The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth Trajectory
The healthcare supply chain management market has witnessed rapid expansion, reaching $2.69 billion in 2023, and is poised to surge to $3.07 billion in 2024, boasting a robust Compound Annual Growth Rate (CAGR) of 14.1%. The growth in the historic period is attributed to various factors such as cost control, regulatory compliance, inventory management needs, vendor collaboration, and demand forecasting.

2. Projected Momentum

Looking ahead, the market is projected to continue its upward trajectory, expected to reach $4.97 billion in 2028 with a CAGR of 12.8%. Anticipated drivers for this growth include telehealth expansion, value-based care, increasing sustainability, regulatory changes, and supply chain resilience. Key trends in the forecast period encompass digitalization, automation, predictive analytics, IoT, RFID tracking, blockchain for transparency, and the adoption of lean and agile supply chains.

3. Catalyst: Expanding Pharmaceutical Markets

• Pharmaceutical Industry Growth: The pharmaceutical sector’s robust expansion is a major impetus for the healthcare supply chain management market.
• Projected Spending: Global spending on medicines is expected to soar to $1.9 trillion by 2027, with specialty medicines comprising 43% of global spending.
• Geriatric Population Impact: The increase in the geriatric population is identified as a key factor propelling the growth of healthcare mobility solutions.

4. Industry Players

Major companies shaping the healthcare supply chain management landscape include Advocate Health Care, Banner Medical Innovations Inc., SAP AG Group, Oracle Corporation, and McKesson Corporation, among others.

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5. Innovation and Diversification Strategies

• Product Development: Leading companies are innovating and diversifying their product offerings. Cardinal Health, for instance, introduced Velocare, a supply chain network for hospital-level care at home.
• Comprehensive Solutions: Velocare leverages Cardinal Health’s logistical expertise, supplier network management, and access to home-based care providers.
• Pilot Program: Initiatives like pilot programs assess the use of new technology and order-handling processes to ensure the consistent provision of hospital-level care at home.

6. Notable Acquisition: Symplr and Greenlight Medical

• Symplr’s Move: In March 2022, Symplr, a healthcare operations solutions provider, acquired GreenLight Medical to enhance expenditure management and financial and clinical outcomes.
• GreenLight Medical’s Role: GreenLight Medical specializes in healthcare supply chain management software, aligning with Symplr’s vision for a comprehensive platform.

7. Market Segmentation

The healthcare supply chain management market is segmented based on:

• Component: Software Application, Hardware Type
• Delivery Mode: On-Premise, Cloud-Based
• End-User: Healthcare Providers, Healthcare Manufacturers, Other End-Users

8. Regional Dynamics

• Dominance of North America: In 2023, North America is anticipated to lead the healthcare supply chain management market.
• Asia-Pacific’s Growth: Asia-Pacific is poised to be the fastest-growing region in the forecast period.

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