Healthcare Supply Chain Management Market To Generate $4,999.3 Million by 2030

In 2021, the healthcare supply chain management market accounted for $2,090.5 million revenue, which is set to reach $4,999.3 million by 2030, growing at a 10.2% CAGR from 2021 to 2030. The pressure on healthcare providers to save costs, adoption of GS1 standards, as well as the rising investments by healthcare providers and associated product manufacturers in SCM systems are the key drivers for the market expansion. As per some studies, hospitals' per-year spending on supply chain management solutions is around $12.1 million.

Numerous firms are being established all over the world to solve the problems in the healthcare industry's supply chain. For example, to obtain medical supplies at lower prices, StratMed connects manufacturers and hospitals. Moreover, the COVID-19 pandemic had a beneficial effect on the market since it considerably increased the demand for medical supplies and other associated products worldwide. Companies that provided cold-chain services for the delivery of vaccines and other pharmaceuticals during the pandemic adopted new technologies and ways of operating, deal with the supply chain disruptions in 2020.

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In the coming years, the software and services category is predicted to grow at a 10% CAGR in the healthcare supply chain management market, based on component. The main drivers of this progress include the frequent product launches, growing need for better access to business intelligence data, to develop strategies, the simplicity of product monitoring through these solutions, acceptance of eco-friendly measures, such as those that reduce paperwork in healthcare organizations, and growth in the volume of online transactions.

Cloud-based platforms are transforming the healthcare supply chain management market, which is why this deployment type category is predicted to have growth of about 12% in years to come. Due to their scalable deployment via the SaaS model, ease of sharing data across various locations, and minimal maintenance and installation costs, a significant share of end users choose cloud-based solutions over on-premises solutions. Moreover, because it reduces time delays throughout the whole product lifecycle, from innovation to manufacturing and distribution, the SaaS model is highly popular among pharmaceutical businesses.

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Healthcare product manufacturers hold a more than 35% share in the healthcare supply chain management market, when segmented by end user. To fulfil the rising demand for numerous products and cut operating costs, many pharmaceutical corporations are outsourcing production to the CDMOs in developing countries. Additionally, healthcare providers are the second-largest users of these solutions. This is true since there is a growing demand for data for inventory management and procurement planning so that businesses don't run out of stock or have to pay more to replenish it.

The North American region holds around 40% healthcare supply chain management market revenue share. The U.S., with more than 780,000 enterprises, is the world's largest employer in the healthcare industry, which is why the region dominates the market. Additionally, APAC is predicted to advance at an 11% CAGR in the future. This is attributed to the growth of nations such as India, China, South Korea, and Singapore as the favored destinations among big pharmaceutical corporations for producing drugs, carrying out pathological testing, and conducting clinical trials.

Hence, healthcare providers, pharmaceutical companies, and medical device makers are all investing to cut long-term operational costs and improve efficiency, which propels the need for efficient healthcare SCM.

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