Sarasota, FL -- (SBWire) -- 07/06/2018 --According to the report, global healthcare supply chain management market was valued at approximately USD 1.86 billion in 2017 and is expected to generate revenue of around USD 2.37 billion by end of 2023, growing at a CAGR of around 4.10% between 2017 and 2023.
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The need to lower healthcare cost is a major concern and growth driver for the healthcare supply chain management market. The trend of hospital consolidation in countries such as U.S. offer new growth opportunities for supply chain management solutions such as inventory management software catered towards hospitals and ambulatory surgery centers. The manufacturers in the healthcare segment are facing intense competition. For instance, China is reported to host an estimated 13,000 medical device manufacturers. The prevalence of high number of players in countries such as China force the market players to be price conscious which leads them to adopt efficient supply chain management practices enabled by the use of hardware such as RFID, barcodes and software such as procurement, supplier management, and transportation management software.
The healthcare supply chain management market is segmented on the basis of component type into hardware, software and services. Software segment is held largest share of the market due to increased adoption of the supply chain management software, and its applications such as customer relationship management and execution of value chain transactions. This segment is expected to register a high CAGR during the forecast period due to the benefits it offers, such as, increased efficiency, reduced costs, and business intelligence.
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Based on deployment the market is segmented into on-premise and cloud-based. The on-premise segment is expected to hold the largest share of the global healthcare supply chain management market. However, the cloud-based segment is expected to grow at the fastest CAGR owing to several advantages offered by the cloud-based deployment mode over on-premise. Cloud-based solutions are easy to install and maintain than on-premise solutions which contribute to the high growth and popularity of this deployment mode.
Manufacturers, distributors, healthcare providers and others are the key end-user segments of the global healthcare supply chain management market. The manufacturers segment is expected to hold the largest share in the global market. However, the providers segment is expected to grow at a highest CAGR. Growth in this segment is largely attributed to factors such as increasing need for quality patient care, prevalence of poor inventory management practices, the trend of hospital consolidation leading to the centralization of business processes, and the pressure on healthcare establishments to improve their profitability.
North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global healthcare supply chain management market. The North American market is expected to account for the largest share and highest CAGR in the forecast period. The larger share and high growth rate are attributed to factors such as consolidation of hospitals, regulatory requirements, rising prevalence of chronic diseases, increasing patient burden in the U.S., and implementation of various strategies to improve healthcare supply chain management in Canada.
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Some of the key players in the healthcare supply chain management market are SAP AG Group, Oracle Corporation, McKesson Corporation, Providence Health & Services, Geisinger Health System, AmerisourceBergen, Intermountain Healthcare, Advocate Health Care and others.
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Healthcare Supply Chain Management Market Set for Rapid Growth, to Reach Value Around USD 2.37 Billion by 2023
Zion Market Research, The Market Research Group Announced The Analysis Report Titled "Healthcare Supply Chain Management Market by Component (Hardware, Software and Services), by Deployment (On-Premise and Cloud-Based) and by End Users (Manufacturers, Distributors, Healthcare Providers and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023 "