Healthcare Supply Chain Management Market to Hit USD 5.06 Billion by 2030 with 5.3 % CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 17, 2025 /PRNewswire/ -- The global healthcare supply chain management market, valued at US$ 3.51 billion in 2023, is forecasted to grow at a robust CAGR of 5.3%, reaching US$ 3.71 billion in 2024 and an impressive US$ 5.06 billion by 2030. The pressing need for effective and efficient supply chain management in healthcare drives the demand for advanced solutions to tackle supply chain issues. Companies like Oracle, SAP SE, and IBM have devised solutions and services to address all aspects of healthcare supply chain management. There is an increasing need for sophisticated solutions that combine artificial intelligence and machine learning with supply chain management. Hence, numerous companies are focusing on creating AI and ML-driven solutions for supply chain management. Together, these elements drive the growing use of supply chain management solutions in healthcare.
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Generative AI is reshaping healthcare supply chain management by offering more accurate, data-driven insights that enable faster and more informed decision-making. Many companies are in charge of using generative AI in supply chain management, solving various challenges while shaping the industry's future. There are now solutions like IBM Sterling Order and Fulfilment Suite, Manhattan Active Allocation, and Blue Yonder's Luminate Platform that use AI to manage the supply chain effectively and efficiently.
The global healthcare supply chain management market is segmented into software type, hardware, and services, by offering. The software type segment accounted for the largest share in 2023. The large share of the segment is witnessed due to the growing adoption of advanced software solutions that optimize inventory management, enhance forecasting, and improve decision-making capabilities. These software tools, such as AI-powered platforms, cloud-based systems, and integrated business planning solutions enable the timely access of data, automation of processes, and increase the efficiency of supply chain activities, hence stimulating the demand for these solutions among healthcare organizations. The adoption of supply chain management software also helps improve customer service and communication, enhances decision-making, and minimizes logistical errors in healthcare organizations.
The healthcare supply chain management market is divided into purchasing and inventory management by function. The purchasing management segment is expected to demonstrate the highest growth rate during the forecast period. This growth is driven by healthcare organizations' need to streamline their procurement processes. Purchasing decisions directly impact a business's inventory control and management of accurate inventory stock levels to reduce holding costs and ensure inventory levels are replenished promptly. Hence, purchasing management solutions help businesses control expenses, manage vendors more easily, gain visibility into the supply chain, and streamline the purchasing management process.
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The key players operating in the supply chain management market for healthcare include Oracle (US), SAP SE (Germany), Infor (US), IBM (US), Mckesson Corporation (US), Tecsys Inc. (Canada), Global Healthcare Exchange, LLC. (US), Cardinal Health. (US), Corcentric, Inc. (US), Epicor Software Corporation (US), Coupa. (US), Manhattan Associates (US), Blue Yonder Group, Inc. (US), LogiTag Systems (US), Premier (US), Workday, Inc. (US), Medsphere Systems Corporation (US), Arvato Systems (Germany), and AmerisourceBergen Corporation. (US). These companies have adopted organic & inorganic strategies such as product launches, product updates, expansions, partnerships, collaborations, acquisitions, among others to strengthen their market presence in the healthcare supply chain mangement market.
These players not only have a comprehensive and diverse product portfolio but also a strong geographic presence. Owing to the rapid adoption of supply chain management solutions across various domains of the healthcare industry, these players can focus on technologies and offerings dedicated towards supply management, procurement, inventory management etc.
These market players have offered a diverse range of products and services and have operations worldwide. They rely on technological advancements to avail themselves of innovative products and services and increase their global footprint. These players focus on acquisitions, collaborations, agreements, mergers, product launches & updates, partnerships, expansions, and other recent developments to expand their global reach and develop innovative healthcare supply chain management solutions.
Oracle is one of the leading providers of enterprise software solutions, offering robust capabilities for healthcare supply chain management solutions leveraging its technological capabilities. The company integrates advanced technologies like AI, machine learning, and IoT to its platforms & solutions to help optimize inventory, streamline procurement, and ensure regulatory compliance in healthcare and life sciences industry. The company offers cloud-based and on-premises solutions designed to improve healthcare organizations' supply chain operations' efficiently. It has a broad portfolio of supply chain management tools & services that enable healthcare & life science organizations to improve their operational efficiency while ensuring cost savings. Oracle provides a comprehensive portfolio of cloud solutions for various business functions, including solutions like Oracle product lifecycle management cloud, Oracle supply chain planning cloud, Oracle inventory management cloud, Oracle order management cloud, Oracle order manufacturing cloud, and Oracle logistics cloud, among others. Oracle has a wide geographic presence spanning its operations across North America, Europe, the Middle East, Africa, the Asia Pacific, and South America.
IBM is a prominent provider of healthcare supply chain management (SCM) solutions, leveraging its cutting-edge technologies to address the complexities of the healthcare industry. The supply chain management solutions for healthcare offered by IBM include the IBM Sterling Supply Chain Intelligence Suite, IBM Sterling Order and Fulfilment Suite, among others. The company leverages sophisticated technologies to enhance the strength of its offerings. For instance, its IBM Blockchain for Supply Chain is used for tracking life science & healthcare products like vaccines, medical devices, and pharmaceuticals, reducing the risk of counterfeiting and ensuring regulatory compliance. The company offers its software & solutions to a number of industries, including healthcare, life sciences, FMCG, chemicals and petroleum, electronics, energy and power, among others. The company has a wide geographic presence across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
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