Market Dynamics:

Rise in burden of chronic diseases is one of the major drivers boosting the growth of the supply chain risk management market. As per the World Health Organization (WHO) data, chronic diseases are the leading cause of deaths across the globe, accounting for over 70% of total deaths worldwide. Growing prevalence of chronic lifestyle diseases such as diabetes, cancer, and cardiovascular diseases has increased the demand for pharmaceuticals globally. With the presence of a complex distribution network, supply chain risk management solutions help pharmaceutical companies to efficiently manage operations amid uncertainties and unforeseen disruptions. Additionally, the solutions assist companies optimize performance and ensure availability of drugs to patients worldwide by reducing redundancies and spoilage across different stages of supply chain from procurement to delivery. This further drives the adoption of supply chain risk management solutions in the pharmaceutical industry.

SWOT Analysis

Strength: Supply chain risk management provides visibility and control over the supply chain operations. it helps in identifying issues like delays, bottlenecks, and disruptions at an early stage. This allows businesses to take timely corrective actions and ensure smooth operations. Supply chain risk management solutions offer end-to-end monitoring of procurement, production, transportation, and distribution activities. This helps businesses minimize revenue losses due to supply chain disruptions.

Weakness: Implementation of supply chain risk management requires significant investment in software, IT infrastructure, training, and consultancy. This increases the overall project costs. Additionally, small enterprises may find it difficult to allocate large capital expenditures for supply chain risk management. Managing risks across multiple tiers of suppliers involves data integration from several sources. This leads to higher complexity in implementation and management of supply chain risk management systems.

Opportunity: Growth in international trade is increasing complexities in global supply chain networks. This is creating demand for advanced risk management solutions. Rising trend of outsourcing business operations is amplifying supply chain vulnerabilities. Supply chain risk management provides visibility and control, helping companies address challenges arising from globalsourcing. Adoption of emerging technologies like AI, IoT, blockchain provides opportunities to enhance the effectiveness of supply chain risk management.

Threats: Disruption in global trade due to geopolitical conflicts and economic uncertainties increases business risks. Natural disasters and public health emergencies severely impact supply chain operations. This threatens the efficacy of risk management strategies. rising competition from open-source and low-cost alternatives can undermine the sales of established supply chain risk management vendors.

Key Takeaways

The Global Supply Chain Risk Management Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regulatory obligations related to ensuring supply chain resilience are driving increased investments in risk management solutions. The global supply chain risk management market is estimated to be valued at US$ 2.22 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.

Regional analysis: The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Factors such as rising overseas investments, increasing emphasis on cost optimization through global sourcing, and growing digitalization are fueling demand for advanced supply chain risk management solutions. China holds the largest share in the Asia Pacific market attributed to strong manufacturing capabilities, growing exports, and significant foreign trade. Other emerging Asian countries like India, South Korea and Japan are also high potential markets.

Key players: Key players operating in the supply chain risk management market areMetricStream, SAP, Oracle, IBM, SAS, LogicManager, Resilience360, Curai, Resolver, and Scout. MetricStream, SAP, and IBM collectively account for over 40% of the market share attributed to their comprehensive product portfolios and global clientele.

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