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(IT-NEWSWIRE.COM, April 29, 2020 ) Increasing pressure faced by healthcare providers to improve operational efficiency and profitability, emergence of cloud-based solutions, adoption of the GS1 system of standards in various countries, and growing focus to curb the large-scale counterfeiting of drugs in the pharmaceutical industry are driving the growth of this market.
Healthcare supply chain management is the vital practice of developing efficient supply chain methods to achieve operational efficiency and traceability while reducing operating costs without compromising quality.
The global healthcare supply chain management market is projected to reach USD 2.31 billion by 2022 from an estimated USD 1.41 billion in 2016, growing at a CAGR of 8.4% during the forecast period.
Increasing pressure faced by healthcare providers to improve operational efficiency and profitability
In the current healthcare market characterized by rising healthcare costs and increasing national healthcare expenditures, it is becoming increasingly important for healthcare organizations, such as hospitals, to optimize their processes while reducing costs. According to the Centers for Medicare & Medicaid Services, the national health expenditure in the US is expected to reach USD 3.5 trillion in 2017 (including USD 360.1 billion spent on prescription drugs; USD 63.7 billion spent on non-durable medical products; and USD 53 billion spent on durable medical equipment).
The healthcare expenditures in other major markets across Europe and Asia Pacific have also witnessed a significant increase in the recent years, and this trend is expected to continue in the coming years. For instance, in 2015, healthcare expenditure in the UK was ~USD 245 billion (EUR 185.0 billion), an increase of 3.6% as compared to 2014 (Source: Office of National Statistics). Similarly, according to Eurostat, France, Italy, and Germany spent 11.1%, 9.0%, and 11.0% of their GDP on healthcare, respectively, in 2014. Similarly, according to the WHO, China and Japan spent 5.5% and 10.2% of their GDP on healthcare, respectively, in 2014.
Implementation of the unique device identification (UDI) initiative by the FDA
The UDI mandate was initiated in 2013 by the FDA to enable better traceability of medical devices throughout the supply chain. Under this mandate, all medical devices sold in the US should be labeled with a unique device identifier and also are required to be stored in the Global UDI Database (GUDID). This regulation will ensure the availability of accurate and reliable information for patients, providers, and public members, thus enabling visibility and transparency. This methodology has encouraged leading healthcare organizations to apply such principals to the healthcare industry worldwide.
In April 2016, the FDA UDI team conducted a conference in Baltimore (US) to guide and train manufacturers of medical devices as well as healthcare providers, healthcare distribution groups, and healthcare industry professionals on how to comply with the new regulations.
In 2014, B. Braun Melsungen AG (Germany) adopted the UDI system to provide customers with reliable and relevant product information in accordance with the UDI regulations. With this, B. Braun is able to share its product information with its customers in 61 countries.
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High costs associated with the implementation and maintenance of healthcare supply chain management solutions
The efficient use of healthcare supply chain management solutions demands significant investments by hospitals and pharmacies. Small to medium-sized hospitals and pharmacies find it difficult to afford such systems as they have controlled budgets and cannot justify long payback periods. Furthermore, the implementation time of these software solutions can take as long as several months. This is a major concern as many hospitals are not comfortable operating for such long periods without their ongoing minimal IT support.
The maintenance and software update costs of these solutions are also considered as a major factor restraining their wide adoption as these costs can be more than the price of the software. Support and maintenance services, which include software upgrades as per the changing user requirement, represent a recurring expenditure amounting to almost 30% of the total cost of ownership. Moreover, the lack of internal IT expertise in the healthcare industry necessitates training for end users in order to maximize the efficiency of various solutions, thereby adding to the cost of ownership of the systems.
North America to dominate the market in 2017
North America is expected to account for the largest share of the global healthcare supply chain management market in 2017. The large share of North America can be attributed to factors such as consolidation of hospitals, regulatory requirements, increasing patient burden in the US, and the implementation of various strategies to improve healthcare supply chain management in Canada.
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Key Players
Key players in the Healthcare Supply Chain Management Market include SAP (Germany), Oracle (US), Infor (US), McKesson (US), TECSYS (Canada), are leading players in the market.
Other prominent players include GHX (US), Manhattan Associates (US), JDA Software (US), Jump Technologies (US), and LogiTag (Israel) are some of the major players operating in the market. These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.
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MarketsandMarkets™
Mr. Sanjay Gupta
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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