Healthcare is the maintenance or improvement of a person's health through the prevention, diagnosis, treatment, rehabilitation, or correction of infection, injury, disease, and other physical and mental barriers. Allied health workers assist with medical care. Health care encompasses dentistry, medicine, optometry, midwifery, pharmacy, nursing, audiology, psychology, occupational and physical therapy, and other health professions. Logistics refers to managing resource collection, storage, and movement. It includes locating potential distributors and suppliers and ensuring their efficiency and accessibility. Packaging and shipping medications, medical equipment, surgical and medical supplies, and other healthcare products to hospitals, pharmacies, diagnostic and research laboratories, and other end users are referred to as healthcare logistics.
One of the crucial growth drivers of the global healthcare logistics industry is the rising global demand for medications and medical devices. The production of medicines and medical devices is becoming increasingly complex as companies extend their product portfolios to suit client demands and adapt to the market's rapid evolution. The increasing frequency of chronic diseases increases the demand for modern healthcare products and services and enhanced medical assistance, particularly in rural areas. Such needs have also necessitated the safe delivery of pharmaceuticals and medical equipment. In addition, cold chain logistics is required due to the increasing need for temperature-controlled products, particularly pharmaceutical products, and the development of several innovative human cell-derived therapies.
Clinicians and supply chain specialists collaborate closely in a therapeutically integrated supply chain. By altering their operations, physicians frequently work with their supply chain partners for assistance, information, and direction on product price points, outcomes, and alternatives to enhance the patient experience. In addition, supply chain professionals will earn clinicians' confidence by demonstrating the supply chain's and its data's worth. A clinically integrated supply chain strategy can assist in delivering patient care with the highest value in terms of optimal results, high quality, and minimal waste at the lowest cost. The integration and synchronization of supply chain and clinical data, expertise, and leadership throughout the whole continuum of care assure timely delivery of evidence-based, safe, equitable, efficient, and patient-centered treatment.
North America is the most significant global healthcare logistics market shareholder and is anticipated to exhibit a CAGR of 7.75% during the forecast period. Since the senior population in the region continues to climb, the incidence of chronic diseases has also increased, generating demand for modern healthcare products and services as well as improved medical aid to treat the growing number of chronic disease patients successfully. This has consequently increased the demand for safe and secure transport of pharmaceuticals, medical equipment, and devices in this region. According to a 2017 WTO study, the United States is the world's second-largest exporter of medical products, with reported exports of USD 116 billion. The United States is also the second-largest ventilators exporter and the third-largest personal protective equipment exporter. North American citizens' high acceptability and open-mindedness have aided in developing and adopting numerous new revolutionary healthcare supply chain technologies by healthcare facilities.
Europe is estimated to exhibit a CAGR of 7.33% over the forecast period. Current healthcare operations in Europe involve value-based treatment, cost and margin concerns, and rising regulatory and compliance requirements. These forces push healthcare manufacturers to modify their supply chain operations to remain competitive in the logistics industry and continue assisting healthcare providers by putting patients first. Two main markets can be distinguished within the European medical device industry: mature or Western Europe and emerging or Eastern Europe. To meet the medical device and pharmaceutical demand in Europe, manufacturers and logistics providers must offer low-cost logistics services. Due to the severity of the COVID impact, the European healthcare industry is working around the clock to ensure a constant supply of essential drugs, medical supplies, and protective equipment. These policies have an immediate and severe impact on the internationally connected supply chains, driving the expansion of the regional market.