Pune, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The global Healthcare Supply Chain Management Market reach USD 2.80 billion in 2022 and is expected to exhibit a CAGR of 10.9% over the forecast period 2023 to 2032, according to a recent global market study by Quince Market Insights. The supply chain is defined as the management of interactions with suppliers and customers upstream and downstream to provide higher customer value while minimizing costs to the supply chain as a whole. The healthcare supply chain management process includes acquiring resources, managing supplies, and giving doctors and patients goods and services. To be completed, physical things and data related to medical products and services often move through a number of different parties, such as manufacturers, insurers, hospitals, providers, group buying organizations, and various regulatory authorities.
Healthcare supply chain management transactions using blockchain technology are a crucial monitoring tool for the entire process of moving medications and medical supplies. Due to the fact that every transaction is recorded on the ledger and updated by every node inside the blockchain, it is easy to instantly authenticate the medication's origin, the seller, and the distributor.
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Impact of COVID-19 on Healthcare Supply Chain Management Market
Every nation, organization, and supply chain on world have been significantly impacted by the COVID-19 outbreak. The pandemic caused significant damage to the healthcare system, with hospitals nearing collapse from overcrowding, critical-item supply chains interrupted, and federal and state organizations struggling to provide palliative and preventative care. The pandemic exposed various crucial supply chain gaps, including shortages of PPE and testing kits, despite the fact that governments and private sector companies have prepared contingency plans and stocks.
Healthcare Supply Chain Management Market, by Component
The component segment is divided into Software, Inventory, Order, Warehouse, Purchase, Implant, Transport, Strategic Sourcing, Consignment, Hardware, Barcode, Scanner, RFID.
The software segment is account for the highest growth in the market.
He growth of the segment is on account of increase in adoption of software such as SaaS which provides next-generation cloud computing services, are among the primary drivers driving the segment's growth. Furthermore, the growing requirement in healthcare organizations for efficient administration of organizational workflows, as well as a shift in the trend toward value-based care in developed nations, are boosting the software industry. Healthcare supply chain management software systems are constantly changing, with an emphasis on improving patient outcomes and sharing patient data in real time.
Healthcare Supply Chain Management Market, by Delivery
The delivery segment is divided into On Premise, Cloud.
The cloud segment is expected to highest share in the market. the growth of the segment on the account of the cloud-based solutions assists healthcare businesses in sharing and integrating information from various places; these solutions also have low installation and maintenance expenses. The demand of cloud bases services is increasing because its cost effective, use high technologies. Such benefits are propelling market growth in this area.
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Healthcare Supply Chain Management Market, based on the Regional Analysis
The region segment includes major regions such as Asia Pacific, Middle East & Africa, North America, Europe, and South America.
The North America is projected for highest growth in the market. Because of the launch of modern supply chain management systems, combined with increased penetration of software deployment in the domain, particularly in the United States. In the US the mandatory use of GS1 standards and Unique Device Identification (UDI) on pharmaceutical pharmaceuticals and medical devices, as well as the presence of big manufacturing hubs, are among the key reasons driving the North American supply chain management market.
The Asia Pacific market is projected to grow at the highest CAGR over the predicted timeframe. This is owing to the accessibility of mobile-based healthcare supply chain management systems, as well as the increasing use of technologically advanced solutions in countries such as India, China, and Japan. The growing number of government efforts aimed at encouraging healthcare providers and other healthcare organizations to use cloud-based software solutions to improve inventory management systems is also predicted to drive the market. The various initiative’s taken by the government such as launching the Healthcare supply chain portal under the Council of Scientific and Industrial Research (CSIR) to provide real time availability of medical equipment.
Recent development in the Global Healthcare Supply Chain Management Market
- In 2020, Intelligent InSite was purchased by Infor.
- In 2019, Oracle released the blockchain application Intelligent Track & Trace.
Some key Points of the Healthcare Supply Chain Management Market Report are:
- An in-depth global healthcare supply chain management market analysis by the segments, along with an analysis of trend-based insights and factors.
- Major companies operating in the global healthcare supply chain management market, which include SAP SE (Germany), Oracle Corporation (US), and Infor (US) were the leading players in the healthcare supply chain management industry. Other players include McKesson Corporation (US), TECSYS (US), Global Healthcare Exchange (US), Cardinal Health (US), Determine (US), Epicor (US), LLamasoft (US), Manhattan Associates (US), Blue Yonder Group, Inc. (JDA Software) (US), Cerner (US), Jump Technologies (US), LogiTag Systems (US), Harris Affinity (US), Premier (US), Accurate Info Soft (US), Hybrent (US), and Arvato Systems (Germany).
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global healthcare supply chain management market
- Impact of COVID-19 on the global healthcare supply chain management market
Find more insights on this topic from this report, “Healthcare Supply Chain Management Market Share, Size, Trends, Industry Analysis Report By Component (Software, Hardware), By Delivery Mode (On-premise, Cloud-based), By End users (Manufacturers, Distributors, Healthcare Providers), By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, Rest of the World) – Market Size & Forecasting To 2032, in-depth analysis along with the table of contents (ToC).
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