Digital Pharmaceutical Supply Chain Management Market Set to Reach USD 1.83 Billion by 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Digital Pharmaceutical Supply Chain Market Size, Share & Trends Analysis Report By Product (Software, Hardware), By Mode Of Delivery (Cloud-based, Web-based, and On -premises), By Software Modules (Software Modules Planning & Analytics, Procurement, Manufacturing, Logistics, and Inventory management)

The global Digital Pharmaceutical Supply Chain Management market is estimated to reach over USD 1835.93 million by 2031, exhibiting a CAGR of 7.7% during the forecast period.

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The pharmaceutical business has undergone a significant digital change, particularly when it comes to streamlining supply chain operations. Innovative entrepreneurs are using technology to improve the efficacy, transparency, and security of the pharmaceutical supply chain in India. This article features some of the top startups in India that are advancing the digitalization of the pharmaceutical supply chain. The pharmaceutical supply chain has been transformed by AI-based solutions because they offer actionable insights that enhance visibility, service quality, and the customer experience.

Pharmaceutical enterprises are assisted by logistics management platforms in smoothly facilitating immediate delivery, which leads to increased logistics efficiency through automation and digitization. When COVID-19 was at its height, customers greatly relied on e-commerce and online stores for necessities, therefore this became more and more significant. Over the forecast period, market growth is anticipated to be boosted by manufacturers' and providers' increasing usage of mobile-based healthcare SCM systems. Mobile applications are now a crucial component of SCM solutions. Due to mobile applications that support GPS, SCM for logistic organisations has gotten simpler for both developed and developing nations. These programmes track vehicles using mobile devices and sensors, improving SCM visibility as a whole.

List of Prominent Players in the Digital Pharmaceutical Supply Chain Management Market:
• McKesson Corporation
• Mediceo Corporation
• Palantir Technologies, Inc.
• Jump Technologies, Inc.
• InterSystems Corporation
• Tecsys
• Oracle
• SAP
• Infor
• Terso Solutions
• CenTrak (HALMA plc)
• Biolog-id
• TraceLink

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Market Dynamics:
Drivers-
The increased use of cutting-edge technologies in the logistics industry is what fuels growth. Additionally, these digital solutions are assisting logistic companies in lowering expenses. Due to the expansion of online purchasing and Internet users, the e-commerce business has seen significant growth. The expansion of e-commerce necessitates the need for faster and more effective transportation providers. Customers who shop online anticipate accurate orders, efficient shipping, and straightforward return policies. Companies are seeking for ways to cut back on order shipping expenses and lead times. E-commerce is what makes things visible, affordable, simple to use, quick to deliver, and easy to return. To meet this need, new models and technologies must be developed that automate distribution routes, digitalize logistics planning, and streamline material transportation. Because of this, fulfilment services-particularly for last-mile delivery and refunds-have gotten quicker and more varied.

Challenges:
Due to the rising trend towards digitization, the COVID-19 epidemic has considerably boosted the market's growth pace. Due to the widespread use of online purchasing, businesses in the food and beverage, manufacturing, and logistics industries must boost their expenditures in automation, particularly supply chain automation and digitalization. hence promoting market growth for the digital supply chain.

Numerous businesses are impacted by this outbreak, making it harder for them to maintain the intricate supply chain networks. This is predicted to increase demand for digital supply chains.

Regional Trends:
The Asia-pacific Digital Pharmaceutical Supply Chain Management market is expected to register major market share in terms of revenue and projected to grow at a high CAGR in the near future. Because of the adoption of digital technology in nations like China, India, and other Asian nations, it is predicted that the Asia-Pacific region will experience the highest growth rate throughout the projected period. IoT, AI, and cloud technologies are examples of how technology breakthroughs are helping the market expand.

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Recent Developments:
• In Feb 2022, Oracle announced the addition of new capabilities for logistics management to Oracle Fusion Cloud Supply Chain & Manufacturing (SCM). The enhancements to Oracle Fusion Cloud Transportation Management and Oracle Fusion Cloud Global Trade Management enable businesses to reduce costs and risk, enhance customer experience, and become more resilient to business disruptions.

Segmentation of Digital Pharmaceutical Supply Chain Management Market-
By Product Insights-
• Software
• Hardware
• Services
By Delivery Insights-
• Cloud-based
• Web-based
• On -premises segments
By Software Modules-
• Planning & Analytics
• Procurement
• Manufacturing
• Logistics
• Inventory management
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.