Press release
Trends in the Pharmaceutical Supply Chain Management Market, 2023-2030
PHARMACEUTICAL SUPPLY CHAIN MANAGEMENT MARKET
A recent study by Triton Market Research titled Global Pharmaceutical Supply Chain Management Market includes segmented by Deployment Mode (Cloud-based, On-premise), Component (Solution [Planning and Analytics, Transportation Management System, Manufacturing Execution System, Warehouse and Inventory Management System, Procurement and Sourcing], Service [Professional Services, Managed Services]), and Regional Outlook (Middle East and Africa, Europe, North America, Latin America, Asia-Pacific).
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Pharmaceutical supply chain management involves the strategic management of a product's entire value chain and associated logistics, which requires collaboration among manufacturers, suppliers, distributors, business partners, and consumers from procurement to delivery.
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The global pharmaceutical supply chain management market is expected to reach $4203.32 million in revenue by 2030, growing at a compound annual growth rate (CAGR) of 8.70% between 2023 and 2030, according to Triton's study analysis.
It is projected that worries about drug counterfeiting and the implementation of the GS1 standard will fuel the growth of the market under study. The need for effective supply chain management solutions is highlighted by the notable incidence of pharmaceutical drug counterfeiting, which is the source of this demand. The Pharmaceutical Security Institute has released data that shows a significant increase in the illegal trafficking of counterfeit drugs, with a 38% increase in 2020.
However, the market encounters challenges from regulatory complexities in healthcare data exchange and the considerable expenses associated with supply chain management software.
The pharmaceutical supply chain management market is categorized into deployment mode and component. The deployment mode section includes on-premise and cloud-based. Based on the component, it is branched into solution and service. The solution section further includes the manufacturing execution system, procurement and sourcing, warehouse and inventory management system, planning and analytics, and transportation management system. Further, the service section is divided into managed services and professional services.
Asia-Pacific holds the highest share in the pharmaceutical supply chain management market. Technological adoption and wide availability of supply chain management software facilitated by internet and mobile device adoption boost the studied market's growth. Additionally, establishing regional offices in the sizable pharmaceutical industry, like IBM, SAP, and Oracle, contributes to pharmaceutical supply chain management market expansion.
The eminent companies in the pharmaceutical supply chain management market are Oracle Corporation, Cardinal Health Inc, Tecsys Inc, SAP SE, Jump Technologies Inc, Manhattan Associates Inc, Terso Solutions Inc, McKesson Corporation, Infor, and Arvato Group.
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Question & Answer: Global Pharmaceutical Supply Chain Management Market
Question 1: What trends drive the pharmaceutical supply chain management market on a growth path?
Answer: The growth of the studied market is anticipated to be propelled by concerns related to drug counterfeiting and the adoption of the GS1 standard. This demand stems from the significant prevalence of pharmaceutical drug counterfeiting, underscoring the necessity for efficient supply chain management solutions. Notably, data from the Pharmaceutical Security Institute reveals a noteworthy uptick in instances of illicit trafficking of counterfeit drugs, with a substantial 38% increase in 2020.
Question 2: What factors restrict the development of the pharmaceutical supply chain management market?
Answer: The market encounters challenges from regulatory complexities in healthcare data exchange and the considerable expenses associated with supply chain management software.
Question 3: Which region dictates the pharmaceutical supply chain management market globally?
Answer: Asia-Pacific holds the highest share in the pharmaceutical supply chain management market. Technological adoption and wide availability of supply chain management software facilitated by internet and mobile device adoption boost the studied market's growth. Additionally, establishing regional offices in the sizable pharmaceutical industry, like IBM, SAP, and Oracle, contributes to pharmaceutical supply chain management market expansion.
Question 4: Which are the eminent companies in the pharmaceutical supply chain management market?
Answer: The eminent companies in the pharmaceutical supply chain management market are Oracle Corporation, Cardinal Health Inc, Tecsys Inc, SAP SE, Jump Technologies Inc, Manhattan Associates Inc, Terso Solutions Inc, McKesson Corporation, Infor, and Arvato Group.
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According to Triton Market Research, the global healthcare analytics market is projected to grow at a CAGR of 16.30% during the forecast period 2019-2027.
The surge in population health analytics demand and rising adoption of business intelligence drives market growth. However, the market faces certain restraints, particularly the data security management concern and lack of skilled professionals. Nevertheless, emerging digital technologies such as telehealth create opportunities for the healthcare analytics market.
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The drivers for the market are the emergence of data-driven social partnerships and the increasing digitization of healthcare data. However, the growth of data exchange in healthcare market is hindered by security concerns related to patients' sensitive medical data and lack of skilled staff.
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