NEW YORK, April 29, 2022 /PRNewswire/ — The healthcare supply chain management market was valued at $2,090.5 million in 2021, and it is expected to reach $4,999.3 million at a 10.2% CAGR between 2021 and 2030, according to P&S Intelligence. The rising need for cost reduction in the healthcare industry, adoption of GS1 standards, and increasing investments by healthcare providers and related product manufacturers in SCM solutions are some of the key drivers for the market.
The pandemic had a positive impact on the industry, as the demand for medical supplies and other related products skyrocketed. Cold-chain companies delivering vaccines and other medicines requiring temperature control invested in technological upgradations and new modes of operations. For instance, UPS, which acted as one of the major cold-chain companies offering temperature-controlled medical supplies, such as vaccine doses, accomplished timely delivery because of advanced SCM technology.
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Key Findings of Healthcare Supply Chain Management Market Report
- The largest share was with the North American healthcare supply chain management market because the U.S. is the largest global employer in the healthcare sector with more than 780,000 companies.
- The software and services category is expected to grow at a CAGR of more than 10% in the coming years. The major factors responsible for the growing demand for these offerings are the frequent product introductions, rising need for greater access to business intelligence data, to express strategies, ease of product tracking through these solutions, and adoption of initiatives to reduce paper usage.
- The sales growth of cloud-based management systems will be of around 12% during the forecast period. Cloud-based solutions are preferred owing to their scalability through the SaaS model, ease of sharing information, and low maintenance and installation costs.
- Healthcare product manufacturers are the principal end users in the market. Large pharmaceutical companies are outsourcing the manufacturing to CDMOs in developing countries, in order to meet the snowballing demand for various products and decrease the operational cost.
- Healthcare providers, including hospitals, clinics, and diagnostic centers, are the second-largest users of healthcare SCM solutions. The rising need for data for procurement planning and inventory management is the main reason for this.
- The APAC healthcare supply chain management market is expected to grow the fastest in the years to come. This is credited to the emergence of countries such as India, China, South Korea, and Singapore as the favored locations among large pharmaceutical companies for drug manufacturing, pathological testing, and clinical trials.
Browse detailed report on Healthcare Supply Chain Management Market Trends and Demand Forecast Through 2030
In April 2022, TraceLink launched the multi-enterprise Supply Chain Work Management solution on the Opus Digital Network Platform, for the healthcare and life sciences industry. Other key market players taking such measures are SAP SE, Oracle Corporation, Infor Inc., McKesson Corporation, Tecsys Inc., Global Healthcare Exchange, Cardinal Health, Determine, Epicor, and Manhattan Associates.
There is a huge amount of investment from medical device and pharmaceutical manufacturers and healthcare providers in advanced technology, for managing their supply chains and progressing toward automated processes. The most-prominent technologies in the healthcare supply chain management market include AI, IoT, 3D printing, product tracking, and logistics optimization, which can enhance the operations for users and offer opportunities to IT vendors.
Healthcare Supply Chain Management Market Segmentation Analysis
- Software and Services
By Deployment Type
By End User
- Healthcare Product Manufacturers
- Healthcare Providers
- Distributors and Retailers
- Logistics Companies
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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SOURCE P&S Intelligence