Market Trends of Healthcare Supply Chain Management Industry
Cloud based Segment is Expected to Register a Significant Growth Over the Forecast Period
The network, storage, and capacity provided by cloud-based supply chain solutions operate on a flexible, usage-based model that allows for faster updates and adaptations. Scaling up (or down), adapting to new market conditions, connecting with new partners, and adding new suppliers are all potential uses.
The segment is expected to grow during the forecast period owing to the rising research studies and advancements in cloud-based solutions. For instance, according to an article published in August 2022 by the National Center of Biotechnology Information, a study conducted in Hong Kong and the United States mentioned that the technical sustainability of cloud-based blockchain could be combined with artificial intelligence (AI) for efficient healthcare supply chain management. Therefore, such research studies boost the developments in cloud-based healthcare supply chain management operations.
Additionally, the rising adoption of cloud-based supply chain solutions by various healthcare organizations is also expected to boost segment growth during the forecast period. For instance, in October 2022, Indiana-based Methodist Hospitals partnered with cloud solutions company Infor to create a cloud-based healthcare application that will allow the health system to standardize key processes in various areas, such as finance, human resources, supply chain, and operations. Such partnerships are expected to expand the cloud-based solution market during the forecast period.
Furthermore, the launch of advanced cloud-based supply chain management software is expected to propel market growth. For instance, in May 2022, Jump Technologies launched a cloud-based software solution called JumpStock that integrates with the electronic medical record (EMR), enterprise resource planning (ERP), or scheduling systems and enhances its mobile scanning solution to improve compliance for recording lot and serial numbers, as well as expiration dates of product used in hospitals, allowing hospitals to save money on supply hoarding, physician preference variances, and stock-outs.
Therefore, owing to the high adoption of cloud-based supply chain management and rising launches and partnerships by market players, the segment is expected to propel during the forecast period.
North America is Expected to Hold a Significant Market Share Over The Forecast Period
North America is anticipated to hold the major share of the market over the forecast period owing to the increasing risks from substandard and falsified drugs and stringent regulatory frameworks, and mandatory implementation of GS1 and Unique Device Identification (UDI) on pharmaceutical drugs and medical devices, coupled with the presence of large manufacturing hubs. For instance, in July 2022, the Food and Drug Administration (FDA) published the final guidelines and policies regarding the unique device identification system to adequately identify medical devices sold in the United States from manufacturing through distribution to patient use. Therefore, the availability of such national government guidelines and recommendations is expected to propel the demand for supply chain management in the region during the forecast period.
Furthermore, the increasing adoption of various business strategies by the market players, such as collaborations, partnerships, and product launches in the region, is also contributing to the market expansion. For instance, in October 2022, Tecsys Inc., a Quebec-based supply chain management software company, launched a new feature, Elite Healthcare Receiving, in its end-to-end Elite Healthcare supply chain execution platform. The new feature is a hospital receiving application that seamlessly integrates receiving and delivery processes into a health system's supply chain operations. Therefore, the addition of new features to simplify the supply chain operations in healthcare organizations is projected to augment the market growth over the forecast period.
