Healthcare Supply Chain Management Market: Opportunities & Challenges

Posted on 2019-10-20 by MarketsandMarkets in Biotech, Healthcare, Pharmaceuticals, Software, Technology // 0 Comments

CITY, Country, 2019-Oct-18 — /EPR Network/ —

The global Healthcare supply chain management market is expected to grow at a CAGR of 8.4% during the forecast period, to reach USD 2.31 billion by 2022 from an estimated USD 1.55 billion in 2017. Factors such as increased pressure by healthcare providers to improve operational efficiency & profitability, adoption of the GS1 System of standards in the healthcare industry globally; implementation of the unique device identification initiative by the FDA; emergence of cloud-based solutions; continuous support in the form of funding, investments, and partnerships; and the growing efforts to reduce the large-scale counterfeiting of drugs are driving the growth of the market. However, high costs associated with the implementation and maintenance of healthcare supply chain management solutions may restrain the growth of the market to some extent.

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What are the opportunities in mobile-based healthcare supply chain management solutions?

The healthcare supply chain is evolving, and hospitals are looking for innovative ways to modernize and increase savings at every link in the supply chain. Mobile devices provide healthcare organizations with the ability to manage supply chain information, such as improving local competencies and task-shifting. Moreover, mobile-based solutions can be used for promoting system integration, seeking supply chain standards certification, and monitoring supply chain system performance for healthcare organizations.

Mobile solutions for inventory management have the following benefits:

Improved accuracy of inventory information
Reduction in paperwork and errors
Ability to make real-time modifications to systems
Improved supply chain visibility
Improved tracking and managing of in-store inventory

The adoption of mobile-based solutions over the current web-based solutions is thus beneficial for end users such as healthcare organizations, manufacturers, and related distribution channels.

Why is continued usage of outdated supply chain management tools a challenge?

A survey conducted by Cardinal Health and SERMO (in April 2017) has indicated that hospitals may not be operating with the most efficient supply chain management tools. The survey also found that the majority of hospitals either used outdated supply chain management solutions or used manual processes. Despite the use of outdated systems, many hospitals are yet to invest in advanced and more automated healthcare supply chain management systems owing to their high-cost perception, increasing hospital-wide buy-in, and higher focus on other priorities. Also, the lack of information about automated supply chain management tools, such as RFID, is preventing hospitals from implementing more efficient solutions.

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