Increasing pressure faced by healthcare providers to improve operational efficiency and profitability, emergence of cloud-based solutions, adoption of the GS1 system of standards in various countries, and growing focus to curb the large-scale counterfeiting of drugs in the pharmaceutical industry are driving the growth of this market.
Healthcare supply chain management is the vital practice of developing efficient supply chain methods to achieve operational efficiency and traceability while reducing operating costs without compromising quality.
The global healthcare supply chain management market is projected to reach USD 2.31 billion by 2022 from an estimated USD 1.41 billion in 2016, growing at a CAGR of 8.4% during the forecast period.
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Healthcare supply chain management is the practice of developing efficient supply chain methods by stakeholders in the healthcare arena to achieve operational efficiency and traceability while reducing operating costs without compromising quality. The adoption of healthcare supply chain management solutions offers significant benefits to various stakeholders involved in the supply chain, such as healthcare providers, distributors, and suppliers.
Globally, there is an increasing focus among stakeholders to reduce their operating costs by achieving operational efficiency. The adoption of supply chain solutions helps them achieve these objectives, and thus the demand for these solutions is increasing across the globe.
The healthcare supply chain management market has been segmented, on the basis of component, into software and hardware. The software segment is expected to command the largest share of the market in 2017 due to the benefits it offers, such as, increased efficiency, reduced costs, and business intelligence.
Geographical Region Covered
The market North American market is expected to grow at the highest CAGR in the forecast period. The large share and high growth rate can be attributed to factors such as consolidation of hospitals, regulatory requirements, rising prevalence of chronic diseases, increasing patient burden in the US, and implementation of various strategies to improve healthcare supply chain management in Canada.
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Key players in the Healthcare Supply Chain Management Market include SAP (Germany), Oracle (US), Infor (US), McKesson (US), TECSYS (Canada), are leading players in the market. Other prominent players include GHX (US), Manhattan Associates (US), JDA Software (US), Jump Technologies (US), and LogiTag (Israel) are some of the major players operating in the market. These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.