COVID Impact on Global Healthcare Supply Chain Management Market: Ken Research

Supply chain management in healthcare denotes to the management of resources demanded to convey the end-user with services/goods. It is a fragmented procedure involving countless industries, such as medical equipment, information technology, pharmaceuticals, and facilities, to confirm that patients receive high-quality medical treatment. It comprises securing money, handling materials, and supplying patients and suppliers with products & services. Supply chain management in healthcare deals with the physical and information infrastructure compulsory by the end-customer to convey services. One of the most speedily developing and influential segments are healthcare.

According to the report analysis, ‘Healthcare Supply Chain Management Market: Market Segments: By Product (Software Hardware and Services); By Mode of Delivery (On-premise, Cloud-based and Web-based); By End User (Healthcare Manufacturers, Healthcare Providers, Distributors and Logistics); and Region – Global Analysis of Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030’ states that in the healthcare market globally, the implementation of the GS1 standard framework and a advancements in entire profitability is predicted to propel the healthcare supply chain management market over the years forecast. Besides, the arrival of cloud-based solutions and the deduction of operating costs by advancing performance is projected in the forthcoming years to advance the sector. Besides, throughout the forecast era, the emergence of big data & social media, improvements in machine learning, and analytics are predicted to fuel the market.

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Moreover, during the coming years, it is predicted that the speedy increase in the implementation of GS1 standards and specific product identification (UDI) for medical devices will influence the industry. GS1 standards certify around the globe unique identification and enable such solutions to be cross-border compatible. In the healthcare industry, global standards have significantly augmented patient safety and supply chain efficiencies and effectiveness. In combating counterfeit drugs, implementation of global standards, such as barcodes, has supported. Duplication and unauthorized serial numbers can be captured by serialization, authentication, and traceability.

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While, there is a long way to go to reach a satisfactory degree of cost reduction, considering the augmented efforts of healthcare providers and suppliers to fight against the greater costs linked with supply chain management. Developed countries such as the United States are efficaciously introducing modern supply chain management technology, but developing markets are still stressed with the cost of supply chain management software.

Whereas, the Healthcare Supply Chain Management Market around North America led the market with a lion share of more than XX.X% during 2019 owing to the increasing adoption of scanning technologies such as barcodes and RFID by manufacturers to curb counterfeit drugs has assisted the market. The mandatory implementation of GS1 standards and Specific Device Identification (UDI) on prescription drugs and medical devices, coupled with the presence of foremost manufacturing hubs, are amongst the major factors booming the supply chain management market around North America. Besides, the continuous improvement of healthcare and IT technology and the increasing demand for cloud computing contribute progressively to market growth. Asia Pacific is projected to be the most lucrative market, exhibiting the greatest CAGR of XX% during the forecast duration.

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