by Supply chain risk management solutions help organizations foresee and mitigate operational challenges across the supply chain network. These solutions assess risk exposure across an organization’s suppliers, manufacturing sites, distribution channels and other entities of the supply chain. They help maintain business continuity and protect brand reputation by identifying potential disruptions.
The global Supply Chain Risk Management Market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing geriatric population globally has been a key driver boosting demand for various healthcare and medical products in recent years. As the elderly population is more susceptible to various chronic and lifestyle diseases, there has been considerable rise in consumption of pharmaceuticals, medical devices and hospital services. Since supply chains for the healthcare industry involve numerous entities and touchpoints across geographies, any disruption can seriously impact product availability and quality of care. Supply chain risk management solutions help healthcare organizations and medical device makers stay prepared for uncertainties by assessing vulnerabilities in their supply networks and taking corrective actions. This rising focus on ensuring continuity of medical supplies is thus fueling adoption of supply chain risk management.
SWOT Analysis
Strength: Supply chain risk management enables companies to gain visibility across their supply chain and proactively manage potential risks and disruptions. This helps in ensuring business continuity.
Weakness: Adoption of advanced supply chain risk management tools requires significant investment which can be prohibitive for small and medium enterprises. Lack of skilled workforce to implement advanced supply chain risk management strategies is another weakness.
Opportunity: Increasing globalization of supply chains and rising geopolitical uncertainties have increased the need for robust supply chain risk management among companies. This presents an opportunity for supply chain risk management solution providers.
Threats: Changing trade policies and tensions between major countries pose a significant threat. Natural calamities like pandemic, floods or earthquakes can severely disrupt global supply chains.
Key Takeaways
The Global Supply Chain Risk Management Market Size is expected to witness high growth. The global Supply Chain Risk Management Market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
The North America region currently dominates the supply chain risk management market owing to presence of majority of key players in countries like US. Asia Pacific is expected to grow at the fastest pace during the forecast period driven by growing adoption in countries like China, India and Japan. Manufacturing and trading hubs in Asia Pacific are increasingly focusing on supply chain risk mitigation solutions.
Key players
Key players operating in the supply chain risk management market are BWise, SAP, Oracle, LogicManager, MetricStream, Resilience360, IBM, Crowe, Quantivate, Riskpulse. Rising burden of chronic diseasesGrowing geriatric (aging) population has increased the demand for pharmaceutical drugs which has provided opportunities for players in this market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
