The Global Digital Pharmaceutical Supply Chain Management Market Size is valued at 961.30 million in 2022 and is predicted to reach 1835.93 million by the year 2031 at a 7.7% CAGR during the forecast period for 2023-2031.
Especially in terms of streamlining supply chain operations, digital transformation has become a critical component of the pharmaceutical sector. Technology is being used by a number of creative entrepreneurs in India to improve the effectiveness, transparency, and security of the pharmaceutical supply chain. Some of the top startups in India that are advancing digital transformation in the pharmaceutical supply chain are highlighted in this listicle.
Applications of the digitalized system, such as artificial intelligence-powered pharmaceutical supply chain technologies, can help businesses overcome a variety of obstacles. For instance, businesses can use artificial intelligence tools to analyze data from various sources to detect trends and anomalies, enabling more accurate demand forecasts and improved inventory control. Merck KGaA's use of a data-driven strategy to improve demand forecasting in their supply chain operations is one such example. By widely using this strategy, Merck significantly improved the forecast accuracy for 90% of their products. Using data from Merck's enterprise resource planning system, Aera's AI algorithms can estimate demand quickly and precisely while taking location and volume into account.
Over the forecast period, the market expansion is anticipated to be aided by manufacturers and providers adopting mobile-based healthcare SCM solutions at a faster rate. SCM solutions now cannot function without mobile apps. Due to mobile applications that support GPS, SCM for logistic organisations in developed and developing nations has gotten simpler. These applications track vehicles using mobile devices and sensors, improving overall SCM visibility.
Recent Developments:
- In Feb 2022, Oracle announced the addition of new capabilities for logistics management to Oracle Fusion Cloud Supply Chain & Manufacturing (SCM). The enhancements to Oracle Fusion Cloud Transportation Management and Oracle Fusion Cloud Global Trade Management enable businesses to reduce costs and risk, enhance customer experience, and become more resilient to business disruptions.
Competitive Landscape:
Some of the Digital Pharmaceutical Supply Chain Management market players are:
- McKesson Corporation
- Mediceo Corporation
- Palantir Technologies, Inc.
- Jump Technologies, Inc.
- InterSystems Corporation
- Tecsys
- Oracle
- SAP
- Infor
- Terso Solutions
- CenTrak (HALMA plc)
- Biolog-id
- TraceLink
Market Segmentation:
The Digital Pharmaceutical Supply Chain Management market is segmented on the basis of product insights and mode of delivery, Software Modules. Based on product insights, the market is segmented as Software, Hardware, and Services. The delivery insights include Cloud-based, Web-based, and On -premises segments. Software Modules segment includes Software Modules Planning & Analytics, Procurement, Manufacturing, Logistics, and Inventory management.
Based On Product Insights, The Software Segment Is Accounted As A Major Contributor In The Digital Pharmaceutical Supply Chain Management Market
Due to its applications in the digital pharmaceutical supply chain management market, the software category held the greatest market share of 39.7% in 2022. During the projected period, software is anticipated to increase at the fastest rate. One of the main drivers of the market is the growing use of software like SaaS, which may provide next-generation cloud computing applications like enterprise resource planning and supply chain management.
Cloud-Based Segment Witness Growth At A Rapid Rate
Over the projected period, cloud-based deployment is anticipated to increase at the quickest rate. Its expansion can be due to expanding adoption, cost effectiveness, and desire for user-friendly technologies. The category is anticipated to continue to grow as cloud computing usage among healthcare providers to manage inventory and procurement data increases.
In The Region, The Asia-Pacific Digital Pharmaceutical Supply Chain Management Market Holds Significant Revenue Share
The Asia-Pacific Digital Pharmaceutical Supply Chain Management market is expected to register highest market share in terms of revenue in the near future. Due to the rising use of technologically advanced solutions in Asian nations like India, China, and Japan as well as mobile-based healthcare supply chain management systems, the Asia Pacific region is anticipated to develop at the quickest rate, with a CAGR of 9.56% over the projected period.
The region's market is anticipated to expand even more as GS1 standards are increasingly adopted to track the visibility of pharmaceutical products there. The WHO states that Asia Pacific accounts for the majority of the trafficking in fake medications. In order to prevent medicine fraud, the pharmaceutical sector has implemented technology like barcodes and RFID to track items and gather information about them.
Digital Pharmaceutical Supply Chain Management Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 961.30 Mn |
|
Revenue Forecast In 2031 |
USD 1835.93 Mn |
|
Growth Rate CAGR |
CAGR of 7.7 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Age Group, Education Type And Occupation. |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
Sap, Oracle Corporation, McKesson Corporation, Tecsys; Jump Technologies, Inc., Infor Inc. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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