Healthcare Facilities Need to Standardize Supply Chain Practices

A survey found that a majority of healthcare facilities are still using manual techniques for tracking the supply chain.

By HFT Staff
April 26, 2022

The healthcare supply chain management market by revenue is expected to grow at a rate of 8.32 percent during the period 2022-2027. 

The rising data in the healthcare sector, the improvements in the supply chain network of manufacturers and the growing acceptance of supply chain management systems, both hardware and software in the emerging economies, are augmenting the growth of the healthcare supply chain management market.  

There are significant advantages to having advanced systems in place that streamline the flow. According to a survey by ResearchAndMarkets, over one-half of the healthcare facilities are still using old and manual techniques for tracking the supply chain. By standardizing their practices, hospitals can attain savings of about 17 percent. 

Modern supply chain management solutions are employed by healthcare institutions and other stakeholders to maximize profits and provide efficient support to the needy. 

Adopting IoT-enabled devices with RFID tracking systems could be cost- and time-effective for the effective growth of the healthcare supply chain management market. 

Supply chain software streamlines and automates repetitive manual tasks which are performed within healthcare organizations in pursuit of a simple goal that is to achieve a more cost-effective supply chain market. 

North America accounted for a share of about 40.23 percent in the global healthcare supply chain management market in 2021. The United States is the world's second-largest supplier of ventilators and the third largest exporter of personal protective equipment. With high acceptance and open-mindedness in the North American region, new innovations in healthcare supply chain technologies are being adopted and developed by the healthcare facilities. 

Vendors are increasingly focusing on launching innovative devices to penetrate and tap the huge growth potential prevailing in the market. The growing adoption of cloud-based platforms is helping vendors improve their delivery of supply chain management solutions in the market. 

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