Healthcare Supply Chain Management Market Trends

Growth Drivers

• Rise in Online Purchases of Healthcare Products- Digitization has led to increased sales of pharmaceutical products through online platforms, which in turn is expected to boost the global healthcare supply chain management market. In the United States, the online sales of pharmaceuticals in 2020 was around USD 80 billion, which was a rise from 31% in 2019 to around 38 percent in that particular year.
• Growing Usage of Health-Related Mobile Apps- There are an increasing number of supply chain management apps available around the world, that is projected to drive the market’s growth over the forecast period. The apps usage in the medical category surged to approximately 52 % in the second quarter of 2021 in the United States.
• Integration of Internet of Things (IoT) in Healthcare Supply Chain- By integrating advanced technology, including IoT is likely to enable the global healthcare industry to save up a lot of investment, from USD 250 billion to nearly USD 420 billion by 2030. Moreover, it is expected to benefit inventory management by giving nearly 100% compliant, secure, and reliable management.
• Strategic Collaboration Among Companies- In 2020, Proship, Inc. joined hands with JDA Software, Inc., through the inclusion of ProShip as a technology partner in JDA's Partner Advantage Program that would aid a portfolio of integrated shipping and supply chain management solutions.
• Adoption of Blockchain Technology- Oracle launched the blockchain platform, Oracle Intelligent Track and Trace. It is an application developed for businesses using supply chain management.

Challenges

• Inability of Precise Data Collection and Analysis
• High Cost of Implementing Supply Chain Management Software
• Cyber Breach on Supply Chain Data - The healthcare sector has always been a progressive industry, it continually provides life-critical services while seeking to improve treatment and patient care with new technologies, despite criminals and cyber threats always manage to find a way to exploit the vulnerabilities that are linked with these changes.