According to the latest research report “Healthcare Supply Chain Management Market by Component (Software, Inventory, Order, Warehouse, Purchase, Implant, Transport, Strategic Sourcing, Consignment, Hardware, Barcode, Scanner, RFID), Delivery (On Premise,Cloud), End User – Global Forecast to 2025”[161 Pages Report] The global 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% during the forecast period.
The key factors driving the growth of this market include 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.
What drives the market?
- Increasing pressure on healthcare providers to improve operational efficiency and profitability
- Implementation of the UDI initiative by the FDA
- Emergence of cloud-based solutions
- Adoption of the GS1 system of standards
- Continuous support in the form of funding, investments, and partnerships
- Large-scale drug counterfeiting in the pharmaceutical industry
However, the high cost of implementation of supply chain management software is expected to restrict market growth to a certain extent.
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The market in North America is projected to witness the highest growth rate during the forecast period (2020–2025).
North America is projected to register the highest growth during the forecast period. This large share can be attributed to factors such as the consolidation of hospitals, rising prevalence of chronic diseases, and growing awareness in the region. On the other hand, the European region is expected to grow at the second-highest CAGR during the forecast period, followed by APAC and later ROW.
Key Market Players
The healthcare supply chain management market is fragmented, with the presence of several large as well as emerging players. In 2019, SAP SE (Germany), Oracle Corporation (US), and Infor (US) were the leading players in the healthcare supply chain management industry. Other players include 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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- In 2020, Infor acquired Intelligent InSite.
- In 2019, Oracle launched Intelligent Track and Trace, a blockchain application
- In 2019, SAP SE partnered with Microsoft Corporation, to improve consumer adoption of SAP Cloud Platform and SAP S/4 HANA on Microsoft Azure.