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Blockchain Pharmaceutical Supply Chain Management Market Analysis

ID: MRFR//6537-HCR | 90 Pages | Author: Rahul Gotadki| May 2024

The integration of blockchain technology into pharmaceutical delivery chain control is remodeling the enterprise and addressing challenges, including counterfeit tablets, traceability, and data safety. Market dynamics in this region are trended via factors like regulatory compliance, technological innovation, and the want for transparency within the pharmaceutical delivery chain. The incidence of counterfeit tablets inside the pharmaceutical supply chain drives the adoption of blockchain. Market dynamics are influenced by the urgency to combat counterfeit medicines, with blockchain providing a steady and obvious gadget for verifying the authenticity of pharmaceutical merchandise at each level of the delivery chain. Blockchain's ability to streamline and automate supply chain methods impacts market dynamics. The technology reduces paperwork, minimizes errors, and hastens the general flow of records, leading to operational efficiency gains and financial savings for pharmaceutical agencies.
The collaborative nature of blockchain in delivery chain management influences market dynamics. Stakeholders, inclusive of manufacturers, vendors, and logistics carriers, are encouraged to paint collectively and seamlessly on a shared platform, fostering improved conversation and collaboration across the complete supply chain network. The adoption of blockchain has become an aggressive gain inside the pharmaceutical industry. Market dynamics are motivated by groups aiming to distinguish themselves with the aid of leveraging blockchain technology to ensure product first-rate, decorate supply chain visibility, and construct consideration amongst consumers and regulatory government. The integration of blockchain with different rising technologies, which includes IoT (Internet of Things) and AI (Artificial Intelligence), shapes market dynamics. Combining those technologies enhances the abilities of the pharmaceutical delivery chain, supplying real-time tracking, facts analytics, and predictive insights for higher choice-making.
The globalization of pharmaceutical delivery chains and the increase in move-border transactions affect market dynamics. Blockchain's potential to provide a stable and standardized platform for international alternatives contributes to market growth as agencies try to find solutions for dealing with complicated global delivery chains. Education and attention projects about the benefits of blockchain affect market dynamics. Stakeholders within the pharmaceutical enterprise are increasingly recognizing the cost of blockchain in addressing delivery chain challenges, leading to extra adoption as attention spreads. Blockchain gives price-powerful solutions for regulatory compliance. Market dynamics are stimulated via the enchantment of a technology that not only guarantees adherence to guidelines but additionally affords an extra streamlined and cost-effective approach to meeting compliance requirements within the pharmaceutical delivery chain.

Global Blockchain in Pharmaceutical Supply Chain Management Market Overview


Blockchain in Pharmaceutical Supply Chain Management Market Size was prized at USD 0.98 Billion in 2023. Blockchain in pharmaceutical supply chain management market industry is projected to grow from USD 1.2054 Billion in 2024 to USD 5.15 Billion by 2032, showing a compound annual growth rate of 19.90% from 2024 to 2032. Factors like rising blockchain as a service (BaaS) adoption and rising demand for distributed ledger technology that is transparent and unchangeable are the key market drivers enhancing the market growth. Additionally, the pharmaceutical industry is projected to embrace blockchain technology because of the rising demand for healthcare data protection and the rise in healthcare data theft and breaches.


 


Blockchain in Pharmaceutical Supply Chain Management Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Blockchain in Pharmaceutical Supply Chain Management Market Trends



  • Rising cyber threat in the healthcare sector is driving the market growth


Market CAGR for blockchain in pharmaceutical supply chain management is driven by the rising cyberattacks on the healthcare sector. Due to increased data breaches, break-ins, and the unauthorized release of sensitive healthcare data from databases, the market will grow more swiftly. Additionally, due to the rapid development in the healthcare industry, electronic clinical records with personalized medical data sets have replaced paper-based clinical records. In any instance, because of the centralized database, regular data sets, like SQL data sets, can impede the flow of information. With its decentralized character distribution control, blockchain technology successfully prevents data breaches. The blockchain's accuracy must be verified against other data to display the two blocks to every user. This guarantees toughness and guards against data loss and harm. As a result, pharmaceutical businesses are increasing their use of DLTs to follow the supply chain from producers to customers and research facilities.


