Healthcare Supply Chain Management Market | Adoption of the GS1 System of Standards

(IT-NEWSWIRE.COM, May 29, 2020 ) According to latest research report ”Healthcare Supply Chain Management Market by Component (Software, Inventory, Order, Warehouse, Purchase, Implant, Transport, Strategic Sourcing, Consignment, Hardware, Barcode, Scanner, RFID), Delivery (On Premise,Cloud), End User - Global Forecast to 2025” published by MarketsandMarkets™, the health Supply Chain Management Market to grow from USD 3.3 billion by 2025 from USD 2.2 billion in 2020, at a CAGR of 7.9% during the forecast period.

The key factors driving the growth of this market include the adoption of GS1 system of standard in the healthcare industry globally, the emergence of cloud-based solutions, reduction in operational costs by improving the efficacy and increase in overall profitability.

However, the high cost of implementation of supply chain management software is expected to restrict market growth to a certain extent.

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Increased adoption of software-based systems is expected to enhance the growth of the market

Healthcare supply chain management systems are available as two components, software, and hardware. A software system is highly acceptable compared to hardware systems due to the increasing number of online purchases, improving business intelligence, and growing preference for eco-friendly logistics.

This is said to enhance the growth of the medical supply chain management market in the forecast period.

The cloud-based segment will grow at the highest rate during the forecast period.

Based on delivery mode, the health supply chain management market is segmented into on-premise and cloud-based. Though the on-premise segment holds the largest share in the market, the cloud-based segment is expected to register the highest growth over the forecast period.

Cloud-based solutions help healthcare organizations share and integrate information from disparate locations; these solutions also offer minimum costs of installation and maintenance. Such advantages are driving market growth in this segment.

Manufacturers are said to account for the largest share in the HSCM market, by the end user.

Based on the end user, the healthcare supply chain management market is segmented into manufacturers, providers, and distributors. Manufacturers must cater to the increasing demand for products from their end-users.

Owing to this, manufacturers mainly look for supply chain management solutions for transportation and warehouse management to ensure faster, more accurate, and more efficient functioning. This has resulted in an increased demand for supply chain management solutions in this segment.

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The market in North America is projected to witness the highest growth rate during the forecast period (2020–2025).

North America is projected to register the highest growth during the forecast period. This large share can be attributed to factors such as the consolidation of hospitals, rising prevalence of chronic diseases, and growing awareness in the region.

On the other hand, the European region is expected to grow at the second-highest CAGR during the forecast period, followed by APAC and later ROW.

Key Market Players

The medical supply chain management market is fragmented, with the presence of several large as well as emerging players. In 2019, SAP SE (Germany), Oracle Corporation (US), and Infor (US) were the leading players in the healthcare supply chain management industry.

Other players include McKesson Corporation (US), TECSYS (US), Global Healthcare Exchange (US), Cardinal Health (US), Determine (US), Epicor (US), LLamasoft (US), Manhattan Associates (US), Blue Yonder Group, Inc. (JDA Software) (US), Cerner (US), Jump Technologies (US), LogiTag Systems (US), Harris Affinity (US), Premier (US), Accurate Info Soft (US), Hybrent (US), and Arvato Systems (Germany).

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Healthcare Supply Chain Management Market | Adoption of the GS1 System of Standards