New York, United States: The Report on Healthcare Supply Chain Management Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Healthcare Supply Chain Management Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.
The global Healthcare Supply Chain Management market gathered revenue around USD 2.32 Billion in 2020 and market is set to grow USD 6.3 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 8.9% during the prediction period 2021 to 2027.
Overview of Healthcare Supply Chain Management Market Study
Healthcare Supply Chain Management market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The key factors driving the growth of this market include the adoption of GS1 system of standard in the healthcare industry globally, the emergence of cloud-based solutions, reduction in operational costs by improving the efficacy and increase in overall profitability. However, the high cost of implementation of supply chain management software is expected to restrict market growth to a certain extent.
Increased adoption of software-based systems is expected to enhance the growth of the market
Healthcare supply chain management systems are available as two components, software, and hardware. A software system is highly acceptable compared to hardware systems due to the increasing number of online purchases, improving business intelligence, and growing preference for eco-friendly logistics. This is said to enhance the growth of the healthcare supply chain management market in the forecast period.
The cloud-based segment will grow at the highest rate during the forecast period.
Based on delivery mode, the healthcare supply chain management market is segmented into on-premise and cloud-based. Though the on-premise segment holds the largest share in the market, the cloud-based segment is expected to register the highest growth over the forecast period. Cloud-based solutions help healthcare organizations share and integrate information from disparate locations; these solutions also offer minimum costs of installation and maintenance. Such advantages are driving market growth in this segment.
Manufacturers are said to account for the largest share in the HSCM market, by the end user.
Based on the end user, the healthcare supply chain management market is segmented into manufacturers, providers, and distributors. Manufacturers must cater to the increasing demand for products from their end-users. Owing to this, manufacturers mainly look for supply chain management solutions for transportation and warehouse management to ensure faster, more accurate, and more efficient functioning. This has resulted in an increased demand for supply chain management solutions in this segment.
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COVID-19 Impact on Healthcare Supply Chain Management Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Healthcare Supply Chain Management market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Healthcare Supply Chain Management market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Healthcare Supply Chain Management market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Healthcare Supply Chain Management market include:
- Henry Schein, Inc. (Melville, New York, United States)
- McKesson Corporation (Irving, Texas, US)
- Oracle (Austin, United States)
- Ascension (St. Louis, Missouri, US)
- Advocate Health Care, Inc. (Milwaukee, Wisconsin, US)
- Tecsys Inc. (Montreal, Canada)
- Banner Health (Phoenix, Arizona, US)
- Syft (Tampa, Florida)
- Ochsner Health System (Louisiana, US)
- Providence Health Service (Renton, Washington, US)
- Other Players
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Market Analysis, Insights and Forecast – By Component
Market Analysis, Insights and Forecast – By Delivery Mode
Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Healthcare Manufacturers
The market in North America is projected to witness the highest growth rate during the forecast period (2021–2027).
North America is projected to register the highest growth during the forecast period. This large share can be attributed to factors such as the consolidation of hospitals, rising prevalence of chronic diseases, and growing awareness in the region. On the other hand, the European region is expected to grow at the second-highest CAGR during the forecast period, followed by APAC and later ROW.
Why Buy this Report?
The purpose of Nova one advisor’s Healthcare Supply Chain Management market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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