One in ten medicines fail in low- and middle-income countries because they are subpar or fake, according to the World Health Organisation (WHO). For instance, 72,430 and 169,270 kids have pneumonia yearly after using bogus medications. To reassure users that regulatory organizations have verified the manufacturer, the medical profession has been urged to switch to blockchain due to widespread worries about phony drug supply chains. Additionally, the acceptance of electronic health records (EHRs) has increased the ability of medical professionals to share clinical data to hasten disease detection. Also, publishing such sensitive information on commercially available social media networks is unsafe. As a result of blockchains' quick uptake as a secure platform for sharing encrypted information that only verified users can access, the market is expected to expand. Thus, driving the blockchain in pharmaceutical supply chain management market revenue.


Blockchain in Pharmaceutical Supply Chain Management Market Segment Insights


Blockchain in Pharmaceutical Supply Chain Management Application Insights


The blockchain in pharmaceutical supply chain management market segmentation, based on application, includes product traceability, risk & compliance management, payment & settlement, and others. The product traceability segment dominated the market, accounting for 42.8% of market revenue (0.3 Billion). Traceability has become a vital requirement for multi-tiered, multi-site production. It offers visibility and satisfies the needs of consumers for the guarantee transparency and quality. Furthermore, in 2022, the payment & settlement sector witnessed the fastest growth rate. Blockchain technology increases the effectiveness of payment systems, lowers operating costs, and provides transparency. Due to the benefits of blockchain technology, its use in payment solutions is expanding, driving the segment's growth. Another key factor driving the segment's growth is that blockchain eliminates the need for an intermediary in processing payments.


Figure 1: Blockchain in Pharmaceutical Supply Chain Management Market, by Application, 2023 & 2032 (USD Billion)


Blockchain in Pharmaceutical Supply Chain Management Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Blockchain in Pharmaceutical Supply Chain Management End-User Insights


 The blockchain in pharmaceutical supply chain management market segmentation, based on end-user, includes manufacturers, distributors, and healthcare providers. Due to their substantial R&D expenditures, the manufacturers category hold the highest proportion. Therefore, the use of this technology is expanding for a variety of purposes, including ensuring compliance, transparency, and traceability within the pharmaceutical supply chain and in clinical trials, improving the reliability and quality of the clinical trials, and preventing counterfeit drugs from entering trials and, ultimately, the market. The distributor industry had the greatest share of revenue in the market in 2022, and this pattern is projected to hold throughout the forecast period. During the forecast period, rising worries about medical shipment tracking, the need to maintain complex records, and an increase in product transparency are anticipated to promote the expansion of the market.


Blockchain in Pharmaceutical Supply Chain Management Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American blockchain in the pharmaceutical supply chain management market area will dominate this market. The North American blockchain in the pharmaceutical supply chain management market is being driven by the presence of large pharma players in the U.S., the dominance of top blockchain providers in North America, high awareness regarding data management and counterfeit drugs, and growing support from public and private bodies to adopt blockchain technologies.


Further, the major countries studied in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.


Figure 2: BLOCKCHAIN IN PHARMACEUTICAL SUPPLY CHAIN MANAGEMENT MARKET SHARE BY REGION 2023 (USD Billion)


Blockchain in Pharmaceutical Supply Chain Management Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe’s blockchain in the pharmaceutical supply chain management market accounts for the second-largest market share. Governments around the region support using this revolutionary technology and cryptocurrencies in the entire healthcare ecosystem due to its potential to increase efficiency, improve security, simplify transactions, and engage patients. Further, the German blockchain in the pharmaceutical supply chain management market held the largest market share, and the UK blockchain in the pharmaceutical supply chain management market was the rapidly growing market in the European region.


