Healthcare Supply Chain Systems Market : Will Risk-Based Collaborations Between Suppliers & Healthcare Providers Impact the Industry?
Several companies that provide health care services require systems and procedures that allow them to be more responsive to their customers' needs. Personalized medicine and patient-centered care (PCC) are two steps in the customization of care. PCC shifts the focus from the disease to the patient, whereas personalized medicine is highly reliant on genetics and promises to improve medical industry quality by developing tailored and targeted medications.
Advanced information technology (IT) solutions are required to manage supply chain processes efficiently. For instance, one of the biggest challenges in autologous cell and gene therapies that entail the production of each therapy batch for one patient is scaling up. Instead of producing a bigger volume in terms of quantity, scaling up translates to manufacturing smaller batches. Thus, scheduling and coordinating requests from clinics and managing different interfaces that connect various elements can intensify the complexity of the supply chain.
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How are Vendors Coping Up in the Healthcare Supply Chain Systems Competitive Market?
With the increased usage of digital platforms and rising alliances between software and pharmaceutical businesses, the global healthcare supply chain systems industry is likely to alter drastically. Major players such as Cardinal Health, Tecsys Inc., Oracle Corporation, and SAP SE collectively account for significant shares in the global market. With the growing pressure to reduce costs in the healthcare sector, the market share of these vendors is expected to increase in the coming years. However, the major players are facing stiff competition from emerging players. Vendors are increasingly focusing on launching innovative devices to penetrate and tap the huge growth potential prevailing in the market. The growing adoption of cloud-based platforms is enabling vendors to improve their delivery of supply chain management solutions.
North America to Provide Lucrative Opportunities for the Market Vendors
The North American healthcare supply chain management market is expected to grow at a CAGR of 8.06% to reach USD 1.4 million by 2027.
The North American medical device industry relies on several industries where the US holds a competitive advantage in various segments such as microelectronics, telecommunications, instrumentation, biotechnology, and software development. The US is the leading market for healthcare technologies in North America, as several companies in the country are offering healthcare technology services, and the largest market share is studied due to the well-established healthcare system.
EHR to Play Significant Role in the Global Healthcare Supply Chain Management Market
In 2021, the global healthcare supply chain management market was valued at USD 2.2 billion and is expected to reach USD 3.6 billion by 2027. The emergence of cloud-based solutions, adoption of advanced systems such as GS1, growing investments by private & public players, and increased collaborations are contributing to the growth of the global healthcare supply chain management market. Hospitals and physician practices can leverage significant cost-reducing opportunities across their organization by promoting proficiency in the healthcare supply chain.
In every industry, AI has changed the way people analyze and manage data, encouraging businesses to move away from descriptive to predictive analytics. Predictive analytics solutions help determine the likelihood of future events. With the help of predictive analysis, medical industries can leverage statistical data to manage the supply chain and gain insights into demand patterns and supply utilization. Many healthcare providers and manufacturers are adopting various supply chain management tools for cost reduction, which include tools such as smart cabinets, point-of-care technologies, smart wands, radio-frequency identification (RFID), and barcode systems to automate supply usage and improve productivity.
The use of novel technologies in healthcare has been significant as evidenced by the rapid adoption of EHR systems and other advanced solutions. Spain’s health services have undertaken several significant projects targeted at the creation of Electronic Health Records (EHR) through the integration of Information and Communication Technologies (ICT) into patient care practices. According to Sage Growth Partners, approximately 98% of hospitals and supply chain leaders consider that supply chain optimization improves hospital margins.
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