Healthcare Supply Chain Management Market Growth Accelerates: Strategic Forecast Predicts $5.64 Billion by 2029

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What Will the Healthcare Supply Chain Management Industry Market Size Be by 2025?
In recent times, there has been a significant expansion in the market size of healthcare supply chain management. Predictions indicate that it will surge from a value of $3.09 billion in 2024 to a staggering $3.52 billion in 2025, seeing a Compound Annual Growth Rate (CAGR) of 13.7%. Factors such as cost control, regulatory compliance, the requirement for inventory management, vendor cooperation, and demand prediction have spurred the growth in the historical period.

What's the Long-Term Growth Forecast for the Healthcare Supply Chain Management Market Size Through 2029?
Over the coming years, the market size of healthcare supply chain management is predicted to undergo substantial growth, expanding to a worth of $5.64 billion by 2029, with an expected compound annual growth rate (CAGR) of 12.5%. Factors such as telehealth development, value-based care, enhanced sustainability, legislative modifications, and robust supply chain resilience contribute to this projected growth. Key trends anticipated during this forecast period encompass digitalization and automation, predictive analytics, application of IoT and RFID tracking, blockchain for improved transparency, and the lean and agile supply chain.

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What Are the Key Growth Drivers Fueling the Healthcare Supply Chain Management Market Expansion?
The anticipated surge in globalization is projected to boost the expansion of the healthcare supply chain management market. The term globalization refers to the escalating interconnectivity of global economies, cultures, and populations, a result of international commerce in goods and services, technological advancements, and the movement of investments, individuals, and information across borders. Globalization has enhanced healthcare management through the propagation of healthcare knowledge and availability of cost-effective healthcare technologies. For example, in April 2024, the International Monetary Fund, a financial institution based in the US, foresees a 3.2 percent growth in the global economy during 2024 and 2025, maintaining the same pace as in 2023. Consequently, the rise in globalization is fuelling the growth of the healthcare supply chain management market.

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What Are the Key Trends Driving Healthcare Supply Chain Management Market Growth?
Major corporations involved in the healthcare supply chain management sector are focused on the production of innovative products such as cloud-based platforms. These are designed to increase operational effectiveness, amplify real-time data clarity, and fine-tune inventory, procurement and logistic operations within healthcare establishments. Cloud-based platforms are digital foundations that function on distant servers through the internet, as opposed to being situated on local or on-site servers. For instance, United Parcel Service (UPS) Inc, a US-based company specializing in shipping & receiving and supply chain management, introduced UPS Supply Chain Symphony for UPS Healthcare in March 2024. It's a cloud-based solution designed to enhance healthcare supply chain management by harmonizing different logistics components into a single application. This tool provides users the ability to control and visualize their warehouse and freight data effectively, offering insights that can bolster supply chain activities. Users can track shipping details from their initial point to their final destination, coupled with on-demand reports showing UPS shipments, warehouse state, and prevailing inventory levels.

How Is the Healthcare Supply Chain Management Market Segmented?
The healthcare supply chain management market covered in this report is segmented -

1) By Component: Software Application, Hardware Type
2) By Delivery Mode: On-Premise, Cloud Based
3) By End-User: Healthcare Providers, Healthcare Manufacturers, Other End-Users

Subsegments:
1) By Software Application: Inventory Management Software, Procurement Management Software, Supply Chain Analytics Software, Order Management Software
2) By Hardware Type: Barcode Scanners, RFID Systems, Mobile Computing Devices, Point-Of-Care Devices

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Which Companies Are Leading the Charge in Healthcare Supply Chain Management Market Innovation?
Major companies operating in the healthcare supply chain management market include SAP AG Group, Oracle Corporation, McKesson Corporation, TECSYS Inc., Global Healthcare Exchange LLC, Cardinal Health Inc., Determine Epicor, Llamasoft Ltd., Manhattan Associates, Blue Yonder Group Inc., Cerner Corporation, Jump Technologies Inc., LogiTag Systems, Harris Affinity, Premier Ltd., Accurate InfoSoft Pvt. Ltd., Hybrent Inc., Arvato Systems, Jabil Inc., AmerisourceBergen Corporation, Infor Global Solutions, Henry Schein Inc., Manhatten Associates, Becton Dickinson and Company, Owens & Minor Inc., Medtronic plc, Novo Nordisk AS, Stryker Corporation, F. Hoffmann-La Roche AG, Boston Scientific Corp., Biogen Inc., Johnson & Johnson Services Inc.

Which Regions Are Leading the Global Healthcare Supply Chain Management Market in Revenue?
North America will be the largest region in the healthcare supply chain management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare supply chain management market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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