Healthcare Supply Chain Management Market Outlook
According to a new report by Expert Market Research titled, “Healthcare Supply Chain Management Market Size, Share, Analysis, Report and Forecast 2023-2028″,the global healthcare supply chain management market is projected to grow at a CAGR of 7.80% between 2023 and 2028. Aided by the escalating need for efficient management systems in healthcare institutions and expanding applications across diverse healthcare segments, the market is expected to grow significantly by 2028.
Healthcare supply chain management involves the regulation of the flow of medical goods and services from manufacturer to patient. It plays a fundamental role in maintaining the cost-efficiency of healthcare operations, ensuring timely delivery of products, and enhancing patient care. Apart from these primary functions, healthcare supply chain management also contributes to reducing wastage, facilitating stock tracking, and improving the overall organisational efficiency.
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The growing necessity for efficient management systems in healthcare facilities is significantly propelling the global healthcare supply chain management market growth. With the increasing volume of patients and the complexity of healthcare operations, there has been a crucial shift towards advanced supply chain management systems. These systems enable healthcare institutions to optimise their processes, thus leading to cost savings and enhanced patient care.
The diversifying applications of healthcare supply chain management across varied healthcare segments is another essential factor accelerating the healthcare supply chain management market development. In hospitals and clinics, these systems streamline the procurement, storage, and distribution of medical supplies, ensuring that patient care is never disrupted due to the unavailability of necessary products. In the pharmaceutical industry, supply chain management is critical for tracking drug inventory, managing distribution, and ensuring regulatory compliance, thus aiding the healthcare supply chain management market. Similarly, in the biotechnology sector, these systems assist in managing the complicated processes involved in the production and distribution of biological products.
Moreover, the increasing integration of technological advancements, such as artificial intelligence (AI) and blockchain, in healthcare supply chain management is fuelling the healthcare supply chain management market expansion. These technologies provide improved visibility, forecasting, and traceability, thereby enhancing the efficiency and security of healthcare supply chains.
The surge in demand for cloud-based solutions in the healthcare sector has also bolstered the focus on healthcare supply chain management. Cloud-based systems offer various benefits such as scalability, cost-effectiveness, and real-time tracking, which are invaluable in managing the intricate healthcare supply chains.
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Healthcare Supply Chain Management Market Segmentation
The market can be divided based on component, delivery mode, end use, and region.
Market Breakup by Component
- Software
- Hardware
- Services
Market Breakup by Delivery Mode
- On-Premises
- Cloud-Based
Market Breakup by End Use
- Healthcare Providers
- Healthcare Manufacturers
- Distributors
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global healthcare supply chain management companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Jump Technologies, Inc.
- Infor
- Vizient Inc.
- Tecsys Inc.
- McKesson Medical-Surgical
- Others
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