The Global Blockchain in Pharmaceutical Supply Chain Management Market is expected to register a CAGR of 22.5% during the forecast period of 2019 to 2024.
A blockchain solution can make a substantive difference to the pharmaceutical supply chain. At every stage of the supply chain process, barcodes would be scanned and recorded onto a blockchain ledger system which, in sequence, records and creates an audit trail of the drug journey. Sensors can also be combined into the supply chain, with temperature or humidity being noted onto the ledger system. This is most important for drugs requiring fridge storage, such as insulin or expensive, specially manufactured medicines.
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Furthermore, through the use of blockchain, the supply chain process of the drugs can become more secure and streamlined. Every delivery can be tracked, with the delivery driver traced through biometric measures. Every checkpoint concerning the drugs supply is recorded and traced via biometric measures, 2d barcode scans, or sensor technology. As the drug is tracked from its manufacturing unit to the patient, the whole of the drug supply chain becomes seamless, precise, audited, and safe.
The global blockchain in pharmaceutical supply chain management 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
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.
Regional Market Summary
The global blockchain in pharmaceutical supply chain management market is segmented on the basis of regions: Americas, Europe, Asia-Pacific, and the Middle East & Asia. The Americas account for the major share of the market owing to the well-developed technology, high healthcare expenditure, and the presence of the major pharmaceutical players. Europe accounted for the second largest market, which is followed by Asia-Pacific. Well-developed healthcare infrastructure and higher healthcare funds have driven the European blockchain in pharmaceutical supply chain management market. Asia-Pacific is the fastest growing blockchain in pharmaceutical supply chain management market. Rapidly changing healthcare sector, and the presence of huge opportunities for the development of this market have paved the way for market growth. However, the Middle East and Africa holds the least share in the global blockchain in pharmaceutical supply chain management market. The presence of poor economies and low per capita income, especially within Africa, restrains the growth within the region. A majority of the market share within this region is estimated to be held by the Middle East due to increasing government funding in the healthcare for healthcare, and presence of developed economies like UAE, Kuwait, Dubai, and others.
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