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The Healthcare Supply Chain Market was at US$ 2.54 Bn in 2021 and is growing to approx US$ 6.89 Bn by 2030, with a CAGR growth of 16.5% between 2022 and 2030.

SANDY, UTAH, UNITED STATES, October 10, 2022 /EINPresswire.com/ -- According to the study, The Global Healthcare Supply Chain Market was estimated at USD 2.54 Billion in 2021 and is anticipated to reach around USD 6.89 Billion by 2030, growing at a CAGR of roughly 16.5% between 2022 and 2030.

Healthcare Supply Chain Market: Overview

To build a competitive logistics infrastructure, increase net value, and synchronize supply and demand for goods to measure performance, supply-chain management is the process of planning, designing, carrying out, controlling, and monitoring the flow of various commodities and services. All operations connected to the manufacturing, distribution, and transportation of healthcare items are included in healthcare supply chain management.

One of the industries with the fastest growth rates, healthcare, is affected by rising service pricing. Costs associated with supply chain management are rising due to the greater provision of quality in the healthcare supply chain. High expenditures have been necessary for manufacturers to maintain greater quality. Currently, hospitals are seeking ways to increase their competitiveness and save expenses. Focusing on supply chain management has become crucial in these efforts since it will improve patient care and offer excellent services at reasonable prices.

Healthcare Supply Chain Market: Growth Drivers

Among the initiatives taken by businesses are automating manual production processes, reducing the waste produced during product development, and developing trade relationships between suppliers, partners, and clients. Consequently, the manufacturer’s initiatives are helping to improve the quality of the supply chain and cut costs.

The goal of suppliers is to balance price and quality consistently. For instance, certain vendors let regional care networks automate. Systems for supply chain automation provide advantages to hospitals (care networks) in terms of data visibility, effectiveness, and cost savings. As a result, the healthcare supply chain management market is also growing due to the rising need for high-quality inventory management systems. Additionally, introducing cloud-based and mobile-based solutions within the healthcare sector fosters market expansion.

Increased use of GS1 standards and unique device identification (UDI) for medical devices are anticipated to drive the industry. Global standards have significantly improved patient safety, supply chain efficiency, and effectiveness in the healthcare sector. Implementing international standards like barcodes and RFID has improved attempts to combat counterfeiting.

The European Commission, the United States Food and Drug Administration (FDA), and other agencies have made the healthcare supply chain a strategic emphasis globally by passing rules permitting unique device identification (UDI) for medical equipment. Every year, the prevalence of counterfeit medical devices increases, making the usage of unique device identification (UDI) on medical equipment crucial. Unique Device Identification (UDI), which offers a consistent system of identifying products for distribution, also enhances inventory management. The need for a controlled supply chain system in the healthcare sector is rising due to all the causes above, boosting market expansion.

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Key Insights:

A) As per the analysis shared by our research analyst, the Healthcare Supply Chain market is estimated to grow annually at a CAGR of around 16.5% over the forecast period (2022-2030).
B) In terms of revenue, the Healthcare Supply Chain market size was valued at around USD 2.54 Billion in 2021 and is projected to reach USD 6.89 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Based on component segmentation, the software segment is estimated to hold the largest market share during the forecast period, and the services category is anticipated to grow consistently.
D) Based on delivery mode segmentation, the cloud-based delivery mode segment is the leading revenue-generating category during the forecast period.
E) Based on geography/region, the North American region was the leading revenue generator in 2021.

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Regional Landscape

The North American healthcare supply chain management industry held the biggest market share or over 40% of the total market. The U.S., with more than 780 thousand enterprises, is the world’s largest employer in the healthcare industry, which is one of the reasons why the area dominates the market.

Additionally, the U.S. spends about twice as much on healthcare as other nations, which in 2020 accounted for 19.7% of its GDP. The Asia Pacific market is anticipated to see the greatest CAGR throughout the projected period. This is attributed to the rise of nations like India, China, South Korea, and Singapore as the top choices for big pharmaceutical corporations looking for places for drug manufacture, pathological testing, and clinical trials. As a result, pharmaceutical firms either outsource to or invest in CDMO firms.

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Key Players

SAP SE
Oracle Corporation
McKesson Corporation
Tecsys Inc.
Global Healthcare Exchange
Infor Inc.
Cardinal Health
Determine
Epicor
Manhattan Associates

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The Healthcare Supply Chain Market is segmented as follows:

By Product

Software
Hardware
Services

By Delivery Mode

On-premises
Cloud-based
Web-based

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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