Blockchain in Pharmaceutical Supply Chain Management Market Research Report - Forecast till 2027

Blockchain in Pharmaceutical Supply Chain Management Market Research Report: Information by Application (Product Traceability, Risk and Compliance Management, Payment & Settlement, Others), End User (Manufacturers, Distributors, Healthcare Providers) and Region - Forecast till 2027

ID: MRFR/HC/6537-HCR | February 2021 | Region: Global | 90 pages         

Blockchain in Pharmaceutical Supply Chain Management Market

Blockchain in Pharmaceutical Supply Chain Management Market is projected to be worth USD 3300 Million at CAGR of 23% during the forecast period.

Segmentation

By Application Product Traceability Risk and Compliance Management Payment & Settlement Others
End User Manufacturers Distributors Healthcare Providers

Key Players

  • 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.

Drivers

  • Well-developed healthcare infrastructure
  • Higher healthcare funds
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Blockchain in Pharmaceutical Supply Chain Management Market Overview


The Blockchain in Pharmaceutical Supply Chain Management Market is evaluated to grow at a CAGR of 23%. According to Blockchain in Pharmaceutical Supply Chain Management Market Analysis by MRFR, the value is estimated to expand up to USD 3300 Million by the end of the studied forecast period 2021-2028. Blockchain is basically a solution that can enhance the supply chain of the pharmaceutical sector. During various stages of the supply chain, the barcodes are scanned and they are recorded into a ledger system. This system notes down the drug journey, temperature, humidity, etc.


It can be helpful in tracking drug delivery with biometric techniques, sensor technology, 2D barcode scans, etc. This process of drug delivery is tracked until it reaches the patient. In this way, the supply chain becomes precise, seamless, and secure. With the growing use of technology, the Blockchain in Pharmaceutical Supply Chain Management Market Growth will flourish in the upcoming years. The Blockchain in Pharmaceutical Supply Chain Management Global Market Outlook suggests that North America will have the largest share in the market. On the other hand, the Asia-Pacific region is projected to record the fastest growth in the studied forecast period.


COVID-19 Analysis


The COVID-19 disease led to several restrictions for travelling that disrupted the supply chain drastically. Also, it was very important to deliver the crucial drugs to the patients. Also, the distribution of significant vaccines across the countries was helpful with the help of blockchain technology. Thus, the demand for Blockchain in Pharmaceutical Supply Chain Management Market observed a significant rise in the pharmaceutical supply chain.


Market Dynamics


Market Drivers


The advanced and well-developed infrastructure in the healthcare sector is considered to be a major driver for the Blockchain in Pharmaceutical Supply Chain Management Market. Also, the growing awareness and rapid advancement in technology will further boost the market growth in the upcoming years.


Restraints


The availability of new technology is evaluated to restrain the Blockchain in Pharmaceutical Supply Chain Management Market Growth. Also, the vague idea for regulatory standards and status can hamper market growth. Without proper regulation, the technology-enabled application can largely affect the upcoming years.


Opportunities


The growing demand for new technology and the launch of new products can offer a new opportunity for the Blockchain in Pharmaceutical Supply Chain Management Market Growth. Also, the increasing funds for the development and research purposes by major key players can play a major role in uplifting the Blockchain in Pharmaceutical Supply Chain Management Industry Size.


Challenges


The major challenge that can slow down the growth of Blockchain in the Pharmaceutical Supply Chain Management Market is the consumption of high power of energy. Also, there are a few permissioned blockchains and are synced with centralized databases. Therefore, can be a major challenge to increase the capacity of the blockchain with the rising use of big data.


Cumulative Analysis


The Compound Annual Growth Rate (CAGR) of Blockchain in the Pharmaceutical Supply Chain Management Market is evaluated to grow up to 23%. The market value is estimated to expand up to USD 3300 Million by the end of the studied forecast period 2021-2028. Various drivers such as the growing demand for new technology, funds by key players will fuel the market growth in the upcoming years.


Value Chain Analysis


With the advancement of technology and other factors, the Pharmaceutical Supply Chain Management Market Trends is estimated to have a significant increase. Countries such as the US, India, China, Japan, Canada, the UK, etc. are offering a wide platform for the development of blockchain technology. As a result, the Blockchain in Pharmaceutical Supply Chain Management Market Value will significantly increase with the development of new technology.


