UNITED STATES PHARMACEUTICAL SUPPLY CHAIN MANAGEMENT MARKET FORECAST 2023-2030

The United States pharmaceutical supply chain management market is anticipated to register a CAGR of 8.84% during the forecast period of 2023-2030, capturing a revenue share of $1261.47 million by 2030.

The country’s market growth is primarily attributed to key drivers, such as the increasing expenditure on pharmaceuticals, the high rates of digital transformation, and the surging adoption of innovative and cutting-edge technologies. Moreover, the increasing production of medicines and medical devices, leading to a higher demand for healthcare logistics, is expected to contribute to the United States pharmaceutical supply chain management market, as well.

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As per Atradius Insurance, the United States accounts for 45% of the global pharma market. Besides, from 2022 to 2023, the country’s pharmaceutical sector is projected to be fuelled by vaccinations in the post-COVID-19 period as well as the rising geriatric populace. Additionally, the United States healthcare industry spent $600 billion on prescription drugs, with an average of $442 spent on over-the-counter (OTC) medications by every household. This significant expenditure on pharmaceuticals marks a notable opportunity for the implementation of supply chain management mechanisms across the United States.

Digital transformation is highly valued by businesses operating in the United States. In this regard, they are typically considered the primary adopters of advanced technologies and solutions such as the Internet of Things (IoT), connected industries, additive manufacturing, artificial intelligence (AI), big data analytics, machine learning (ML), virtual reality (VR), and augmented reality (AR). Moreover, it also includes more recent telecommunications technologies like 4G, 5G, and LTE. The presence of leading pharmaceutical companies in the United States, such as Merck & Co Inc, AbbVie Inc, Johnson & Johnson, and Pfizer Inc, among others, coupled with a higher proclivity in terms of the adoption of new technologies, is set to aid in retaining the nation’s market dominance. As a result, these factors are projected to augment the United States pharmaceutical supply chain management market growth over the forecasting period.

The United States pharmaceutical supply chain management market is segmented into component and deployment mode. The deployment mode segment includes on-premise and cloud-based. Cloud-based applications, as well as platforms, are transforming supply chain management processes while scaling the operations of complex enterprises and small businesses. Moreover, cloud-based supply chain software solutions have recorded a substantial rise in implementation, mainly with a considerable surge in the growth of healthcare manufacturers.

Cloud-based platforms, such as ERP, also help increase the security as well as durability of essential healthcare information by offering out-of-the-box compliance with regulatory guidelines. Besides, with the surge in telehealth services, healthcare providers have also transitioned to cloud services in order to accelerate telehealth sessions.

The top enterprises operating in the United States pharmaceutical supply chain management market include McKesson Corporation, Oracle Corporation, Cardinal Health, etc.

Cardinal Health, headquartered in the United States, provides integrated healthcare products and services. The company supplies branded as well as generic drugs, over-the-counter healthcare and consumer products, specialty medicines, medical equipment, laboratory products, and surgical devices. Moreover, Cardinal Health also manufactures its privately branded surgical and medical products, in addition to offering effective solutions with an effective supply chain.

The company’s clientele includes retail customers, like chain and independent drug stores as well as pharmacies in supermarkets, mass merchandisers, ambulatory care centers, hospitals, clinical laboratories and alternative care providers, and physician offices.

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