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. This is said to enhance the growth of the healthcare supply chain management market in the forecast period.
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; these solutions also offer minimum costs of installation and maintenance.
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.
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This large share can be attributed to factors such as the consolidation of hospitals, rising prevalence of chronic diseases, and growing awareness in the region. On the other hand, the European region is expected to grow at the second-highest CAGR during the forecast period, followed by APAC and later ROW.
The key factors driving the growth of this market include 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.
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However, the high cost of implementation of supply chain management software is expected to restrict market growth to a certain extent.
- In 2020, Infor acquired Intelligent InSite.
- In 2019, Oracle launched Intelligent Track and Trace, a blockchain application
- In 2019, SAP SE partnered with Microsoft Corporation, to improve consumer adoption of SAP Cloud Platform and SAP S/4 HANA on Microsoft Azure.