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Pharmaceutical Supply Chain Management Global Market Report 2024: Size, Growth, Trends, Outlook to 2033
Pharmaceutical Supply Chain Management Market
According to The Business Research Company's, 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 in the historic period can be attributed to regulatory compliance, globalization, risk management, demand for personalized medicine, sustainability.
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 growth in the forecast period can be attributed to precision medicine, resilience planning, data security, e-commerce integration, real-time monitoring and visibility, circular economy initiatives. Major trends in the forecast period include digital transformation, technological advancements, collaboration and visibility, environmental sustainability, advanced analytics and ai integration, blockchain technology adoption.
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Market Drivers and Trends:
The surging demand for pharmaceutical products is expected to propel the growth of the pharmaceutical supply chain management market going forward. Pharmaceutical products are medications and drugs that are developed, manufactured, and distributed for use in the prevention, treatment, or management of various medical conditions and diseases. Pharmaceutical products rely on pharmaceutical supply chain management to ensure the efficient production, distribution, and monitoring of medications, enabling timely access to essential healthcare products. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations, a Belgium-based trade association and lobbying organization, the production value of pharmaceuticals in Europe increased from 347.31 billion USD (323,950 million euros) in 2021 to 364.26 billion USD (340,000 million euros) in 2022. This represents an increase of 4.88%. Therefore, the surging demand for pharmaceutical products will drive the growth of the pharmaceutical supply chain management market.
Major companies operating in the pharmaceutical supply chain management market are developing innovative products, such as multi-enterprise supply chain work management solutions, to streamline supply chain processes and enhance collaboration across the pharmaceutical supply chain. A multi-enterprise supply chain work management solution refers to a specialized software or platform designed to streamline and optimize various supply chain processes across multiple organizations within the pharmaceutical sector. For instance, in April 2022, TraceLink Inc., a US-based company that provides supply chain work management solutions, introduced TraceLink supply chain work management solution, a multi-enterprise supply chain work management solution for the healthcare and life sciences industries. The solution is designed to facilitate collaborative networks among companies and their trading partners and aims to enhance the performance of integrated supply planning and execution processes by effectively managing supply chain issues and planning exceptions, such as material shortages, short shipments, and forecast changes. The solution provides actionable visibility and customizable business process templates for supply chain management, leading to improved fill rates, cost reduction, and enhanced supply plan performance.
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Major Key Players of the Market:
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.
pharmaceutical supply chain management Market 2024 Key Insights:
• The pharmaceutical supply chain management market is expected to grow to$3.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Rising Need for Efficient Supply Chain Management In Response To Surging Pharmaceutical Product Demand
• Innovative Solutions For Pharmaceutical Supply Chain Management
• 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.
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