device with a web browser and an internet connection, wherein they can access their research data from literally anywhere in the world. Gone are the days of having to VPN into an organization’s IT network, or worse, having to be physically on-site to access sample data. With cloud-based solutions, users’ data is never more than a web browser away.
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Healthcare Supply Chain Management Market, By Geography
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- North America
- Europe
- Asia Pacific
- Rest of the World
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On the basis of regional analysis, the Global Healthcare Supply Chain Management Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America accounted for the largest market share in 2020 and is projected to grow at the highest CAGR of 7.63% during the forecast period. The healthcare SCM market in North America is experiencing significant changes backed by government programs such as the Affordable Care Act (Obamacare) in the US for health insurance. The need to enhance supply-chain systems in the Americas is driven by risk management and compliance issues. The North American SCM market is set to draw investments from private and public hospitals to increase efficiency and reduce rising costs of healthcare. Revamping the supply chain process saves a substantial amount of money by implementing IT solutions to contain waste in the entire supply chain system.
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Key Players
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The major players in the market are Mckesson Corporation, Oracle Corporation, Sap, Cerner Corporation, Infor, Logitag Systems Ltd., Harris Healthcare Group, Global Healthcare Exchange (Ghx), Jump Technologies, Inc., Tecsys, Inc, and others. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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Key Developments
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Partnerships, Collaborations, and Agreements
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• In 2019, SAP SE collaborated with Microsoft Corporation to enhance consumer implementation of SAP Cloud Platform and SAP S/4 HANA on Microsoft Azure.
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• In June 2020, Blue Yonder Software has collaborated with Locus Robotics, a pioneer in autonomous mobile robots 9 (AMR) for execution warehouses. The partnership developed the implementation of both companies’ innovative warehouse software solutions as well as provided Blue Yonder and Locus customers with faster deployments, more obtainable integration, and fully functional integration.
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Mergers and Acquisitions
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• In 2020, Infor acquired Intelligent InSite.
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• In November 2018, TECSYS Inc. (TSX: TCS), an industry-leading supply chain management software company, today announced its acquisition of Order Dynamics Corporation, a fast-growing leader in out-of-the-box distributed order management software based in Richmond Hill, Ontario. In the age of Omnichannel fulfilment and heightened retailer and consumer expectations, Order Dynamics has excelled at providing intuitive technology that simplifies the retail supply chain
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Product Launches and Product Expansions
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• In 2019, Oracle has launched Intelligent Track and Trace, a blockchain application.
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• In September 2021, Tecsys Inc., an industry-leading supply chain management software company, announced that it was included in the Toronto Stock Exchange’s 2021TSX30, a flagship program recognizing the 30 top-performing TSX stocks over three years predicated on dividend-adjusted share price growth.
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Report Scope
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| Report Attributes | Details |
|---|---|
| Study Period |
2017-2028 _x000D_ |
| Base Year |
2020 _x000D_ |
| Forecast Period |
2021-2028 _x000D_ |
| Historical Period |
2017-2019 _x000D_ |
| Unit |
Value (USD Million) _x000D_ |
| Key Companies Profiled |
Mckesson Corporation, Oracle Corporation, Sap, Cerner Corporation, Infor, Logitag Systems Ltd., Harris Healthcare Group, Global Healthcare Exchange (Ghx), Jump Technologies, Inc., Tecsys, Inc, and others. _x000D_ |
| Segments Covered |
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| Customization scope |
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope _x000D_ |
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Healthcare Supply Chain Management Market Infographic
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