Healthcare Supply Chain Management Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Healthcare Supply Chain Management Market
The healthcare supply chain management market size was valued at USD 2.99 billion in 2023, and the market is now projected to grow from USD 3.43 billion in 2024 to USD 10.65 billion by 2032, exhibiting a CAGR of 15.2% during the forecast period of 2024-2032.
The pandemic has placed substantial difficulty on the logistics industry which exist both in the developed and the world still developing. The accessibility issues are created by the permanent or partial obstructed flow of goods to the main national and international markets. While the pandemic is a major issue around the globe during COVID-19, the whole world population faced for a temporary piece of time the disruption of tourism due to the closure of borders. The readability was not too obvious as twenty resources were not given for the figures during the COVID-19 period. People became too busy to think about the issue of energy demand for their homes and the supply chain of the products they used was interrupted by the lockdowns. Limited supply chains were also part of the problem. This led to the decline of the healthcare supply chain management market growth.
The advent of cloud technology seems to be a harbinger of good starts, and the first of them is the concept of reducing capital expenses as well as operating costs. The technology does not rely on hardware elements or IT infrastructure, enabling companies to streamline supply chain operations by having a direct supply chain that takes a pass on capital investment. These solutions also facilitate the consolidation of multiple systems, such as warehouse management systems and transport spend management, which is necessary for successful supply chain operations. Cloud-based solutions empower healthcare organizations to integrate and synchronize data as they provide tailored strategies to avoid communication breakdowns and to foster the recognition of inefficiencies and new growth. This factor drives the healthcare supply chain management market share.
A fast-growing area of RFID technology improvement in healthcare is prolonging the supply chain operations of all kinds of healthcare services. The potential benefits of RFID transponders are proven by their usage in the tracing process of the medicine distribution network within medical facilities and also the transportation of emergency medical supplies to the scene. The data is then sent to the concerned personnel to be in a position to have a complete view of the current state of their stock, while the indicator will assist them in retrieving and presenting to the customers other essential information such as the expiration date of that product or other specific details about each product. Thus, the RFID tags also offer opportunities to manage and control assets, also offsite, including the assets of institutions, instruments, and equipment. The application of RFID technology in each hospital is supposed to be similar, with the tracking component responsible for eliminating theft and assisting in cost reduction through related processes to: distribution management, patient billing and others.
Comprehensive Analysis of Healthcare Supply Chain Management Market
The healthcare supply chain management market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the healthcare industry. These segmentations are methodically segregated By Component Analysis, By Delivery Mode Analysis, and By End-user Analysis. Divided into components, the market is segmented into software, services, and hardware. The software segment is the market leader because of the introduction of novel applications. It enables planning for supply chain management to run smooth more effectively. According to the delivery mode, the consumers were separated into two categories, such as on-premise and cloud-based. The cloud-based consumption option accounted for a large portion of 2023 market. Market divides end-users as healthcare providers, healthcare manufacturers and others.
North America dominated the healthcare supply chain management market share and was valued at USD 1.46 billion in 2023. The initial presence of well-known companies delivering supply chain management solutions is one of the major factors fueling the growth of the area. An additional reason that encourages North American market growth is the increased use of supply chain management solutions by healthcare providers in the region.
The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, 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.), and Epicor Software Corporation (U.S.).
In October 2022, Oracle has disclosed the news that WellSpan Health decided to choose Oracle Fusion Cloud Application Suite in order to enhance their operations and achieve a higher level of transparency of their business environment. The application is an initiative to join together the finance, supply chain as well as the HR functions of the company making the flow more organized and efficient.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 15.2% from 2024-2032
Unit Value (USD Billion)
Segmentation By Component
Software
Hardware
Services
By Delivery Mode
On-premise
Cloud-based
By End-user
Healthcare Providers
Healthcare Manufacturers
Others
By Region
North America (By Component, By Delivery Mode, By End-user, By Country)
U.S. (By Component)
Canada (By Component)
Europe (By Component, By Delivery Mode, By End-user, By Country/Sub-Region)
U.K. (By Component)
Germany (By Component)
France (By Component)
Spain (By Component)
Italy (By Component)
Scandinavia (By Component)
Rest of Europe (By Component)
Asia Pacific (By Component, By Delivery Mode, By End-user, By Country/Sub-Region)
Japan (By Component)
China (By Component)
India (By Component)
Australia (By Component)
Southeast Asia (By Component)
Rest of Asia Pacific (By Component)
Rest of the World (By Component, By Delivery Mode, By End-user)
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