The Global Healthcare Supply Chain Management Market, by Models (Make-To-Stock, Build-To-Order, Continuous Replenishment, Chain Assembly, and Others), by Functions (Forecasting and Planning, Inventory Management and Procurement, Internal Logistics and Operations, Warehousing and Distribution, Reverse and Extended Logistics, and Others), by Component (Software, Hardware, and Services), by Delivery Mode (On-premise, Web-based, Cloud-based), by End User (Healthcare Manufacturers, Healthcare Provider, Distributors, Logistics), and by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America), is estimated to be valued at US$ 2,080.6 Million in 2021 and is projected to exhibit a CAGR of 9.3% during the forecast period (2021-2028).
The growing number of unique device identification (UDI) initiative by the Food and Drug Administration (FDA) is expected to drive the global healthcare supply chain management market growth. For instance, in May 2021, the U.S. FDA issued a compliance policy guide on the use of National Health Related Articles Code (NHRIC) and National Drug Code (NDC) numbers on device labels and packaging. The U.S. FDA established the unique device identification system, when fully implemented, the labels on most devices will a unique device identifier (UDI) in human- and machine-readable form, which will eventually improve patient safety, modernize device post market surveillance, and facilitate medical device innovation.
Global Healthcare Supply chain Management Market– Impact of Coronavirus (COVID-19) Pandemic
COVID-19 pandemic has affected various industries globally. The players operating in the global healthcare supply chain management market are facing major challenges on various fronts due to the COVID-19 pandemic. The COVID-19 pandemic has caused severe impacts on the global economy at various levels and which can be seen on the healthcare industry as well. The thriving market of health care research and development is expected to exhibit a steep decline in the sales during the lockdown period owing to the shutdown of the manufacturing units, acute shortage in the supply of raw materials and absence of potential manpower. It can be deduced from the current situations brought about by the pandemic that the production, and supply chain activities have experienced minor hurdles. However, the market is projected to gradually recover post-COVID-19 pandemic, which will present attractive opportunities for sales across various regions of the world in the following years.
Browse 53 Market Data Tables and 46 Figures spread through 217 Pages and in-depth TOC on “Global Healthcare Supply Chain Management Market, by Models (Make-To-Stock, Build-To-Order, Continuous Replenishment, Chain Assembly, and Others), by Functions (Forecasting and Planning, Inventory Management and Procurement, Internal Logistics and Operations, Warehousing and Distribution, Reverse and Extended Logistics, and Others), by Component (Software, Hardware, and Services), by Delivery Mode (On-premise, Web-based, Cloud-based), by End User (Healthcare Manufacturers, Healthcare Provider, Distributors, Logistics), and by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America) - Forecast to 2028”.
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Increasing drug counterfeiting in the healthcare industry is rising pressure on healthcare providers to enhance operational efficiency that is expected to propel the growth of the global healthcare supply chain management market over the forecast period. For instance, according to the Pharmaceutical Security Institute, the number of worldwide counterfeit drug incidents increased from 196 in 2002, to 2,108 in 2012 to 3,509 in 2017. Governments across the world are stepping up their efforts to combat this illegal trade. Furthermore, in February 2019, the Falsified Medicines Directive came into force across the EU and require all prescription medicines to come with a security feature enabling hospitals, pharmacies or healthcare providers to verify their authenticity. In the U.S., the FDA’s Drug Supply Chain Security Act outlines requirements to develop and enhance drug supply chain security by 2023.
Key Takeaways of the Global Healthcare Supply Chain Management Market:
- The global healthcare supply chain management market is expected to exhibit a CAGR of 9.3% during the forecast period, owing to new software developments to cater to high consumer demand. For instance, in September 2020, Syft developed a new solution on the Syft Synergy enterprise supply chain management platform in partnership with Barnes-Jewish Hospital. It is called the decedent management and tracking solution. It allows users to track and monitor decedents through hospitals to funeral homes.
- Among component, software segment is expected to drive the global healthcare supply chain management market growth owing to the advantage of the management of multiple processes on single platform and a growing preference for eco-friendly logistics. For instance, according to a survey conducted by Sage Growth Partners in 2019, approximately 86% of respondents indicated that adopting SCM software can improve quality of care and profitability.
- Among delivery mode, cloud-based segment is expected to exhibit the fastest growth over the forecast period. Increasing demand for cost-effective, user-friendly technologies and higher acceptance rates, increasing penetration of cloud computing among healthcare providers for maintaining inventory and procurement information is boosting the market. For instance, in January 2020, Tecsys Inc. announced a partnership with Microsoft to enable smart retail using Microsoft Power BI. Power BI is a cloud-based business analysis toolkit. By providing an intelligent supply chain, consumer goods companies and retailers can better understand their customers.
- Major players operating in the global healthcare supply chain management market includes Oracle, SAP SE, Infor., McKesson Corporation, Tecsys Inc., Global Healthcare Exchange, LLC., Cardinal Health, Epicor Software Corporation, LLamasoft Inc., Manhattan Associates, Jump Technologies, Inc., Blue Yonder Group, Inc., Cerner Corporation, Logi-Tag Systems, Picis Clinical Solutions, Inc., Premier, HYBRENT, INC, and Arvato Supply Chain Solutions SE
