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Predictions: The Market For Healthcare Supply Chain Management Will Reach Nearly USD 3.2 Million By 2025

Healthcare News

Predictions-The_Market-For-Healthcare-Supply-Chain-Management-Will-Reach-Nearly-USD-3.2-Million-By-2025 Predictions: The Market For Healthcare Supply Chain Management Will Reach Nearly USD 3.2 Million By 2025Healthcare is one of the notable, rapidly growing industries across the globe who progressively deploying various cutting edge technologies into the care environment. It includes various segments like medical devices, pharmaceuticals, information technology, and services, all of which are developing at a fast pace. Most of the healthcare organizations today have looked at the billing and services part of the revenue cycle for budget decreases, but many of them have begun assessing their healthcare supply chain management. Generally, the supply chain refers to the resources required for delivering goods and services to a consumer, but in the healthcare, space managing the supply chain is a very intricate and fragmented process.

Supply chain management in Healthcare comprises obtaining resources, managing supplies, and delivering goods and services to providers and patients. According to the reports, the market for supply chain management in healthcare is predicted to reach USD 3.2 billion by 2025, at a CAGR of 9.3 percent. In the year 2017, the market was worth USD 1.6 billion and USD 1710 million last year. Supply chain management in Healthcare is the regulation of the flow of medical goods and services from manufacturer to patient, which primarily comprises hardware and software, and the downstream customer mainly involves the manufacture, providers, and distributors. Based on geography, the market is classified in United States, Europe, China, and Japan, wherein the United States was the leading region in the year 2017, due to the presence of top pharmaceutical companies, along with the multiple government initiatives, and augmented deployment of technologically advanced solutions in the region.

In healthcare, supply chain management starts at the medical product manufacturer where items are produced and sent to a distribution center. Afterward, on the basis of the type of product, hospitals can either buy inventory directly through the manufacturer or distributor or through a group purchasing organization that establishes a purchasing contract with the manufacturer on behalf of the hospital.