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How has the healthcare supply chain management market grown in recent years?

The market size for healthcare supply chain management has seen quick expansion over the last few years. By 2024, it’s estimated to be valued at $3.09 billion and is expected to further increase to $3.52 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.7%. Factors contributing to its growth during the historical period include cost control, regulatory adherence, the requirement for inventory control, cooperation with vendors, and forecasting demand.

How is the healthcare supply chain management market size expected to evolve during the forecast period?

In the upcoming years, the market size for healthcare supply chain management is predicted to experience considerable growth, escalating to $5.64 billion in 2029, with a compound annual growth rate (CAGR) of 12.5%. This growth in the prediction period is due to factors such as the expansion of telehealth, adoption of value-based care, increased sustainability, regulatory transformations, and the resilience of the supply chain. The forecast period will also see major trends like digitalization and automation, predictive analytics, the implementation of IoT and RFID tracking, the application of blockchain for transparency, and the adoption of lean and agile supply chain.

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Which key drivers are propelling the healthcare supply chain management market’s growth?

The healthcare supply chain management market is projected to expand, fueled by increasing globalization. This term encapsulates the growing interconnection of global economies, cultures, and populations, sparked by cross-border trade, tech knowledge, capital investment, and the movement of people and information. In relation to healthcare management, globalization has refined healthcare knowledge and introduced affordable healthcare technologies. For example, the International Monetary Fund, a financial institution based in the US, forecasted in April 2024 that global economic growth will remain steady at 3.2 percent for 2024 and 2025, mirroring the rate in 2023. Consequently, the surge in globalization is a key driver for the expansion of the healthcare supply chain management market.

What are the market segments in the healthcare supply chain management industry?

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 leading companies are shaping the growth of the healthcare supply chain management market?

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.

What key trends are currently impacting the healthcare supply chain management market’s development?

Prominent organizations in the healthcare supply chain management market are innovating with new product development, such as cloud-based platforms. These enhance operational efficiency, provide real-time data transparency, and streamline procurement, inventory, and logistics processes within the healthcare sector. These cloud-based platforms are digital systems hosted on external servers accessible via the internet, not on local or on-site servers. As an example, United Parcel Service (UPS) Inc., an American shipping & receiving and supply chain management firm, unveiled UPS Supply Chain Symphony for UPS Healthcare in March 2024. The cloud-based setup of UPS Supply Chain Symphony aims to improve healthcare supply chain management by unifying different logistics parts into a single manageable unit. This platform lets users manage and view their warehouse and transportation data effectively, offering insights to improve supply chain operations. Users have the ability to track shipment from point of origin to arrival, in addition to access to on-demand reports showing UPS shipments, warehouse condition, and inventory quantities.

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Which geographic areas are influencing the growth of the healthcare supply chain management market?

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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