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HEALTHCARE & PHARMACEUTICAL

Healthcare Supply Chain Management Market Analysis by Mode of Delivery (On Premise, and Cloud Based); by Component (Software, Hardware, and Services); and by End User (Healthcare Manufacturers, Healthcare Providers, Distributors, and Logistics) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

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.

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Purchasing 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

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IN THE NEWS

  • Henry Schein, Inc. announced the complete acquisition of Midway Dental Supply, a wholesome dental distributor providing dental offices and dental laboratories across the Midwestern United States.
  • Oracle Cloud World announces the partnership with NVIDIA. The collaboration aims to tackle customer business issues with accelerate computing and artificial intelligence by providing Oracle Cloud Infrastructure with the whole NVIDIA accelerated computing stack, including GPUs, systems, and software (OCI).

Global Healthcare Supply Chain Management Market Highlights Over 2023 - 2033

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.

Healthcare-Supply-Chain-Management-Market-Analysis

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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.

Global Healthcare Supply Chain Management Market: Growth Drivers and Challenges

Growth Drivers

  • Rise in Online Purchases of Healthcare Products

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.

  • Growing Usage of Health-Related to Mobile Apps

The apps usage in medical category surged to approximately 53% in the second quarter of 2021.

  • Integration of Internet of Things (IoT) in Healthcare Supply Chain

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.

  • Strategic Collaboration Among Companies

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.

  • Adoption of Blockchain Technology

Oracle launched the blockchain platform, Oracle Intelligent Track and Trace. It is an application developed for the businesses using supply chain management.

Challenges

  • Inability of Precise Data Collection and Analysis
  • High Cost of Implementing Supply Chain Management Software
  • Cyber Breach on Supply Chain Data

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.

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare-Expenditure-Per-Capita

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.

Global Healthcare Supply Chain Management Market Regional Synopsis

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.

Healthcare-Supply-Chain-Management-Market-Demand

The global healthcare supply chain management market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global healthcare supply chain management market includes the following segments:

By Mode of Delivery

  • On Premise
  • Cloud Based

By Component

  • Software
  • Hardware
  • Services

By End User

  • Healthcare Manufacturers
  • Healthcare Providers
  • Distributors
  • Logistics

Top Featured Companies Dominating the Global Healthcare Supply Chain Management Market

  • Tecsys Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Henry Schein, Inc.
  • McKesson Corporation
  • Providence Health & Services
  • Oracle
  • Syft
  • Ascension
  • Ochsner Health
  • Advocate Health Care
  • Banner Health

 

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