The Asia-Pacific Blockchain in Pharmaceutical Supply Chain Management Market is anticipated to grow quickly between 2023 and 2032 due to the large population, which generates enormous numbers of patient records that must be safeguarded at all costs. As a result, Renji Hospital and VeChain jointly developed a blockchain-based IVF service application introduced in China in June 2021. Moreover, China’s blockchain in the pharmaceutical supply chain management market held the major market share, and the Indian blockchain in the pharmaceutical supply chain management market was the rapidly growing market in the Asia-Pacific region.


Blockchain in Pharmaceutical Supply Chain Management Key Market Players & Competitive Insights


Leading market players are largely investing in research and development to expand their product lines, which will help the blockchain in the pharmaceutical supply chain management market, grow even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants engage to increase their presence. Blockchain in pharmaceutical supply chain management industry must provide affordable products to expand and thrive in a more competitive and challenging market environment.


One of the major business strategies manufacturers use in the blockchain in the pharmaceutical supply chain management industry to increase market sector and benefits customers is local manufacturing to lower operational costs. In recent years, the blockchain in the pharmaceutical supply chain management industry has stipulated some of the most important medicinal benefits. Major players in the blockchain in the pharmaceutical supply chain management industry, including Huawei, Digital Treasury Corporation, Vechain Foundation, Auxesis Group, Microsoft, and others, are funding operations for research and development to boost market demand.


Nokia firm, founded in 1865, is a Finnish multinational telecommunications, information technology, and consumer electronics firm. Over the last 150 years, the organization has worked in various industries. It was formed as a pulp mill and has long been connected with rubber and cables, but it has focused on large-scale telecommunications infrastructure, technological development, and licensing since the 1990s. In March 2022, Nokia was picked by Equideum Health to aid in the development and delivery of healthcare use cases, according to Nokia. Equideum Health will use Nokia's Data Marketplace (NDM) solution, offered via its Software-as-a-Service (SaaS) architecture. Equideum Health, a blockchain leader in healthcare and life sciences, will be able to introduce new use cases.


Avaneer Health provides a secure and open network that supports utility services for the healthcare industry. The company provides transparency and security to help consumers navigate healthcare decisions and reduce administrative burdens caused by regulation, privacy protection, and competitive dynamics, allowing the industry to collaborate effectively to improve the consumer experience and interoperability in healthcare. In January 2022, Avaneer Health secured funding from numerous famous healthcare institutions, totaling USD 50 million in seed capital. Based on blockchain technology, the network focuses on payer-to-payer data sharing, eligibility, and prior authorization while utilizing HL7's FHIR specification to expand data access among healthcare firms.


Key Companies in the blockchain in the pharmaceutical supply chain management market include




  • 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




Blockchain in Pharmaceutical Supply Chain Management Industry Developments


August 2021:ConsenSys, a healthcare blockchain business, has acquired FHIRBlocks to strengthen its data-sharing capabilities as federal rules allow patient access to medical information. ConsenSys announced plans to integrate FHIRBlocks' technology into its Elevated Compute platform, which leverages blockchain, decentralized artificial intelligence, and confidential computing for healthcare and life sciences companies, at the 2021 Healthcare Information and Management Systems Society (HIMSS) Conference in Las Vegas.


January 2021:Optum, a subsidiary of UnitedHealth Group, announced the acquisition of Change Healthcare with the goal of more effectively simplifying essential clinical, administrative, and payment processes. According to the companies, Change Healthcare will work with the OptumInsight division to offer software and data analytics, technology-enabled services, research, consulting services, and products for revenue cycle management.


Blockchain in Pharmaceutical Supply Chain Management Market Segmentation


Blockchain in Pharmaceutical Supply Chain Management Application Outlook




  • Product Traceability




  • Risk & Compliance Management




  • Payment & Settlement




  • Others




Blockchain in Pharmaceutical Supply Chain Management End-User Outlook




  • Manufacturers




  • Distributors




  • Healthcare Providers




Blockchain in Pharmaceutical Supply Chain Management Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



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