June 09, 2020
According to the report titled ‘Global Healthcare Supply Chain Management Market Size study, by Component (Software, Hardware), by Delivery Mode (On-Premises, Cloud-Based), by End-User (Manufacturers, Distributors, Healthcare Providers) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global healthcare supply chain management market was worth USD 1.8 billion in 2019 and is estimated to witness a CAGR of 8.5% over 2020-2026.
Healthcare industry across the world is dealing with the growing pressure to meet the demands of the patients for better medical services and facilities. Therefore, medical facilities and healthcare organization are strictly following supply chain management practices.
For those uninitiated, the order of the flow of medical goods and services from manufacturers to patients is termed as healthcare supply chain. It includes obtaining resources, managing supplies, and distribution services to patients and providers. For the completion of this process, information about the medical products and services goes through various independent stakeholders, including group purchasing organizations, hospitals, healthcare providers, insurance companies, manufacturers, and various regulatory agencies.
The concerns pertaining to enhancing profitability and boosting operational efficiency amid healthcare providers, together with implementation of unique device identification (UDI) initiative by FDA, and rising demand of medical devices are boosting the market growth.
As per Statista, the production of medical devices globally accounted for USD 679 billion in 2016 and popped up to USD 786 billion in 2018. The medical device production is likely to reach USD 894 billion by 2020. This, in turn, is predicted to boost the demand of healthcare supply chain management solutions, cites the report.
Given the COVID-19 pandemic, there is a spike in the requirement of essential medical supplies and life-saving devices to provide proper care to the infected individuals and avert the spread of this virus, which is further favoring the industry expansion.
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On the other hand, factors such as high cost of implementation and maintenance of healthcare supply chain management solutions may degrade the market growth in the estimated timeframe.
Based on component, the market is spilt into software and hardware. In terms of delivery mode, the market is divided into On-Premises and Cloud-Based delivery. Speaking of end-user, the market is segmented into Healthcare Providers, Distributors, and Manufacturers.
Citing the regional scope, the key regions include Latin America, Europe, North America, and Asia-Pacific. North America holds a significant fraction of the global market pertaining to the increasing number of corona virus patients in the US, and the implementation of various strategies to enhance the healthcare supply chain in Canada. The adoption of technologically advanced and mobile-based solutions for healthcare supply chain management available in Asia-Pacific, is predicted to contribute towards its high CAGR over the anticipated timeline.
The leading organizations in global healthcare supply chain management market are Jump Technologies, Cerner, JDA Software Group, Manhattan Associates, Global Healthcare Exchange (GHE), Infor, Tecsys, McKesson, SAP, and Oracle among others.