Healthcare Supply Chain Management Market Size to Surpass Around USD 6.90 Billion
The global healthcare supply chain management market size was valued at USD 2.29 billion in 2021 and USD 2.61 billion in 2022. The market is expected to reach USD 6.90 billion by 2029 with a CAGR of 14.9% during the forecast period. The growing adoption of Radio Frequency Identification (RFID) has improved supply chain operations and is predicted to boost the demand for healthcare supply chain management. Increasing adoption of cloud-based solutions is set to drive market growth. Initiatives taken by various organizations to make their supply chain operations more agile and resilient are expected to propel the market progression. Fortune Business Insights™ shares this information in its report titled “Healthcare Supply Chain Management Market, 2022-2029.”
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Drivers and Restraints
Advanced Supply Chains Solutions to Drive Market Progress
The launch of advanced supply chain solutions is anticipated to drive the healthcare supply chain management market growth. Organizations globally have been modifying their services with the help of latest technology, solutions, and advanced software & solutions such as e-procurement and advanced supply chain planning systems, which are expected to drive market growth. Various solutions are launched to improve transparency and other processes in an organization more efficiently, which are expected to push market growth.
However, high costs associated with such solutions are anticipated to impede the market development.
COVID-19 Impact:
Problems in the Supply Chains During Pandemic Hindered Market Growth
The COVID-19 pandemic led to disruptions in supply chains. Various lockdowns led to the stoppage of transportation of finished goods and raw materials, thus disrupting the manufacturing process. McKesson Corporation reported an increase of 3.1% in their revenue in 2020 compared to 2019, which witnessed an increase of 7.8%. After the restrictions were lifted, supply chain operations slowly gained traction, allowing the market to witness a stable growth similar to the pre-pandemic level.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/healthcare-supply-chain-management-market-101051
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