Healthcare Supply Chain Management Continues to Grow

The healthcare supply chain management market size is estimated to be $2.528 million in 2022 and is expected to witness a compound annual growth rate of 9.71 percent percent during the forecast period 2023-2033. Growing implementation of the GS1 set of standards in many countries and rising pressure on healthcare providers are factors contributing to the market growth. However, growing issues surrounding security and data privacy are expected to hinder the growth as well.  

Other contributions to growth include:  

• Increasing adoption of supply chain management systems. The program encourages and supports transparency between primary, ancillary and non-acute care providers to ensure that services are delivered efficiently and procedures. The market for healthcare supply chain management is developing as a result of emerging economies' growing adoption of supply chain management solutions, including hardware and software. 
• Rising data. The growth of the healthcare supply chain management market is being supported by the rise of healthcare data, advancements in the manufacturing supply chain network, and expanding acceptance of supply chain management solutions, including hardware and software, in developing countries. Processes for supply chain management (SCM) must be improved in healthcare facilities. 

In 2022, North America accounted for the highest revenue in the healthcare supply chain management market and is expected to maintain its dominance during the forecast period. This is attributed to the mandatory adoption of GS1 standards and the use of unique device identifiers on pharmaceuticals and medical equipment.