Healthcare Supply Chain Management Market size is estimated to be $2 billion in 2019, growing at a CAGR of 7.8% during the forecast period 2020-2025. Increasing demand for better patients care coupled with government regulation, company’s determination to reduce the healthcare expenditure is a significant factor driving the Healthcare Supply Chain Management Market during the forecast period 2020-2025. Furthermore, advances in new technology, such as edge computing, IoT and cloud storage, are anticipated to generate sufficient prospects for propulsion of the market growth of healthcare supply chain management market. Furthermore, healthcare supply chain management is the regulation of the flow of medical goods and services from manufactures to patient. The supply chain generally refers to the resources needed to deliverer goods or services to a customer. Moreover, healthcare supply chain management allows manufacturers, distributors and pharmacies to carry significantly smaller inventories thereby helping companies to make substantial improvements in their saving and offer pharmaceutical products and medical devices at an affordable price which in turn is boosting the healthcare supply chain management market. Moreover, the use of warehouse management software to reduce expenses, enhanced inventory visibility, enhanced security, inbound and outbound optimization is also contributing to its market growth.
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By Component – Segment Analysis
Software dominated the healthcare supply chain management market in 2019 owing its benefits to its benefits to help stakeholders like provider, distributor and supplier ease the ordering and receiving of medical supplies and products. In addition, with this software physician, nurses and medical professionals can automate manual, time-consuming supply chain related-task, leverage workflows and business intelligence to lower cost and ultimately improve delivery of care. Additionally, healthcare supply chain software helps hospitals and medical practices adhere to and provide value-based care thereby driving the healthcare supply chain management market.
By Delivery Mode- Segment Analysis
Cloud Based is the dominant delivery mode of healthcare supply chain management market in 2019. Moreover, it is analyzed that this vertical is forecast to have substantial market growth during the forecast period 2020-2025. Cloud- based delivery mode help healthcare organization share and integrate information from different locations. In addition, it also allows minimum cost of installation and maintenance thereby boosting its market growth. Furthermore, healthcare organization are building their healthcare infrastructure to be more flexible and scalable to meet the growing data need. With the value-based incentives for data analytics and the increased number of connected medical devices constantly collecting data this segment holds a significant market share which in turn is boosting the healthcare supply chain management.
Geography- Segment Analysis
North America accounted for 38% of the healthcare supply chain management market share in 2019 owing to the technological development, increasing healthcare expenditure, improved industrial infrastructure, presence of large data centers and a higher rate of adoption of new technologies in the region. Moreover, Healthcare Supply Chain Management in Asia Pacific is estimated to grow at highest rate during the forecast period 2020-2025. This is owing to the rising adoption of cloud-based services, IOT devices, big data analytics research and development activities across different end user verticals. Consequently, shifting the workloads to cloud by small, medium, and large organization to improve the efficiency and productivity of business is boosting the market growth of healthcare supply chain management market. Furthermore, Odyssey offers medical product companies the safe, reliable medical logistic solution needed to match the requirements of the evolving healthcare environment when it comes to medical logistics needs.
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Drivers –Healthcare Supply Chain Management Market
The Internet of Things (IOT) connects devices with other devices and humans in a variety of ways to gather analyze and act upon data. With the growth of IOT and introduction of IOT products, IOT results in IOT becoming a heavily dependent on cloud infrastructure to process, store and analyze the enormous amount of data gathered by sensors, trackers and monitoring devices in a broad range of ways.
Increasing Demand of Storage Space in healthcare organization, it is analyzed that this vertical is estimated to have substantial market growth during the forecast period 2020-2025. As it serves a large number of patients; there is a need for IT infrastructure that remains available throughout the year to accommodate internal and external services needed. The transfer of workloads to the cloud thus helps healthcare to reduce IT and network cost thereby propelling the demand of healthcare supply chain management market during the forecast period 2020-2025.
Challenges – Healthcare Supply Chain Management Market
Data Security Issues serves as a setback for the growth of healthcare supply chain management market during the forecast period 2020-2025. Healthcare organization hesitate to adopt to healthcare supply chain management owing to handle large amount of data and security concerns. Moreover, with the use Distributed-Denial of Service and Shared Cloud computing services with organization leads to security issues is restraining its market growth.
Healthcare Supply Chain Management Market Industry Outlook
Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in the Healthcare Supply Chain Management Market. Healthcare Supply Chain Management Market top 10 companies are Advocate Healthcare, Banner Medical, AmerisourceBergen Corporation, Intermountain Healthcare, McKesson Corporation, SAP AG Group, Vizient Inc, Oracle Corporation, Providence Health & Services and Ascension Health Inc.
Blockchain Market In Supply Chain Market
BlockChain in Healthcare Market
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