In 2019, the Global Healthcare Supply Chain Management Market was worth USD 2.14 Billion, and it is projected to reach USD 3.97 Billion by 2028, exhibiting a CAGR of 7.2% over the forecast period. The growth of the market can be attributed to the increasing demand from the foremost end-use industries such as distributors, manufacturers, and healthcare companies.
Many hospitals and physicians are trying to reduce healthcare expenses, which has become a new trend in the industry. Many companies have searched for spending cuts in the billing and supplies as part of the business cycle, while some have begun to analyze their supply chain control in healthcare.
Management of the healthcare supply chain entails securing money, handling equipment, and providing clinicians and patients with products and services. Hospitals and physician practices may achieve major cost-lowering benefits by adopting healthcare supply-chain management.
In the healthcare sector, there has been a dramatic change in the form of intensified competitiveness, high administrative cost, growing globalization of the healthcare sector, shortening product lifecycles, and crumbling trade barriers. These are the dynamics influencers of the healthcare supply chain management.
The industry is being propelled by an increased need to enhance service performance and sustainability and reduce running costs, primarily by healthcare providers and suppliers. The growth of the industry is further influenced by the advent of mobile-based technologies across the healthcare industry. The need for a quality inventory management has also allowed the healthcare supply chain management market to expand significantly.
Other factors that have also played an important role in accelerating the growth of the industry, are quality patient care and compliance with government regulations. The advent of cloud-based systems is a major development in the global healthcare industry. However, the growth may be constrained by factors such as high costs of installation & maintenance and the amount of time required to develop the program.
Global Healthcare Supply Chain Management Market, By Component
The global market is categorized into software and hardware based on components. During the forecast period, the software segment is expected to register a substantially high CAGR. Due to the increased use of technologies and applications for customer relationship management and supply chain transactions, the software segment has a greater share in the current market. This development is projected to persist over the forecast period.
Global Healthcare Supply Chain Management Market, By Delivery Mode
The global market for supply chain management is segmented as cloud-based and on-premise in terms of the distribution mode. Between them, the cloud-based segment has captured a large share of the market. Cloud-based applications are less expensive to deploy and maintain, which will fuel the growth of this segment in the coming years.
Global Healthcare Supply Chain Management Market, By End-Users
The end-user segment comprises manufacturers, distributors, and providers. The manufacturers segment is expected to exhibit the highest growth due to the presence of a large number of manufacturing hubs in the pharmaceutical and medical device industry in developed and emerging economies.
Global Healthcare Supply Chain Management Market, By Regions
Due to increased hospital restructuring, regulatory standards, high prevalence of chronic diseases, and rising patient burden in the US, the North America region is expected to be a leading region in the market. In addition, it is projected that Asia Pacific will register the highest growth rate in the global market during the forecast period.
Key Developments in the Global Healthcare Supply Chain Management
Some Key Findings of the Global Healthcare Supply Chain Management Market Report Include:
By Delivery Mode
By End Users
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