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Global Healthcare Supply Chain Market 2024-2029: AI, RFID, Digital Transformation, and Automation

Global Healthcare Supply Chain Market 2024-2029: AI, RFID, Digital Transformation, and Automation

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Global Healthcare Supply Chain Market 2024-2029: AI, RFID, Digital Transformation, and Automation

by Daisy D.
07/30/2024
in Automation & Robotics

The Global Healthcare Supply Chain Management Market, valued at USD 3.42 billion in 2023, is projected to reach USD 5.74 billion by 2029, with a CAGR of 9.01%.

The report highlights data on 38 vendors and notes that the healthcare supply chain industry is experiencing consolidation. Larger companies are seeking to gain market share, expand their geographic presence, and enhance their services through mergers and acquisitions. This trend is reshaping the competitive landscape, with larger, diversified companies competing against smaller, niche players.

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Technological advancements are driving competition in healthcare supply chain management. Companies are investing in advanced analytics, artificial intelligence, blockchain, and Internet of Things (IoT) solutions to optimize processes, improve visibility, and enhance efficiency. Those that leverage technology to offer innovative solutions addressing the evolving needs of healthcare providers and patients are gaining a competitive edge. Building strong customer relationships and delivering high-quality service are essential for success.

North America accounted for over 40% of the market share in 2023, making it the largest market globally. The North American market includes a wide range of software offerings designed for hospitals, clinics, pharmacies, laboratories, medical device manufacturers, and other healthcare entities.

Steady growth in the market is attributed to digitizing healthcare operations, adopting cloud-based solutions, and emphasizing cost containment and operational efficiency.

Market Trends & Drivers

Personalized and Patient-centric Healthcare

Personalized and patient-centric healthcare is transforming the delivery of medical treatment and services to meet each patient’s unique needs and preferences. This approach extends to supply chain management, involving optimizing the supply chain to ensure the right products are available to patients when and where they need them. Key principles include demand forecasting, inventory optimization, and utilizing data analytics and predictive modeling.

Adoption of AI and RFID Tracking

The healthcare industry is leveraging advanced technologies to optimize supply chain processes. AI and RFID tracking are revolutionizing how healthcare supply chains operate. AI-powered algorithms analyze vast amounts of data to improve demand forecasting, optimize inventory levels, and identify cost-saving opportunities. RFID tracking technology provides real-time visibility and traceability of assets and inventory, reducing the risk of stockouts, expiration of medications, and supply chain errors.

Increasing Digital Transformation and Automation in Healthcare

Digitalization and automation are key drivers of change in healthcare supply chain management. Digital transformation involves leveraging technology to digitize and streamline processes from procurement to distribution. Cloud-based supply chain management systems offer real-time visibility, collaboration, and decision-making across the supply chain. Automation technologies, such as robotic process automation (RPA), robotic dispensing systems, and automated guided vehicles (AGVs), enhance efficiency and reduce manual intervention.

Industry Restraints

Inventory Management and Distribution Logistics Challenges

Fluctuating demand poses a significant challenge for healthcare organizations. Healthcare providers must implement robust demand forecasting techniques and inventory optimization strategies to maintain adequate stock levels and minimize excess inventory and stockouts. Addressing these challenges effectively requires leveraging technology and fostering collaboration with stakeholders.

Segment Analysis

Insight by Component

The global healthcare supply chain management market by component is segmented into software & services (planning & procurement, inventory & warehousing) and hardware (barcode & barcode scanners, RFID tags & readers). Software & services dominate with the largest market share in 2023, driven by digital transformation initiatives to improve efficiency, reduce costs, and enhance patient care.

Insight by Deployment

The market by deployment is categorized into on-premises and cloud-based. The cloud-based segment is the fastest-growing, driven by demand across various industries, including healthcare. Cloud-based solutions offer scalability, flexibility, and accessibility, making them attractive to healthcare facilities with limited IT budgets.

Insight by End-user

Healthcare manufacturers hold the largest market share in 2023. The demand for supply chain management software solutions is expected to grow as companies seek to improve operational efficiency, ensure product quality and safety, and adapt to changing regulatory requirements.

Competitive Landscape

Key Vendors: Oracle, Cardinal Health, TECSYS, SAP, Arvato, McKesson

Other Prominent Vendors: Blue Yonder Group, BlueBin, Curvo Labs, Epicor, Global Healthcare Exchange, Harris Affinity, Hybrent, Infor, Jump Technologies, LogiTag, Manhattan Associates, Medsphere Systems, PAR Excellence Systems, Premier, Vizient, Anaplan, Inventory Optimization Solutions (IOS), Provista, Sortly, Symplr, Workday, Marg ERP Ltd., Swisslog Healthcare, Tradogram, Weproc, ZOHO

Key Questions Answered

  1. How big is the global healthcare supply chain management market?
  2. What is the growth rate of the global healthcare supply chain management market?
  3. What are the key drivers of the global healthcare supply chain management market?
  4. Who are the major global healthcare supply chain management players?

Report Attributes

  • No. of Pages: 148
  • Forecast Period: 2023 – 2029
  • Estimated Market Value (USD) in 2023: $3.42 Billion
  • Forecasted Market Value (USD) by 2029: $5.74 Billion
  • Compound Annual Growth Rate: 9.0%
  • Regions Covered: Global

Get the best supply chain report news insights on The Supply Chain Report. Visit ADAMftd.com for free international trade tools.

#HealthcareSupplyChain #AIinHealthcare #RFIDTracking #DigitalTransformation #SupplyChainNews

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The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

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