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 global healthcare supply chain management market is projected to reach USD 2.31 billion by 2022 from an estimated USD 1.55 billion in 2017, growing at a CAGR of 8.4% during the forecast period.
Increasing pressure on healthcare providers to improve operational efficiency & profitability and the emergence of cloud-based solutions are the key factors driving the growth of this market.
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 healthcare supply chain management market in 2017 due to the benefits it offers, such as, increased efficiency, reduced costs, and business intelligence.
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Various functions, such as automated purchasing; price and contract management; automation and payment of invoices; workflow control; optimization of the supply chain; item master management; and the management of implantable device supply chain; among others, can be efficiently handled using supply chain management solutions. Healthcare providers can not only reduce costs but also increase work efficiency by adopting these solutions
Key players in this 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 healthcare supply chain management market. These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.
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