SAN FRANCISCO, Oct. 19, 2022 /PRNewswire/ — The global healthcare supply chain management market size is expected to reach USD 5.2 billion by 2030 and is expected to expand at a CAGR of 9.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The major factors contributing to the industry growth are the growing adoption of such platforms by healthcare providers to improve efficiency and enhance operational affordability. There is a growing demand for RFID systems by medical device manufacturers, pharmaceutical and biopharmaceutical companies, hospitals, and other life sciences companies to control inventory costs in developed countries, which further fuels market growth.
Key Industry Insights & Findings from the report:
- The demand for cloud-based software is growing due to the focus of manufacturers and providers on achieving higher supplier quality and inventory optimization.
- The adoption of cloud-based technology has increased owing to various security breaches on web-based and premise deployment.
- North America dominated the overall market in 2021 with a share of over 30.0%. Some of the key factors responsible for the regional growth are the mandatory implementation of GS1 standards and Unique Device Identifiers (UDIs) on pharmaceutical drugs and medical devices.
Read 105-page market research report, Healthcare Supply Chain Management Market Size, Share & Trends Analysis Report By Product (Software, Hardware, Services), By Mode Of Delivery, By End-use, By Region, And Segment Forecast, 2022 – 2030“, published by Grand View Research.
Healthcare Supply Chain Management Market Growth & Trends
Cloud-based warehouse management systems assist supply chain performance by improving order management and production planning across all warehouse locations. These cloud-based warehouse management systems generate data sets over time, which, in turn, show patterns, making it possible to forecast shifts in demand. Furthermore, the adoption of cloud-based warehouse management systems by manufacturers to optimize order management and inventory fulfillment has significantly increased their revenue. Automating pricing and customer approval workflows with a cloud-based application has further reduced order cycle time and helped in improving quality. This has further driven the demand for cloud-based software solutions in the healthcare industry, thus positively impacting market growth.
Key players are also focusing on developing new technologies to help in streamlining the production process. For instance, in March 2019, JDA Software, Inc. and Panasonic Collaboration announced a joint venture. The purpose of the joint venture was to create new solutions for businesses in manufacturing, logistics, and retail fields by combining JDA’s comprehensive SaaS software for supply chain management along with Panasonic sensing technologies.
Other factors such as the adoption of GS1 standards and UDI and mobile-based healthcare management solutions also boost the market growth. However, factors such as data privacy and high cost associated with the implementation and maintenance of healthcare supply chain management solutions are likely to restrain the market growth. COVID-19 positively impacted the market growth. Major organizations are shifting toward digitalized supply chain managing solutions for rebuilding their supply chains and creating transparency and resiliency across their supply chain processes.
Software held the largest share in 2021 and is expected to expand at the fastest CAGR during the forecast period. The market growth can be attributed to the growing adoption rate of next-generation cloud computing applications such as supply chain management enterprise resources. By mode of delivery, the cloud-based segment held the largest share in 2021 and is expected to grow at the highest rate during the forecast period. This growth can be attributed to the rising demand for user-friendly technology, cost-effectiveness, and higher adoption rate. The growing penetration of cloud computing among healthcare providers for maintaining inventory and procurement information is further driving the segment.
By end-use, the healthcare manufacturers segment emerged as one of the extremely high potential segments in 2021 and is expected to grow at the fastest rate during the forecast period due to the rising adoption of healthcare supply chain managing solutions for streamlining their manufacturing process. North America dominated the overall market in 2021 with a revenue share of over 30.0%. Asia Pacific is projected to expand at the fastest CAGR of 10.5% in the forecast period due to the growing adoption of GS1 standards in the region to track the visibility of pharmaceutical products.
Healthcare Supply Chain Management Market Segmentation
Grand View Research, Inc. has segmented the global healthcare supply chain management market on the basis of product, mode of delivery, end-use, and region
Healthcare Supply Chain Management Market – Product Outlook (Revenue, USD Million, 2016 – 2030)
- RFID Tags
Healthcare Supply Chain Management Market – Mode of Delivery Outlook (Revenue, USD Million, 2016 – 2030)
Healthcare Supply Chain Management Market – End-use Outlook (Revenue, USD Million, 2016 – 2030)
- Healthcare Manufacturers
- Healthcare Providers
Healthcare Supply Chain Management Market – Regional Outlook (Revenue, USD Million, 2016 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Healthcare Supply Chain Management Market
- Jump Technologies, Inc.
- LogiTag Systems
- Mckesson Corporation
- Terso Solutions
- CenTrak (HALMA plc)
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Browse through Grand View Research’s Healthcare IT Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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