PUBLISHER: Grand View Research | PRODUCT CODE: 1301006
PUBLISHER: Grand View Research | PRODUCT CODE: 1301006
The global digital pharmaceutical supply chain management market size is expected to reach USD 1. 84 billion by 2030, expanding at 8.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Several significant factors are responsible for expanding the market. These include the expanding usage of the GS1 Standard System and Unique Device Identification (UDI), the emergence of cloud-based solutions, the rising demand for operational cost reduction, and the increased use of mobile-based healthcare supply chain management solutions. Collectively, these elements have fuelled the market's strong upward tendency to growth.
Furthermore, through market research, digitalization within the supply chain is becoming increasingly necessary to meet the demands of consumers in a timely and efficient manner. Current market players are exploring the potential of transitioning from traditional supply chain models to digitalization. For instance, industry experts emphasized the significance of digitization as a key driver of the transformation in the podcast episode titled "Digitised Supply Chain", aired on August 24th, 2022. Industry sources emphasized the value of creating end-to-end connections to contact clients and efficiently attending to their demands. The podcast provides insight into how digitization can improve organizational agility and responsiveness.
The increase in the adoption of process automation in pharmaceutical SCM involves using technology to automate and streamline various tasks in the supply chain. This can include automating inventory management, order processing, and tracking shipments. By implementing automation, healthcare organizations can reduce manual errors, improve efficiency, and save time and resources. For instance, automated inventory management can help to ensure that supplies and medications are always in stock, reducing the risk of running out of essential items. In addition, automating order processing and tracking shipments can help reduce delays and errors in the supply chain, ensuring that healthcare providers receive the supplies they need on time.
AI is one of the most significant strategic advancements in supply chain technology and has a big impact on many different industries. Furthermore, a survey conducted in February 2020 by Syft, a provider of software and services for end-to-end supply chain management and AI-enhanced inventory control, revealed that few hospitals in the U.S. use AI and predictive analytics for supply chain management, highlighting a growing opportunity for the healthcare sector to investigate digitization to improve its supply chain management.
Key market players are engaging in various strategies such as acquisitions, partnerships, expansions, and new products launched to strengthen their market position and expand their customer base. Some of the notable recent developments within the digital supply chain management industry are mentioned below:
In February 2022, Global Healthcare Exchange (GHX) announced the acquisition of Syft, AI-enabled inventory management, and SCM solution provider. The acquisition will help GHX expand and digitalize its supply chain segment. In June 2022, Kaleida Health partnered with Infor to use its solution in consolidating various organizations under one single enterprise and moving its supply chain and financial applications to the cloud to create a more dependable, scalable platform.