(IT-NEWSWIRE.COM, May 04, 2021 ) The adoption of GS1 system of standard in the healthcare industry globally, the emergence of cloud-based solutions, reduction in operational costs by improving the efficacy and increase in overall profitability are key factors driving the growth of healthcare supply chain management.
However, the high cost of implementation of supply chain management software is expected to restrict market growth to a certain extent.
How much is the Healthcare Supply Chain Management Market worth?
The Healthcare Supply Chain Management Market is projected to reach USD 3.3 billion by 2025 from USD 2.2 billion in 2020, at a CAGR of 7.9%. North America is expected to register the highest growth rate during the forecast period mainly due to the consolidation of hospitals, rising prevalence of chronic diseases, and growing awareness
By component, the software segment accounted for the largest market share in 2019.
Based on the component, the market is bifurcated into hardware and software segments. The software segment commanded the largest share of the global medical supply chain management market in 2019.
The large share of this segment can be attributed to the increasing number of online purchases, improving business intelligence, and growing preference for eco-friendly logistics
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The on-premise segment commanded the largest share of the health supply chain management industry, by delivery mode, in 2019.
Based on delivery mode, the market is segmented into on-premise and cloud-based. The on-premise segment accounts for the largest share of the health supply chain management market. However, the cloud-based segment is expected to register the highest growth over the forecast period.
Cloud-based solutions help healthcare organizations share and integrate information from disparate locations; these solutions also offer minimum costs of installation and maintenance. Such advantages are driving market growth in this segment.
Manufacturers are the largest end-users of the Medical Supply Chain Management market.
Based on the end-user, the healthcare supply chain management industry is segmented into manufacturers, providers, and distributors. In 2019, manufacturers accounted for the largest share of the healthcare supply chain management market. Manufacturers must cater to the increasing demand for products from their end-users.
Owing to this, manufacturers mainly look for supply chain management solutions for transportation and warehouse management to ensure faster, more accurate, and more efficient functioning. This has resulted in an increased demand for supply chain management solutions in this segment.
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North America dominates the healthcare supply chain management industry during the forecast period.
Geographically, the Medical Supply Chain Management market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the largest share of the market in 2017, followed by North America.
The market in Asia-Pacific is primarily driven by the availability of huge population base which is aging, and affected with diabetes and other conditions requiring surgical intervention to treat.
SAP SE (Germany), Oracle Corporation (US), Infor (US), McKesson Corporation (US), TECSYS (US), Global Healthcare Exchange (US), Cardinal Health (US), Determine (US), Epicor (US), LLamasoft (US), Manhattan Associates (US), Blue Yonder Group, Inc. (JDA Software) (US), Cerner (US), Jump Technologies (US), LogiTag Systems (US), Harris Affinity (US), Premier (US), Accurate Info Soft (US), Hybrent (US), and Arvato Systems (Germany).
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Mr. Aashish Mehra