JERSEY CITY, N.J., May 15, 2024 /PRNewswire/ -- InsightAce Analytic
Pvt. Ltd. announces the release of a market assessment report on
the "Global Digital Pharmaceutical Supply Chain Market
Size, Share & Trends Analysis Report By Product (Software,
Hardware), By Mode Of Delivery (Cloud-based, Web-based, and On
-premises), By Software Modules (Software Modules Planning &
Analytics, Procurement, Manufacturing, Logistics, and Inventory
Management), Region, Market Outlook And Industry Analysis
2031".
The Global Digital Pharmaceutical Supply Chain Management
Market is estimated to reach over USD
1,865. 3 Mn by 2031, exhibiting a CAGR of 8.1% during the
forecast period.
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In recent times, pharmaceutical companies have been exploring
new approaches to meet the potential of novel therapies and gain a
stronger competitive edge. The advent of data analytics solutions
enables the shift from a reactive to a predictive supply chain,
which has the potential to enhance the patient and caregiver
experience.
The demands of the supply chain are moving, shifting from a
narrow focus on drug production and delivery to a more adaptable
supply chain that meets the requirements of various stakeholders,
such as caregivers, patients, and insurance companies. AI-based
solutions have revolutionized the pharmaceutical supply chain by
providing practical insights that improve visibility, service
quality, and the overall customer experience.
Fundamental advancements in artificial intelligence (AI) show
the capacity to benefit the pharmaceutical industries greatly.
Pharmaceutical firms can increase productivity, decrease expenses,
and guarantee the accessibility of vital medications by
implementing AI technologies. AI's capability to analyze immense
quantities of data and generate real-time forecasts enables it to
assist in the optimization of a variety of supply chain processes,
including demand forecasting and inventory management. Across the
pharmaceutical supply chain, AI can increase dependability and
efficiency by optimizing schedules, enhancing decision-making, and
relieving supply chain employees of tedious manual labour in favour
of more value-added responsibilities.
Government attempts to improve medical supplies, together with
rising demand for operational efficiency and mobile solutions, are
expected to boost digital pharmaceutical supply chain management
market growth. The use of artificial intelligence and analytics,
expanding demand for cloud-based solutions, and increased
acceptance of process automation in pharmaceuticals are all
expected to drive revenue-generating market development throughout
the forecast period.
List of Prominent Players in the Digital Pharmaceutical
Supply Chain Market:
- McKesson Corporation
- Mediceo Corporation
- Palantir Technologies, Inc.
- Jump Technologies, Inc.
- InterSystems Corporation
- Tecsys
- Oracle
- SAP
- Infor
- Terso Solutions
- CenTrak (HALMA plc)
- Biolog-id
- TraceLink
- Other Prominent Players
Digital Pharmaceutical Supply Chain 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; France; Italy; Spain;
Southeast Asia; South Korea
|
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Market Dynamics:
Drivers-
The rising usage of cutting-edge technologies such as
digital-twins technology in the supply chain business drives
growth. Furthermore, these digital technologies assist logistics
organizations in cutting costs. The e-commerce industry has grown
significantly as the number of people purchasing online and using
the Internet has increased. The growth of e-commerce needs the
development of speedier and more efficient transportation services.
Customers who shop online expect accurate orders, prompt shipment,
and simple return policies. Companies are looking for solutions to
decrease order transportation costs and lead times. E-commerce
makes products visible, affordable, simple to use, quick to
deliver, and easy to return. To fulfill this need, new models and
technologies must be created to automate distribution routes,
digitize logistics planning, and simplify material transportation.
Moreover, introduction of AI-enabled e-commerce solutions is
further expected to witness significant growth prospects during the
forecast period.
Challenges:
The COVID-19 pandemic has accelerated the market's growth due to
the increasing digitalization trend. Because of the extensive use
of online purchasing, companies in the food and beverage,
manufacturing, and logistics industries must increase their
investments in automation, particularly supply chain automation and
digitalization. As a result, the digital supply chain benefits from
increased market growth.
This outbreak has affected a large number of firms, making it
more difficult for them to maintain their complex supply chains.
This is expected to drive higher demand for digital supply
chains.
Regional Trends:
The North America digital
pharmaceutical supply chain management market is expected to have a
considerable revenue share and develop swiftly in the near future.
The regional market expansion is anticipated to grow most rapidly,
owing to increased widespread adoption of digital technology and
the deployment of various methods to improve pharmaceutical supply
chain management. The integration of IoT, AI, and cloud
technologies to support pharmaceutical product development,
production, and distribution is contributing to market
evolution.
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Recent 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, InterSystems
recently introduced eight new companies to its Startup Program.
InterSystems provides support to these businesses, enabling them to
effectively change the digital health environment by improving
patient care and transforming the sector. The InterSystems Startup
Program offers assistance, technical integration, resources, and
funding to firms that rely on data in important sectors like
healthcare, financial services, logistics, and manufacturing.
- In Oct 2022, Palantir
Technologies Inc. and Concordance Healthcare Solutions LLC formed a
partnership to create the first comprehensive medical supply chain
ecosystem. This ecosystem will combine inventory and supply chain
data from manufacturers, suppliers, distributors, and providers
into a unified and up-to-date system. Problems such as product back
orders and replacements, which formerly required a significant
amount of time and effort from frontline staff, can now be resolved
in a matter of minutes. In the end, this enhances the quality of
patient treatment and lessens the workload on healthcare
providers.
- 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.
Segmentation of Digital Pharmaceutical Supply Chain
Market-
By Product-
- Software
- Hardware
- Services
By Delivery Insights-
- Cloud-based
- Web-based
- On -premises segments
By Software Modules-
- Planning & Analytics
- Procurement
- Manufacturing
- Logistics
- Inventory Management
By Region-
North America-
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and
Africa
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Why should buy this report:
- To receive a comprehensive analysis of the prospects for global
Digital Pharmaceutical Supply Chain market
- To receive industry overview and future trends of global
Digital Pharmaceutical Supply Chain market
- To analyze the Digital Pharmaceutical Supply Chain market
drivers and challenges
- To get information on the Digital Pharmaceutical Supply Chain
market size value (US$ Mn) forecast till 2031
- Major Investments, Mergers & Acquisition in global Digital
Pharmaceutical Supply Chain market industry
Other Related Reports Published by InsightAce
Analytic:
Digital Logistics Market
Pharma 4.0 Market
Digital Twins in Healthcare Market
Healthcare Cold Chain Logistics Market
AI in Medical Supplies/Inventory Management Market
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