Market Segmentations


The market segments of Blockchain in the Pharmaceutical Supply Chain Management Market are end-user and application. Based upon application, the Blockchain in Pharmaceutical Supply Chain Management Market is divided into Settlement and Payment, Compliance and Risk Management, Product Traceability, Others.


Based upon end-user, the Blockchain in Pharmaceutical Supply Chain Management Market is divided into Distributors, Manufacturers, and Healthcare Providers.


Regional Analysis


Based upon the region, the Blockchain in Pharmaceutical Supply Chain Management Market Outlook is divided into North America, Africa, and the Middle East, Asia-Pacific, and Europe. As per the Blockchain in Pharmaceutical Supply Chain Management Market Forecast, MRFR, it is evaluated that North America will hold the largest share. The increasing focus to enhance the supply chain such as fulfillment, production, warehousing, logistics, transportation, etc. in Canada and the US are the major reason for significant growth.


Secondly, Europe will hold the second largest Blockchain in Pharmaceutical Supply Chain Management Market Share. It is mainly due to the supportive regulations and funds by the government and the key players. On the other hand, the Asia-Pacific region is estimated to grow at the fastest rate in the studied years of the forecast period. The early adoption of new technology and new trends such as containerization, computerization, trucking, is among crucial reasons for the growth of Blockchain in the Pharmaceutical Supply Chain Management Market.


Furthermore, the Middle East and Africa will also observe substantial growth in the upcoming years. The adoption of new technology and favorable investments by key players are providing growth in the Blockchain in Pharmaceutical Supply Chain Management Market.


Competitive Landscape


The players play a significant role in the improvement in the Blockchain in Pharmaceutical Supply Chain Management Market Growth. They do acquisitions, mergers, collaborations, partnerships, etc. Some of the key players in the Blockchain in the Pharmaceutical Supply Chain Management Market are as follows.



  • Microsoft SAP SE

  • Applied Blockchain

  • Blockverify

  • Peer Ledger

  • Chainvine

  • Vechain Foundation

  • Bitfury Digital

  • Nodalblock

  • Treasury Corporation

  • AWS

  • Omnichain

  • BTL Group

  • Guardtime

  • Treasury Corporation

  • IBM

  • Tibco Software

  • Auxesis Group


Recent Developments


No Recent Developments were found.


Report Overview


The overview of the Blockchain in Pharmaceutical Supply Chain Management Market Outlook is as follows.



  • Market Overview

  • COVID-19 Analysis

  • Dynamics of the Market

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Analysis

  • Recent Development


Report Score and Segmentation


The report score is to provide brief information regarding the Blockchain in Pharmaceutical Supply Chain Management Market Forecast. The report highlights various factors that promote and hampers market growth such as challenges, opportunities, drivers, etc. It also gives information about the key players in the market. The information provided in this report is collected from various private and secondary sources.



  • Study Period- 2021-2028

  • Base Year-2021

  • Forecast Period- 2021-2028

  • Historical Period-2017-2020


Segmentation



  • By Application

  • Settlement and Payment

  • Compliance and Risk Management

  • Product Traceability

  • Others



  • By End-User

  • Distributors

  • Manufacturers

  • Healthcare Providers



  • By Region

  • North America

  • Europe

  • The Middle East and Africa

  • Asia-Pacific



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   22.5% (2019-2024)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Application, End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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.
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers

  • Well-developed healthcare infrastructure
  • Higher healthcare funds


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    Frequently Asked Questions (FAQ) :

    Blockchain in pharmaceutical supply chain management market is projected to grow at a 22.5% CAGR between 2019-2024.

    The Americas is expected to dominate the blockchain in pharmaceutical supply chain management market.

    End users of the blockchain in pharmaceutical supply chain management market include healthcare providers, distributors, and manufacturers.

    The blockchain in pharmaceutical supply chain management is widely used in payment and settlement, product traceability, and others.

    Some of the key strategies adopted by key players operating in the blockchain in pharmaceutical supply chain management market include expansion, product development, acquisition, and innovation.