Dublin, July 14, 2023 (GLOBE NEWSWIRE) -- The "Global Digital Pharmaceutical Supply Chain Management Market, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global digital pharmaceutical supply chain management market size is expected to reach USD 1. 84 billion by 2030, expanding at 8.2% CAGR from 2023 to 2030, according to this report.
Several significant factors are responsible for expanding the market. These include the expanding usage of the GS1 Standard System and Unique Device Identification (UDI), the emergence of cloud-based solutions, the rising demand for operational cost reduction, and the increased use of mobile-based healthcare supply chain management solutions. Collectively, these elements have fuelled the market's strong upward tendency to growth.
Furthermore, through market research, digitalization within the supply chain is becoming increasingly necessary to meet the demands of consumers in a timely and efficient manner. Current market players are exploring the potential of transitioning from traditional supply chain models to digitalization.
For instance, industry experts emphasized the significance of digitization as a key driver of the transformation in the podcast episode titled 'Digitised Supply Chain", aired on August 24th, 2022. Industry sources emphasized the value of creating end-to-end connections to contact clients and efficiently attending to their demands. The podcast provides insight into how digitization can improve organizational agility and responsiveness.
The increase in the adoption of process automation in pharmaceutical SCM involves using technology to automate and streamline various tasks in the supply chain. This can include automating inventory management, order processing, and tracking shipments. By implementing automation, healthcare organizations can reduce manual errors, improve efficiency, and save time and resources.
For instance, automated inventory management can help to ensure that supplies and medications are always in stock, reducing the risk of running out of essential items. In addition, automating order processing and tracking shipments can help reduce delays and errors in the supply chain, ensuring that healthcare providers receive the supplies they need on time.
AI is one of the most significant strategic advancements in supply chain technology and has a big impact on many different industries. Furthermore, a survey conducted in February 2020 by Syft, a provider of software and services for end-to-end supply chain management and AI-enhanced inventory control, revealed that few hospitals in the U.S. use AI and predictive analytics for supply chain management, highlighting a growing opportunity for the healthcare sector to investigate digitization to improve its supply chain management.
Key market players are engaging in various strategies such as acquisitions, partnerships, expansions, and new products launched to strengthen their market position and expand their customer base. Some of the notable recent developments within the digital supply chain management industry are mentioned below:
In February 2022, Global Healthcare Exchange (GHX) announced the acquisition of Syft, AI-enabled inventory management, and SCM solution provider. The acquisition will help GHX expand and digitalize its supply chain segment. In June 2022, Kaleida Health partnered with Infor to use its solution in consolidating various organizations under one single enterprise and moving its supply chain and financial applications to the cloud to create a more dependable, scalable platform.
Companies Mentioned
- McKesson Corporation
- Mediceo Corporation
- Palantir Technologies, Inc
- Jump Technologires Inc
- InterSystems Corporation
- Tecsys
- Oracle
- SAP
- Infor
- Terso Solutions
- CenTrak (HALMA.plc)
- Biolog-id
- TraceLink
Digital Pharmaceutical Supply Chain Management Market Report Highlights
- Based on product, the software segment accounted for the largest market share of 39.7% in 2022 and is anticipated to experience the fastest growth with a CAGR of 8.22% during the forecast period. This expansion can be attributed to the increased efforts made by public and private companies to support the healthcare IT infrastructure. These activities significantly influence the adoption of software solutions within healthcare organizations.
- Based on software modules, the manufacturing software module segment dominated the market share of 41.83% in 2022. This is mainly because healthcare providers use technologies like barcodes very frequently, which lowers operating costs and stimulates market expansion
- Based on the mode of delivery, the cloud-based segment dominated the market with a share of 40.3% in 2022 The adoption of cloud-based technology has increased owing to various security breaches on web-based and on-premise deployment. The old-generation systems require regular investments for upgrading software. Moreover, with growing IT infrastructure needs and changing business requirements, information sharing with clients & other stakeholders is a key concern, and therefore, several players are using cloud-based technology
- North America dominated the digital pharmaceutical supply chain management industry in terms of a market share of 31.2% in 2022. The demand for improved digital supply chain efficiencies, the adoption of technological advancements that lower supply chain management costs, and the incorporation of machine learning and artificial intelligence (AI) for better analysis and prediction of supply chain management outcomes all contribute to the growth. These factors also support the overall market's expansion
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $968.3 Million |
| Forecasted Market Value (USD) by 2030 | $1840 Million |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology And Scope
Chapter 2 Executive Summary
Chapter 3 Digital Pharmaceutical Supply Chain Management Market Variables, Trends & Scope
3.1 Market Overview: Digital Supply Chain Management In Pharmaceutical
3.1.1 Trends
3.1.1.1 Immediate Access To Medical Supplies
3.1.1.2 Rising Adoption Of Rfid
3.1.1.3 Growing Use Of Telehealth Technologies In Digital Supply Chain Management
3.1.1.4 Investment In Technologies
3.1.2 Drivers
3.1.2.1 Adoption Of Gs1 Standard System And Udi
3.1.2.2 Emergence Of Cloud-Based Solutions
3.1.2.3 Increasing Adoption Of Mobile-Based Healthcare Supply Chain Management Solutions
3.1.2.4 Growing Requirement For Reduction In Operating Costs
3.1.3 Restraints
3.1.3.1 Cyber Security Risks Associated With The Solutions
3.1.3.2 High Cost Associated With The Implementation And Maintenance Of Digital Healthcare Supply Chain Management Solutions
3.2 Different Segments In Healthcare
3.3 Technology
3.4 Significant Areas In Pharmaceutical Industry
3.5 Recent Developments Within The Digital Supply Chain Management Industry
3.6 Global Overview Of Track And Trace Solutions Market (2017-2030) (USD Billion)
Chapter 4 Supplier Intelligence
Chapter 5 Cost Intelligence
Chapter 6 Digital Pharmaceutical Supply Chain Management Market: Product Estimates & Trend Analysis
Chapter 7 Digital Pharmaceutical Supply Chain Management Market: Deployment Estimates & Trend Analysis
Chapter 8 Digital Pharmaceutical Supply Chain Management Market: Regional Estimates & Trend Analysis, By Product And Mode Of Delivery
Chapter 9 Competitive Landscape
9.1. Recent Developments & Impact Analysis, By Key Market Participants
9.2. Company/Competition Categorization
9.2.1. Innovators
9.3. Vendor Landscape
For more information about this report visit https://www.researchandmarkets.com/r/vwafon
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