The Global Digital Pharmaceutical Supply Chain Management Market Size is valued at USD 1,016.1 million in 2023 and is predicted to reach USD 1,865.3 million by the year 2031 at an 8.1% CAGR during the forecast period for 2024-2031.
Key Insights:
- The increased utilization of process automation in pharmaceutical supply chain management, the advent of cloud-based solutions, and increased need for operational cost reductions in pharma sector are all likely to drive market expansion.
- In the pharmaceutical industry, AI-based solutions improve operational efficiency by lowering costs and ensuring drug delivery on time to customers, hospitals, and pharmacies. Implementing artificial intelligence in pharmaceutical supply networks is a game-changing move that promotes new advancements while also strengthening supply chain resilience.
- North America dominated the market, accounting for a significant portion of global revenue in 2023.
- With the use of digital technology, the pharmaceutical industry has made personalized medication mainstream, keeping track of stock, shipping, and delivery. Pharmaceutical companies can improve their supply chain resilience by adopting AI-driven inventory management solutions to ensure treatments are available when and where they are needed.
- The market is expected to be limited by cyber security risks and the high cost of solutions.
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.
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
- Others
Market Segmentation:
The Digital Pharmaceutical Supply Chain Management market is segmented on the basis of product, mode of delivery, and Software Modules. Based on product, the market is segmented as Software, Hardware, and Services. The mode of delivery 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, 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 North American Digital Pharmaceutical Supply Chain Management Market Holds Significant Revenue Share
The North American 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 nations like U.S. and Canada as well as mobile-based healthcare supply chain management systems.
Key Developments:
- In April 2024, SourceDay formed a strategic relationship with Infor to improve the effectiveness of direct spending purchase order (PO)lifecycle management. The partnership's focus will be to bridge the gap between ERPs and supplier networks, as well as to help joint clients manage direct material POs proactively and thoroughly from creation to receipt. As part of the partnership, the supply chain collaboration platform has become an Infor Certified Solution Partner, providing extensive, bi-directional technological integration across Infor's Discrete Manufacturing and Distribution ERPs.
- In Oct 2023, Infor introduced a series of new platform technology breakthroughs and enhancements to its industry-specific CloudSuites, all intended to help enterprises function more swiftly, efficiently, and dynamically. These developments are part of Infor's new biannual cycle for significant product launches. The new product-release cycle will allow firms to better plan for the onboarding of new technologies that will help them transform their operations and better serve their consumers.
Digital Pharmaceutical Supply Chain Management Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1,016.1 Mn |
|
Revenue Forecast In 2031 |
USD 1,865.3 Mn |
|
Growth Rate CAGR |
CAGR of 8.1 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By product and mode of delivery, Software Modules. |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
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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