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.
According to market 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" The healthcare supply chain management market size is projected to reach USD 3.3 billion by 2025 from USD 2.2 billion in 2020, at a CAGR of 7.9% during the forecast period.
The software segment commanded the largest share of the global healthcare supply chain management market in 2019. The large share of this segment can be attributed to the increasing number of online purchases, improving business intelligence, and growing preference for eco-friendly logistics.
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.
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The healthcare 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.
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.