According to Market Research Future (MRFR), the global healthcare supply chain management market is projected to register a CAGR 8.2% from 2018 to 2023 (forecast period). The report provides an exclusive insight into the effect of COVID-19 on the healthcare supply chain management market. The detailed review offers information on the effect of the outbreak on demand and supply conditions, trends, and projections of the healthcare supply chain management industry.
Supply-chain management is a process that includes the planning, design, execution, control, and monitoring of the movement of various products and services to create efficient logistics infrastructure, increase net value, synchronize demand and supply of goods to measure performance.
Market Dynamics
The key drivers of healthcare supply chain management are growing globalization, expanding industry, rapid product life cycle, growing fragmentation of the healthcare sector, the high economy of scale, and others. In addition, the need for vital life-saving devices and other critical healthcare supply chain management to avoid the spread of COVID-19 pandemic and provide optimal treatment for the infected also widens globally, thus boosting the market’s growth. The other factors responsible for market support are growing consumer demand, growing innovation, rising development capabilities, and others.
Nonetheless, factors such as lack of awareness, low innovation, high maintenance and installation costs, integration issues can limit the growth of the market.
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Market Segmentation
The global market for healthcare supply chain management has been segmented into models, functions, delivery mode, software, technology, and end-users.
Based on models, the global market for healthcare supply chain management has been segmented into build-to-order, make-to-stock model, continuous replenishment model, chain assembly, and others.
Based on function, the global market for healthcare supply chain management has been segmented into forecasting and planning, warehousing and distribution, inventory management and procurement, internal logistics, and operations, reverse and extended logistics, and others.
Based on delivery mode, the global market for healthcare supply chain management has been segmented into on-premise, web-based, and others.
Based on software, the global market for healthcare supply chain management has been segmented into planning tools and execution tools. The planning tools are further divided into forecasting and inventory management, supplier and vendor management, production and sales planning, and others. Execution tools are further divided into warehouse management, order processing, status tracking, and others.
By technology, the global market for healthcare supply chain management has been segmented into a barcode, radio frequency identification (RFID), global positioning system (GPS), internet of things and big data, and others.
Based on end-users, the global market for healthcare supply chain management has been segmented pharmaceutical and biotech companies, logistics companies and distributors, healthcare providers, and others.
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Regional Analysis
The global market for healthcare supply chain management has been segmented, by region, into the Americas, Asia Pacific, Europe, and the Middle East and Africa.
The Americas are anticipated to dominate the global market for healthcare supply chain management due to the advanced healthcare industry, the involvement of a large number of top biotech and pharmaceutical firms, government initiatives, growing technical advancements, and increasing demand for medical devices. In the International Trade Administration’s 2016 report, according to figures from the Government Accountability Office (GAO), the US generated nearly USD 45 billion by exporting medical devices in 2015. Exporting medical devices and raising a substantial amount of revenue help the management of the supply chain in the healthcare sector.
Europe is poised to hold the second-largest spot on the global healthcare supply chain management market. As per the European Commission, published in June 2017, Europe is one of the world’s leading exporters of pharmaceuticals and medicinal products. In 2016, Europe also accounted for EUR 144 billion by exports of pharmaceutical products worldwide. Improved imports and exports for related health products will expand the demand for health care supply chain management in the region.
The Asia Pacific is projected to be the fastest-growing region on the market due to the increasing prevalence of chronic diseases and increased demand for pharmaceutical products and medical devices. Increasing investment in the healthcare sector is also expected to accelerate the growth of this market.
The Middle East and Africa has the smallest share of the market. The healthcare supply chain management market in this region is projected to be dominated by the Middle East region due to the advanced healthcare industry and increasing government initiatives in the healthcare sector.
Key Players
The key participants identified by MRFR in the global healthcare supply chain management market are SAP (Germany), Infor (US), Oracle (US), GHX (US), TECSYS (Canada), McKesson (US), Manhattan Associates (US), Jump Technologies (US), JDA Software (US), LogiTag Systems (Israel), Advocate Health Care (Murray, UT), and others.