Digital Pharmaceutical Supply Chain Market 2024 Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd • 15 May 2024 - 12:40


Industry

Computer/ Electronics Computer Software Health Care/Hospitals Cloud Computing/Internet of Things Medical/Pharmaceuticals Pharmaceuticals Supply Chain/Logistics

Subject

Market Research Reports

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".

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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-

  • The US
  • Canada
  • Mexico

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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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