Healthcare Supply Chain Management Market To Generate Revenue worth $4,999.3 Million by 2030

The global healthcare supply chain management market is expected to generate $4,999.3 million revenue by 2030, advancing at a considerable rate during 2021–2030. The major factors influencing the market growth include the adoption of GS1 standards, pressure of cost reduction and achieving cost efficiency in the healthcare industry, and increasing investments by healthcare providers and pharmaceutical and medical device manufacturers in these solutions.

GSI standards are meant to help in tracing products from manufacturing to patient treatment. For this purpose, a global trade item number (GTIN) is used to identify products in any country, without any restriction or error. Additionally, automatic identification systems (barcode or RFID scanners) are being adopted by the companies operating in the healthcare industry for a wide range of applications, such as point-of-care scanning to match product data to patient data, recording implant serial numbers in patient records and central registries, supplies management, stock control, and asset tracking throughout a network of facilities.

Moreover, medical device and pharmaceutical manufacturers and care providers have been investing in automated technologies, such as artificial intelligence, the internet of things (IoT), and product tracking and logistics optimization tools, to maintain their supply chain systems. The implementation of the blockchain technology in healthcare supply chain management solutions also has potential as it helps stakeholders verify the authenticity of the transactions stored inside the record.

The healthcare supply chain management market had a positive impact of the COVID-19 pandemic owing to the increase in the demand for medical supplies and related products. However, it also augmented the gaps and issues in the existing healthcare SCM process, such as the lack of adoption of enhanced technology for management. Thus, this crisis changed the perspective of healthcare product manufacturers, care providers, and other end users toward the importance of data analysis and forecasting.

APAC To Witness Highest CAGR during Forecast Period

The APAC market is expected to witness the fastest growth, of more than 11%, during the forecast period. This is attributable to the growing manufacturing base and increasing pathology testing and clinical trial volume in countries such as India, China, Singapore, and South Korea. Large pharmaceutical companies are either establishing their manufacturing facilities in the region or contracting CDMOs to reduce their manufacturing cost. As a result, CDMOs are expanding their manufacturing capacity.

Product Launches and Partnerships Are Driving Market

In recent years, major players in the market have been actively involved in product launches, mergers & acquisitions, partnerships, and other development activities. For instance:

• In January 2022, Cardinal Health partnered with Ember Technologies Inc. to deliver cold chain solutions, i.e., self-refrigerated, cloud-based shipping box, Ember Cube.
• In January 2022, Tecsys Inc. commercialized its automated inventory management and management insights solution for the clinical lab environment, through additions to its end-to-end Elite Healthcare supply chain execution platform.

Major players operating in the global healthcare supply chain management market include SAP SE, Oracle Corporation, Infor Inc., McKesson Corporation, Tecsys Inc., Global Healthcare Exchange, Cardinal Health, Determine, Epicor, and Manhattan Associates.