The global healthcare supply chain market is anticipated to grow at substantial CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for high-quality medical care in terms of facilities and services among patients is anticipated to propel demand for healthcare supply chain management. It is likely to support healthcare providers to reduce costs related to expensive delivery of quality services by eliminating waste and improving operations.
Rising focus on supply chain management by healthcare sector to effectively reduce costs is expected to influence growth of market. Continual efforts to deliver high-quality services to consumers by healthcare manufacturers can augment market growth. Growing penetration and adoption of several components such as cloud-based solutions and software can spur growth of market. Rising adoption of e-commerce solutions to eliminate error-prone manual processes from supply chain and reduce process can surge market growth. Continual technological advancement in healthcare supply chain management can impel market growth during the forecast period (2018 to 2025).
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To cater to rising demand for healthcare supply chain management, most companies are likely to focus on R&D activities to develop advanced software and hardware. For instance, McKesson is expected to offer web-based order management system named Supply Manager. This system is likely to allow users to place medical supply orders and control costs. Users can place orders online, view real-time pricing & availability, view order status, and run reports to analyze purchasing trends. With connectivity to company’s procurement and practice management system, Supply Manager can provide efficient, informed management of user’s medical and surgical supply ordering along with inventory management.
The healthcare supply chain market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into software and hardware. In recent years, software segment dominated the market and accounted for largest market share. Growing adoption of healthcare supply chain management software among manufacturing companies can influence growth of segment. In addition, increasing applications such as customer relationship management and execution of value chain transactions can fuel market growth. The segment is likely to grow at high CAGR over the forecast period.
Based on end-users, the market can be classified into providers, manufacturers, and distributors. In recent years, manufacturers segment dominated the market and accounted for largest market share. However, providers segment is estimated to account for high CAGR during the forecast period. The segment is likely to include hospitals and other service providers.
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Regional segmentation includes Europe, United States, India, Japan, China, and Southeast Asia. United States is expected to account for largest market share over the forecast period attributed to growing adoption of technology coupled with increased purchasing power. In addition, high prevalence of global players coupled with rising concerns of cost of healthcare can augment growth of market over next few years.
Similarly, Europe is anticipated to account for second largest market share led by countries such as United Kingdom, Germany, and France over the forecast period. However, market is expected to shift in favor of developing economies such as Japan, India, and China during the forecast period.
In Middle East and Africa, the market is expected to witness moderate growth owing to poor economic and political conditions in Africa.
Some of the leading companies offering healthcare supply chain are McKesson, Oracle Corporation, HighJump, Manhattan Associates, and Jump Technologies.
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