The Blockchain in Pharmaceutical Supply Chain Management Market Insights by Application (Product Traceability, Risk and Compliance Management, Payment Settlement, Others), End User (Manufacturers, Distributors, Healthcare Providers) and Region - Forecast till 2030
The Global Blockchain In Pharmaceutical Supply Chain Management Market is expected to register an approximate CAGR of 23% during the forecast period.
The portfolio of pharmaceutical companies has become more diversified in recent years with the arrival of nanotechnology, tissue regeneration, and stem cell research. These new products need a process of manufacture and distribution need to be safer than conventional chemical molecules by their intrinsic characteristics. In addition, the substantial growth of emerging markets, the environmental pressures for sustainable progress and the growing scrutiny by regulatory authorities (new regulations, broader risk management, etc.) back the idea that a new approach to manufacturing and distribution would be needed in future years to meet the needs of the coming future.
The global blockchain in pharmaceutical supply chain management market trends is segmented on the basis of application, end user, and region.
On the basis of application, the global blockchain in pharmaceutical supply chain management market is segmented into product traceability, risk and compliance management, payment settlement, others. The market by end user is segmented into manufacturers, distributors, healthcare providers
On the bases of region, the global blockchain in pharmaceutical supply chain management market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East Africa. The Americas is expected to hold the largest market share and the Middle East Africa with a low market share during the forecasted period.
Some of the key players in the global blockchain in pharmaceutical supply chain management market are IBM, Microsoft, SAP SE, Oracle, Tibco Software, Auxesis Group, Omnichain, Vechain Foundation, Chainvine, Applied Blockchain, AWS, Huawei, Guardtime, BTL Group, Bitfury, Digital Treasury Corporation, Blockverify, Nodalblock, Peer Ledger and others.
The healthcare sector and its supporting IT infrastructure are going through dramatic changes, all of which impact the claims management process and lead to improving the technology. Many healthcare organizations use robotic process automation, intelligent EDI integration, insurance discovery, and patient solutions all within their workflow platform to dramatically enhance the overall process. The adoption of various software has increased profit.
Infrastructure and technology are continuously evolving in developing regions such as Asia-Pacific. A number of different multinational and local companies are involved in developing their markets in this region owing to the developing economy and increasing government support. An increasing number of healthcare companies have provided a good opportunity for the development of the blockchain in pharmaceutical supply chain management market.
Furthermore, in the United States, the Drugs Quality and Safety Act (DQSA) was promoted by Congress on November 27, 2013. This outlines the steps to be taken to develop an interoperable electronic supply chain management system. This will strengthen the FDA's capability to protect consumers from exposure to drugs that could be fake or from the black market.
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