Global Healthcare Supply Chain Management Market Is Expected To Reach 2.4 B USD By 2022 From 1.5 B USD In 2016
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Health care is one of the notable, rapidly growing industries globally. It includes various segments such as medical devices, pharmaceuticals, information technology, and services, all of which are developing at a fast pace. This market is expected to reach 2.4 B USD by 2022 from 1.5 B USD in 2016, at a CAGR of 8.7%. On the basis of geography, the market is distributed over five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America was the dominant region in 2016 owing to the presence of top pharmaceutical companies here, along with the multiple government initiatives, and increased implementation of technologically advanced solutions.
Some of the key players in the global healthcare supply chain management market include McKesson, SAP SE, Oracle Corporation, Infor, HighJump, Manhattan Associates, JDA, TECSYS, Kinaxis, BluJay Solutions, Jump Technologies, LogiTag Systems and etc. The strategies espoused by these companies in order to gain a stronghold in the global market include mergers & acquisitions, geographical expansion into new, untapped, and potential markets, and new product launches.
The health care supply chain involves three main groups: manufacturers (manufacturing companies), distributors, and providers (hospitals, pharmacies, and clinics). In terms of component, its divisions include software (revenue market share over 62% in 2016) and hardware(revenue market share about 38% in 2016). The former accounted for a major share in the global market in 2016, due to increased adoption of the supply chain management software, and rising applications such as customer relationship management and execution of value chain transactions. This segment is expected to register a prominently high CAGR (about 9%) during the forecast period.
By end-user, this market includes manufacturers (41%), distributors (41%), and providers(41%), of which the manufacturers dominated the global market in 2016. However, the providers segment, which includes hospitals and other service providers, is anticipated to reflect a higher CAGR during the forecast period.
The global market is driven by factors such as a growing focus on supply chain management by the health care industry to effectively reduce costs, rising efforts to deliver high-quality services on time, increasing penetration and adoption of various components such as software and cloud-based solutions, and technological advancements in and automation of the processes.