The global healthcare supply chain management market is projected to reach USD 3.78 billion by 2027 from USD 2.1 billion in 2020, at a CAGR of 8.8 % during the forecast period.
The rapid increase in the adoption of GS1 standards and unique device identification (UDI) for medical devices is anticipated to propel the market in the coming years. GS1 standards certify globally unique identification and allow cross-border compatibility of such solutions. Global standards have significantly improved patient safety and supply chain efficiencies and effectiveness in the healthcare system. Implementation of global standards, such as barcodes, has assisted in combating counterfeit medications. Serialization, authentication, and traceability can catch duplication and unauthorized serial numbers. According to WHO, around 15% of the world’s medicines are counterfeit. This has further posed a serious risk to patient safety while threatening faith in the pharmaceutical industry. Therefore, the implementation of GS1 standards has allowed stakeholders to verify supply chain history for each product.
The European Commission, the U.S. Food and Drug Administration (FDA), and other regulators have made the healthcare supply chain a strategic priority worldwide by approving legislation for UDI for medical devices. Counterfeit medical products are a trend that is rising with each passing year and therefore implementation of UDI on medical devices is essential. UDI also enhances inventory management and offers a consistent way of identifying items for distribution.
Cloud-based supply chain management software and their applications are transforming the healthcare industry. Demand for cloud-based software is increasing due to the focus of healthcare manufacturers and providers on achieving higher supplier quality and inventory optimization. For instance, Jump Technologies has developed a cloud-based software solution called Jump Stock that integrates with EMR, ERP, or scheduling systems, thereby allowing hospitals to reduce costs associated with supply hoarding, physician preference variances, and stock-outs. Cloud-based track and traceability solutions protect manufacturers from variable expenses of a product recall by early identification of product quality problems. These solutions also improve order management and production planning across all warehouse locations.
The rapid increase in the adoption of GS1 standards and unique device identification (UDI) for medical devices is anticipated to propel the market in the coming years. GS1 standards certify globally unique identification and allow cross-border compatibility of such solutions. Global standards have significantly improved patient safety and supply chain efficiencies and effectiveness in the healthcare system. Implementation of global standards, such as barcodes, has assisted in combating counterfeit medications. Serialization, authentication, and traceability can catch duplication and unauthorized serial numbers. According to WHO, around 15% of the world’s medicines are counterfeit. This has further posed a serious risk to patient safety while threatening faith in the pharmaceutical industry. Therefore, the implementation of GS1 standards has allowed stakeholders to verify supply chain history for each product.
Europe is expected to hold the second largest position in the global healthcare supply chain management market. According to the European Commission, June 2017, publication Europe is one of the world’s leading exporters of pharmaceutical and medicinal products. Also, in 2016 Europe accounted for EUR 144 billion, by exporting pharmaceutical product worldwide. The increase in import and export for healthcare related products will enhance Healthcare supply chain management market in this region.
Asia-Pacific is expected to be the fastest growing region in the market due to the rising prevalence of chronic disease and an increase in the demand for pharmaceutical products & medical devices. Also, increased expenditure in the healthcare sector is expected to enhance the growth in this market. On the other hand, the Middle East & Africa accounts the lowest share of the market. Healthcare supply chain management market of this region is expected to be held by the Middle Eastern region due to a developed healthcare sector and growing government initiatives for the healthcare sector.
The rapid increase in the adoption of GS1 standards and unique device identification (UDI) for medical devices is anticipated to propel the market in the coming years. GS1 standards certify globally unique identification and allow cross-border compatibility of such solutions. Global standards have significantly improved patient safety and supply chain efficiencies and effectiveness in the healthcare system. Implementation of global standards, such as barcodes, has assisted in combating counterfeit medications. Serialization, authentication, and traceability can catch duplication and unauthorized serial numbers. According to WHO, around 15% of the world’s medicines are counterfeit. This has further posed a serious risk to patient safety while threatening faith in the pharmaceutical industry. Therefore, the implementation of GS1 standards has allowed stakeholders to verify supply chain history for each product.
The European Commission, the U.S. Food and Drug Administration (FDA), and other regulators have made the healthcare supply chain a strategic priority worldwide by approving legislation for UDI for medical devices. Counterfeit medical products are a trend that is rising with each passing year and therefore implementation of UDI on medical devices is essential. UDI also enhances inventory management and offers a consistent way of identifying items for distribution.
Cloud-based supply chain management software and their applications are transforming the healthcare industry. Demand for cloud-based software is increasing due to the focus of healthcare manufacturers and providers on achieving higher supplier quality and inventory optimization. For instance, Jump Technologies has developed a cloud-based software solution called Jump Stock that integrates with EMR, ERP, or scheduling systems, thereby allowing hospitals to reduce costs associated with supply hoarding, physician preference variances, and stock-outs. Cloud-based track and traceability solutions protect manufacturers from variable expenses of a product recall by early identification of product quality problems. These solutions also improve order management and production planning across all warehouse locations.
The rapid increase in the adoption of GS1 standards and unique device identification (UDI) for medical devices is anticipated to propel the market in the coming years. GS1 standards certify globally unique identification and allow cross-border compatibility of such solutions. Global standards have significantly improved patient safety and supply chain efficiencies and effectiveness in the healthcare system. Implementation of global standards, such as barcodes, has assisted in combating counterfeit medications. Serialization, authentication, and traceability can catch duplication and unauthorized serial numbers. According to WHO, around 15% of the world’s medicines are counterfeit. This has further posed a serious risk to patient safety while threatening faith in the pharmaceutical industry. Therefore, the implementation of GS1 standards has allowed stakeholders to verify supply chain history for each product.
Europe is expected to hold the second largest position in the global healthcare supply chain management market. According to the European Commission, June 2017, publication Europe is one of the world’s leading exporters of pharmaceutical and medicinal products. Also, in 2016 Europe accounted for EUR 144 billion, by exporting pharmaceutical product worldwide. The increase in import and export for healthcare related products will enhance Healthcare supply chain management market in this region.
Asia-Pacific is expected to be the fastest growing region in the market due to the rising prevalence of chronic disease and an increase in the demand for pharmaceutical products & medical devices. Also, increased expenditure in the healthcare sector is expected to enhance the growth in this market. On the other hand, the Middle East & Africa accounts the lowest share of the market. Healthcare supply chain management market of this region is expected to be held by the Middle Eastern region due to a developed healthcare sector and growing government initiatives for the healthcare sector.
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