Pune, India, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The global healthcare supply chain management market size is projected to grow from USD 2.14 billion in 2021 to USD 5.40 billion in 2028. Fortune Business Insights™ published this information in a report, titled, “Healthcare Supply Chain Management Market, 2021-2028.” The report further states that the market stood at USD 1.87 billion in 2020. It is set to exhibit a CAGR of 14.2% in the forecast period between 2021-2028.
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Tecsys Inc. Chooses Microsoft to Enable Intelligent Retail Powered by Microsoft Power BI
In January 2020, Tecsys Inc., a provider of transformative supply chain solutions based in New York selected Microsoft to allow intelligent retail. It will be done by utilizing Microsoft Power BI for operating its cloud-native retail order management analytics. It is a set of business analytics tools that would help consumer goods companies and retailers worldwide to get a clear picture of their customers, reimagine their businesses, and offer an intelligent supply chain. Such initiatives by reputed companies would help bolster the demand for this type of supply chain management system.
Usage of SCM Solutions to Prevent Disruptions Led to Moderate Impact amid COVID-19
Several companies implemented healthcare supply chain management amid the ongoing COVID-19 pandemic to overcome disruption issues. The high demand for surgical gloves, masks, sanitizers, and medications also surged rapidly because of the rising number of infections across the globe. Therefore, the market was affected moderately.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 14.2% |
| 2028 Value Projection | USD 5.40 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 2.14 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 135 |
| Segments covered | By Component Analysis, By Delivery Mode Analysis, By End- User Analysis. |
| Growth Drivers | Several companies implemented healthcare supply chain management amid the ongoing COVID-19 pandemic to overcome disruption issues. |
| The high demand for surgical gloves, masks, sanitizers, and medications also surged rapidly because of the rising number of infections across the globe. Therefore, the market was affected moderately. |
Report Coverage-
The research report contains an in-depth study of numerous regions. It was curated by our team of highly skilled analysts after studying and observing numerous factors that determine regional growth, such as political, technological, social, economic, and environmental status of that particular region. The competitive landscape section was developed to help our clients better understand the collaborations and strategies that healthcare supply chain management companies are focusing on to compete with their rivals globally.
Drivers & Restraints-
Surging Need for Scalable and Rapid Supply Chain to Augment Growth
The development of cloud-based solutions by companies has resulted in a surge of profitability and proficiency globally. These supply chain management solutions are aiding companies to develop every level smoothly- right from manufacturing, sourcing, and planning to automation, decision-making, logistics, and distribution. Besides, they help in enabling a rapid, scalable, and connected supply chain, which, in turn, is set to propel unprecedented flexibility, agility, resiliency, and visibility. Hybrent SCM, for instance, delivers cloud-based inventory and procurement management systems to post-acute care organizations and clinics. However, the lack of knowledge of SCM in several hospitals is making them track inventory manually. It may hamper the healthcare supply chain management market growth in the upcoming years.
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Segments-
Availability of Training Sessions by Companies to Drive Healthcare Providers Segment
By end-users, the market is segregated into healthcare providers, healthcare manufacturers, and others. Out of these, the healthcare providers segment remained in the leading position in 2020. This growth is attributable to the surging implementation of SCM software solutions in clinics and hospitals. Besides, numerous software companies are providing training sessions to the healthcare industry for increasing their adoption.
Regional Insights-
North America Generated Revenue of USD 0.96 Billion in 2020: Fortune Business Insights™
- In North America, the rising number of new product launches and the utilization of innovative software solutions in the U.S. would foster growth. In 2020, the region stood at USD 0.96 billion.
- Europe remained in the second position fueled by the surging penetration of healthcare supply chain management in the region.
- In Asia Pacific, the expansion of SCM software solutions in emerging economies, such as India and China would lead to a slight surge in the growth rate.
Competitive Landscape-
Key Players Aim to Accelerate Their SCM Processes by Partnering with Other Companies
The market contains several big, small, and medium healthcare supply chain management companies worldwide. They are majorly aiming to improve and accelerate their SCM processes. To do so, they are either joining hands with other organizations or are developing in-house software solutions. Below is one of the industry developments:
- February 2020: Tract Manager signed a new agreement with Froedtert Health to enhance its supply chain management across the company. The former possesses a unique suite of supply chain management solutions that support the latter’s goal to develop a compliant, transparent, and standardized purchasing process that extends to staff, clinicians, and physicians in Froedtert Health.
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Fortune Business Insights™ presents a list of renowned healthcare supply chain management companies operating in this market. They are as follows:
- Henry Schein, Inc. (Melville, New York, United States)
- McKesson Corporation (Irving, Texas, US)
- Oracle (Austin, United States)
- Ascension (St. Louis, Missouri, US)
- Advocate Health Care, Inc. (Milwaukee, Wisconsin, US)
- Tecsys Inc. (Montreal, Canada)
- Banner Health (Phoenix, Arizona, US)
- Syft (Tampa, Florida)
- Ochsner Health System (Louisiana, US)
- Providence Health Service (Renton, Washington, US)
- Other Players
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