PUBLISHER: The Business Research Company | PRODUCT CODE: 1455303
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455303
Pharmaceutical supply chain management involves the strategic planning, implementation, and control of the flow of pharmaceutical products and related information from manufacturers to end-users. The primary goal is to ensure the secure distribution of pharmaceuticals while maintaining product quality, safety, and compliance with regulatory requirements.
The main components of pharmaceutical supply chain management include solutions and services. Solutions encompass products, services, or strategic approaches designed to address specific challenges faced by pharmaceutical organizations. These solutions may involve a combination of resources, expertise, or technology. The deployment modes for these solutions can be either on-premise or cloud-based. Pharmaceutical supply chain management is utilized by various end-users, including healthcare manufacturers, healthcare providers, distributors, and logistics entities.
The pharmaceutical supply chain management market research report is one of a series of new reports from The Business Research Company that provides pharmaceutical supply chain management market statistics, including the pharmaceutical supply chain management industry global market size, regional shares, competitors with pharmaceutical supply chain management market share, detailed pharmaceutical supply chain management market segments, market trends and opportunities, and any further data you may need to thrive in the pharmaceutical supply chain management industry. This pharmaceutical supply chain management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The pharmaceutical supply chain management market size has grown strongly in recent years. It will grow from $2.36 billion in 2023 to $2.6 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth observed during the historical period in pharmaceutical supply chain management can be attributed to several factors. These include a heightened focus on regulatory compliance, the globalization of pharmaceutical operations, increased attention to risk management, a growing demand for personalized medicine, and a greater emphasis on sustainability practices within the supply chain. These factors collectively contributed to the evolution and advancement of pharmaceutical supply chain management during that period.
The pharmaceutical supply chain management market size is expected to see strong growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the forecast period in pharmaceutical supply chain management can be attributed to various factors. These include the increasing adoption of precision medicine, a focus on resilience planning within the supply chain, enhanced measures for data security, integration with e-commerce platforms, the implementation of real-time monitoring and visibility solutions, and a growing emphasis on circular economy initiatives within the industry. Major trends expected in the forecast period encompass digital transformation initiatives, continuous technological advancements, increased collaboration and visibility across the supply chain, a strong focus on environmental sustainability, the integration of advanced analytics and artificial intelligence, and the adoption of blockchain technology to enhance transparency and security.
The increasing demand for pharmaceutical products is poised to drive the growth of the pharmaceutical supply chain management market. Pharmaceutical products, which encompass medications and drugs developed, manufactured, and distributed for the prevention, treatment, or management of various medical conditions, rely on effective pharmaceutical supply chain management for efficient production, distribution, and monitoring. This ensures timely access to essential healthcare products. For example, data from the European Federation of Pharmaceutical Industries and Associations in June 2023 indicates that the production value of pharmaceuticals in Europe rose from 347.31 billion USD (323,950 million euros) in 2021 to 364.26 billion USD (340,000 million euros) in 2022, representing a 4.88% increase. Hence, the growing demand for pharmaceutical products is expected to fuel the pharmaceutical supply chain management market.
The increasing prevalence of chronic diseases is anticipated to contribute to the growth of the pharmaceutical supply chain management market. Chronic diseases, characterized by long-lasting medical conditions persisting for three months or more, necessitate effective pharmaceutical supply chain management for a consistent and efficient flow of medications and treatments. This approach helps reduce delays, control costs, and ensure the timely availability of medications crucial for managing chronic conditions. As reported by the National Institutes of Health (NIH) in January 2023, research anticipates a substantial increase in the incidence of chronic illnesses within the U.S. working-age demographic, projecting a 99.5% surge in individuals aged 50 and above with at least one chronic disease between 2020 and 2035. Thus, the growing prevalence of chronic diseases is a key driver for the pharmaceutical supply chain management market.
Security issues within weak supply chain management are anticipated to impede the growth of the pharmaceutical supply chain management market. Weak supply chain management, particularly vulnerabilities such as data breaches, acts as a hindrance, limiting the market's expansion. Such security issues undermine data integrity and confidentiality, raise concerns about product safety and regulatory compliance, and have a negative impact on overall market growth. As reported in October 2022 by Check Point Software Technologies, a US-based software company, the third quarter of 2022 witnessed a significant global increase in cyberattacks, with the average weekly attacks per organization surpassing 1,130. The healthcare sector, including pharmaceuticals, was particularly targeted for ransomware, affecting one in 42 organizations, marking a 5% increase year-over-year. Consequently, security issues within weak supply chain management, notably data breaches, pose challenges to the pharmaceutical supply chain management market.
Key players in the pharmaceutical supply chain management market are actively developing innovative products such as multi-enterprise supply chain work management solutions to streamline processes and enhance collaboration across the pharmaceutical supply chain. Multi-enterprise supply chain work management solutions are specialized software or platforms designed to optimize various supply chain processes across multiple organizations within the pharmaceutical sector. For example, in April 2022, TraceLink Inc., a US-based company providing supply chain work management solutions, introduced the TraceLink supply chain work management solution-a multi-enterprise solution for the healthcare and life sciences industries. This solution aims to facilitate collaborative networks among companies and their trading partners, enhancing the performance of integrated supply planning and execution processes. It effectively manages supply chain issues and planning exceptions, such as material shortages, short shipments, and forecast changes. The solution offers actionable visibility and customizable business process templates for supply chain management, leading to improved fill rates, cost reduction, and enhanced supply plan performance.
In March 2022, Symplr Software LLC, a US-based company specializing in the development of governance, risk, and compliance management software for healthcare facilities, successfully acquired GreenLight Medical for an undisclosed amount. This strategic acquisition is intended to bolster Symplr's healthcare operations portfolio by integrating the specialized medical supply chain management software developed by GreenLight. By incorporating GreenLight's expertise and solutions, Symplr aims to offer its clients enhanced services in the supply chain management sector. This initiative seeks to address the challenges faced by healthcare organizations in supply procurement. GreenLight Medical, the acquired entity, is a US-based provider of healthcare supply chain management solutions.
Major companies operating in the pharmaceutical supply chain management market report are McKesson Corporation, AmerisourceBergen Corporation, Cardinal Health Inc., Oracle Corporation, SAP SE, DSV Panalpina, UPS Healthcare, Parexel International Corporation, Spectrum Health Medical Group, Vizient Inc, Catalent Inc., Infor Inc., Epicor Software Corporation, Alvogen Inc., Vetter Pharma International GmbH , Almac Group, Manhattan Associates Inc., Global Healthcare Exchange LLC, CryoPDP, Tecsys Inc., Arvato Supply Chain Solutions, Terso Solution, Logitag Systems, Jump Technologies, Chain.io Inc.
Asia-Pacific was the largest region in the pharmaceutical supply chain management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmaceutical supply chain management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the pharmaceutical supply chain management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The pharmaceutical supply chain management market includes revenues earned by entities by providing services such as logistics and distribution, cold chain management, inventory management, and quality control and assurance services that are used to optimize the pharmaceutical supply chain for the delivery of vital medications. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The pharmaceutical supply chain management market consists of sales of cold chain equipment, warehouse automation systems, and automated guided vehicles. to provide pharmaceutical companies with opportunities to optimize the supply chain operations of pharmaceutical products. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pharmaceutical Supply Chain Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pharmaceutical supply chain management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pharmaceutical supply chain management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pharmaceutical supply chain management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.