PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320181
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320181
Digital Pharmaceutical Supply Chain Management Market size was valued at USD 960.8 Million in 2022, expanding at a CAGR of 9.1% from 2023 to 2030.
Pharmaceutical supply chain management that is effective allows businesses to monitor and manage the complexities of global medical supply networks. Its purposes include achieving end-to-end inventory optimization across the pharmaceutical supply chain, maximizing stock availability while limiting overstocking, managing internal and external risk, and making supply networks more efficient, robust, and flexible. It prioritizes supply chain planning and optimization as well as supplier risk management, lowering the risk of medicine counterfeiting while ensuring customer satisfaction and patient safety. One of the latest companies to embark on a digital transformation roadmap is Datwyler, a Swiss-based global supplier of elastomer components for parenteral packaging.
Increasing demand for digital pharmaceutical supply chain management across the healthcare industry, including pharmaceuticals is expected to drive the market growth.
Demand for digital supply chain management systems is likely to develop steadily as pharmaceutical businesses and healthcare providers identify reimbursements. Companies that invest in digital technologies to optimize their pharmaceutical supply chain will gain a competitive advantage in terms of meeting customer expectations, adhering to laws, and assuring the delivery of high-quality pharmaceuticals to patients. According to the European Federation of Pharmaceutics Industries and Associations, in 2019 the pharmaceutical industry invested more than USD 37,700 million in R&D in Europe. Additionally, the pharma industry in the USA spends around USD 60 billion every year on drug research and development. The rise of e-pharmacy and direct-to-consumer models in the pharmaceutical industry creates new opportunities for digital supply chain management. However, the costs associated with software, hardware, training, and integration with existing systems can pose an obstacle to the adoption of the Digital Pharmaceutical Supply Chain Management Market.
The Global Digital Pharmaceutical Supply Chain Management Market is segmented on the basis of mode of delivery, product, Software Modules, and Region.
The market is divided into three categories based on the mode of delivery: On-premise, Cloud-based, and Web-based. Cloud-based segment dominates the market. Cloud-based solutions are crucial for pharmaceutical supply chain management digitization and efficiency.
The market is divided into two categories based on Product: Software, Hardware, and Services. The software segment dominates the market growth. Digital pharmaceutical supply chain management software refers to specialist software solutions that use digital technology to streamline and optimize numerous activities in the pharmaceutical supply chain.
The market is divided into two categories based on Software Modules: Planning & Analytics, Procurement, Manufacturing, Logistics, and Inventory Management. The manufacturing segment is expected to dominate the market growth. The use of digital technologies in pharmaceutical manufacturing can result in increased efficiency, improved quality control, improved regulatory compliance, and improved supply chain collaboration.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the Digital Pharmaceutical Supply Chain Management Market, due to the integration of machine learning and artificial intelligence (AI) to better analyze and predict supply chain management outcomes. North America is well-known for being at the forefront of technical advancements such as AI and machine learning. The region features a thriving ecosystem of technology firms, research institutions, and startups that are driving the development and integration of innovative technologies into a variety of industries, including healthcare. US Bureau of Labor Statistics predicted that the employment of machine learning engineers is projected to grow by 22% between 2020 and 2030. Europe is expected to drive the growth of the Digital Pharmaceutical Supply Chain Management Market in the forecast period, due to increasing Digital Supply Chain Management service.
In response to numerous industry changes and difficulties, demand for digital pharmaceutical supply chain management solutions has been constantly expanding. Pharmaceutical firms and consumers throughout the supply chain are recognizing the benefits of digitalization, which include increased efficiency, increased visibility, better data-driven decision-making, and higher regulatory compliance. In terms of competition, the digital pharmaceutical supply chain management space is likely to be dynamic and evolving, with various technology providers and software companies vying to offer comprehensive and innovative solutions. Additionally, the demand for digital supply chain management solutions has led to the emergence of specialized startups and technology firms that focus solely on pharmaceutical supply chain challenges.
Apr 24, 2023, To help organizations achieve more with less, Oracle is introducing new capabilities across Oracle Fusion Cloud Applications Suite that help customers accelerate supply chain planning, increase operational efficiency, and improve financial accuracy. The updates include new planning, usage-based pricing, and rebate management capabilities within Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) and enhanced quote-to-cash processes in Oracle Fusion Applications.