In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~11% |
|
Base Year Market Size (2022) |
~ USD 2000 Million |
|
Forecast Year Market Size (2033) |
~ USD 5000 Million |
The global healthcare supply chain management market is estimated to garner a revenue of around USD 5000 Million by the end of 2033 by growing at a CAGR of ~11% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of nearly USD 2000 Million in the year 2022. The market growth is primarily driven by IoT (internet of things) adoption in supply chain management. On integrating IoT with healthcare supply chain management, around 94% of the medical professionals found a progressive correlation between the management and the finance.
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Besides this, the higher number of people accessing medical helps, such as, guidance, medicines and others is to propel the growth of the global healthcare supply chain management. There are nearly 350,00 mobile health apps present on app stores and around 4 million individuals in the United States these apps. Furthermore, blockchain inclusion in medical supply chain management is to fuel the market growth. The leading companies in pharmaceutical sector, Pfizer Inc. and Biogen formed an organization, Clinical Supply Blockchain Working Group (CSBWG), it promotes the using the blockchain solutions for tracking shipments of medicines packages shipped by pharmaceutical companies.
Digitization has led to increased sales of pharmaceutical products through online platforms which in turn is to boost the healthcare supply chain management market. In the United States, the online sales of pharmaceuticals in 2020 was around worth of USD 80 billion, it was a rise from 31% in 2019 to around 38 percent.
The apps usage in medical category surged to approximately 53% in the second quarter of 2021.
By integration advance technology, including IoT is likely to enable healthcare industry to save up lot of investment from USD 250 billion to nearly USD 420 billion by 2030. Moreover, it expected to benefit inventory management by giving nearly 100% compliant, secure and reliable management.
In 2020, Proship, Inc. joined hands with JDA Software, Inc., through this inclusion of ProShip as a Technology Partner in JDA's Partner Advantage Program would aid portfolio of integrated shipping and supply chain management solutions.
Oracle launched the blockchain platform, Oracle Intelligent Track and Trace. It is an application developed for the businesses using supply chain management.
Healthcare sector has always been a progressive industry, it continually provides life-critical services while seeking to improve treatment and patient care with new technologies but criminals and cyber threats always manage to find a way to exploit the vulnerabilities that are linked with these changes. In 2021, around 45 million people were impacted by healthcare attacks.
The global healthcare supply chain management market is segmented and analyzed for demand and supply by mode of delivery into on premises and cloud based. The cloud based segment is anticipated to hold the largest market size by the end of 2033. The segment growth is expected on the account of adoption of cloud solution in healthcare supply chain management owing to its various benefits. Out of total 1,050 supply chain executives, around 21% share of the companies deployed cloud based solution in the supply chain. The typical executive credited their use of the cloud with a 26% improvement in demand prediction accuracy, a 16% decrease in supply chain operating expenses, and a 5% improvement in revenue growth and profitability.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global healthcare supply chain management market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The market growth in the North America is attributed to higher incidences of chronic diseases and higher consumption of medicines in the region. In the United States, around 66% of the population that is 131 million people are consuming prescribed drugs. Moreover, 86% of drug supply in U.S. falls in the category of retail drugs. Furthermore, according to the Centers for Disease Control and Prevention, every 6 in 10 adults is suffering with a chronic disease in the United States.
The global healthcare supply chain management market is further classified on the basis of region as follows:
Our in-depth analysis of the global healthcare supply chain management market includes the following segments:
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By Mode of Delivery |
|
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By Component |
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By End User |
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FREQUENTLY ASKED QUESTIONS
Integration of IoT and blockchain into healthcare supply chain management, higher online sales of medicines and increased partnership among companies are the few factors is to boost the market growth.
The market is anticipated to attain a CAGR of ~11% over the forecast period, i.e., 2023 – 2033.
High cost of management software, incapability to collect and analyze data precisely, and risk of cyber-attacks are the major factors to impede the market growth.
The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market Henry Schein, Inc., McKesson Corporation, Providence Health & Services, Oracle, Syft, Ascension, Ochsner Health, Advocate Health Care, Banner Health, Tecsys Inc., and so on…..
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by mode of delivery, component, end user, and by region.
The cloud based segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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