Pune, India, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The global healthcare supply chain management market size was valued at USD 2.29 billion in 2021 and USD 2.61 billion in 2022. The market is expected to reach USD 6.90 billion by 2029 with a CAGR of 14.9% during the forecast period. The growing adoption of Radio Frequency Identification (RFID) has improved supply chain operations and is predicted to boost the demand for healthcare supply chain management. Increasing adoption of cloud-based solutions is set to drive market growth. Initiatives taken by various organizations to make their supply chain operations more agile and resilient are expected to propel the market progression. Fortune Business Insights™ shares this information in its report titled "Healthcare Supply Chain Management Market, 2022-2029."
Key Industry Development
October 2022- Oracle announced that WellSpan Health has chosen Oracle Fusion Cloud Application Suite for unification and improvement of their business visibility.
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Drivers and Restraints
Advanced Supply Chains Solutions to Drive Market Progress
The launch of advanced supply chain solutions is anticipated to drive the healthcare supply chain management market growth. Organizations globally have been modifying their services with the help of latest technology, solutions, and advanced software & solutions such as e-procurement and advanced supply chain planning systems, which are expected to drive market growth. Various solutions are launched to improve transparency and other processes in an organization more efficiently, which are expected to push market growth.
However, high costs associated with such solutions are anticipated to impede the market development.
COVID-19 Impact:
Problems in the Supply Chains During Pandemic Hindered Market Growth
The COVID-19 pandemic led to disruptions in supply chains. Various lockdowns led to the stoppage of transportation of finished goods and raw materials, thus disrupting the manufacturing process. McKesson Corporation reported an increase of 3.1% in their revenue in 2020 compared to 2019, which witnessed an increase of 7.8%. After the restrictions were lifted, supply chain operations slowly gained traction, allowing the market to witness a stable growth similar to the pre-pandemic level.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segments
Software Segment to Lead Due to Launch of New Applications
On the basis of component, the market is divided into software, services, and hardware. Software segment dominated due to the launch of new applications to make the supply chain management operation more efficient. The services segment is also estimated to have an increasing focus on organizations to outsource supply chain services.
Cloud-based Segment to Govern Owing to Various Advantages
Based on delivery mode, the market is categorized into on-premise and cloud-based. The cloud-based segment is expected to have a major part owing due to associated advantages such as identification, monitoring, and mitigation of supply chain risks, vulnerabilities, and disruptions.
Healthcare Providers to Dictate due to Rising Adoption of Cloud-based Software Solutions
Based on end user, the market is divided into healthcare providers, healthcare manufacturers, and others. Healthcare providers segment is expected to have a major part due to rising adoption of cloud-based software solutions.
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Regional Insights
North America to Lead Market Share Due to the Presence of Market Players
North America is anticipated to head the healthcare supply chain management market share due to the presence of market players offering supply chain management solutions. Increasing adoption of such solutions by market players is set to help market growth.
Europe is set to have substantial growth due to the increasing adoption of tags, RFID, and barcodes for tracking of drugs and other healthcare products. Increasing government backing for the development of AI-based solutions is also expected to help in market growth.
Asia Pacific is set to have the highest CAGR during the forecast period due to increasing demand for cloud computing.
Competitive Landscape
Acquisition Strategies by the Key Market Players to Set Market Progression
The key healthcare supply chain management players in the market are Tecsys Inc., Oracle, and McKesson Corporation, which hold a comparatively dominant market share. Henry Schein, Inc., Cardinal Health, Global Healthcare Exchange, LLC., and Epicor Software Corporation are a few of the players operating in this market. Their market presence is set to increase due to the launch of new and advanced solutions for supply chain management in a healthcare setting. In February 2022, Global Healthcare Exchange, LLC. acquired Syft, a provider of AI-enhanced inventory control and end-to-end supply chain management. This is set to help the company in the expansion of its existing portfolio.
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List of Key Players Profiled in the Report
- Oracle (U.S.)
- Tecsys Inc. (Canada)
- Global Healthcare Exchange, LLC. (U.S.)
- Ascension (U.S.)
- Ochsner Health (U.S.)
- Banner Health (U.S.)
- Henry Schein, Inc. (U.S.)
- McKesson Corporation (U.S.)
- Cardinal Health (U.S.)
- Epicor Software Corporation (U.S.)
Some major points from Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Pricing Analysis, Key Players, Key Countries/ Regions, 2021
- Overview of Regulatory Scenario –For Key Regions/Countries
- PEST Analysis
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Impact of COVID-19 on Healthcare SCM Market
- PORTER's Five Forces
- Global Healthcare Supply Chain Management Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Services
- Market Analysis, Insights and Forecast – By Delivery Mode
- On-premise
- Cloud-based
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Healthcare Manufacturers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Component
- North America Healthcare Supply Chain Management Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Services
- Market Analysis, Insights and Forecast – By Delivery Mode
- On-premise
- Cloud-based
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Healthcare Manufacturers
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Component
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- Europe Healthcare Supply Chain Management Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Services
- Market Analysis, Insights and Forecast – By Delivery Mode
- On-premise
- Cloud-based
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Healthcare Manufacturers
- Others
- Market Analysis, Insights and Forecast – By Country/Sub-region
- U.K.
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