NEW YORK, Jan. 10, 2024 /PRNewswire/ — The pharmaceutical traceability market size is expected to grow by USD 17.92 billion from 2023 to 2028. In addition, the momentum of the market will progress at a CAGR of 23.44% during the forecast period, according to Technavio Research. Government regulations and initiatives regarding counterfeit drugs and medicines drive market growth. With a focus on combatting counterfeit drugs, these measures drive market growth. Integration of serialization software, packaging technologies, and authentication technologies, including blockchain, to improve drug safety and pharmacovigilance. Serialization hardware, anti-counterfeiting measures, and robust data management systems further support these initiatives. This emphasis on traceability reflects a collective effort towards ensuring authenticity and safety in the pharmaceutical industry. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read a FREE PDF Sample Report
AlpVision SA, Antares Vision S.p.A, Authentix Inc., Avery Dennison Corp., Axway Software SA, Bar Code India Ltd., Cognex Corp., Controlant hf., Datalogic SpA, Dover Corp., Impinj Inc., Logista Pharma SAU, Mettler Toledo International Inc., Optel Group, Oracle Corp., rfxcel Corp., SAP SE, SATO Holdings Corp., TraceLink Inc., Zebra Technologies Corp.
AlpVision SA – The company offers pharmaceutical traceability solutions namely Pharmaledger.
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Pharmaceutical Traceability Market: Segmentation Analysis
The market is segmented by Type (Barcode, RFID, GPS, and Biometrics and others), Application (Pharmaceutical factories, Hospitals, Pharmacies, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)).
The barcode segment will be significant for the growth of the pharmaceutical traceability market during the forecast period. Factors like the relatively lower cost when compared with RFID tags, their lightweight nature for ease of use, and the high accuracy levels on different material surfaces, made barcodes widely accepted by end-users. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report
“Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021”- Technavio
Pharmaceutical Traceability Market: Regional Analysis
North America will contribute 37% to the growth of the global market during the forecast period. The pharmaceutical traceability market in North America is thriving due to factors like drug development, technological advancements, increased outsourcing to manufacturing organizations, and concerns about counterfeit drugs. Government initiatives like the DSCSA drive serialization for tracking and tracing drugs, fostering demand for traceability solutions and boosting market growth in the region.
Pharmaceutical Traceability Market: Driver & Trend:
The increasing presence of online pharmacies stands as an emerging trend molding the Pharmaceutical Traceability Market. This shift emphasizes the adoption of cloud-based solutions and mobile applications for real-time monitoring and data analytics. Ensuring regulatory compliance and quality assurance, batch tracking, and cold chain monitoring becomes critical. Serialization, pharmaceutical packaging, and robust data security measures accommodate the evolving landscape, reflecting the industry’s pursuit of enhanced efficiency and compliance with regulatory standards.
The Pharmaceutical Traceability Market confronts a substantial hurdle in the escalating demand for seamless system integration. Achieving supply chain visibility, compliance, and synchronization of Electronic Health Records (EHR) with Global Trade Item Numbers (GTIN) are challenges. The implementation of track and trace mechanisms involving RFID (Radio-Frequency Identification), barcodes, and Electronic Product Codes (EPC) requires comprehensive system integration. Overcoming these complexities is significant for enhancing traceability and ensuring the efficacy of pharmaceutical supply chains.
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What are the key data covered in this pharmaceutical traceability market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the pharmaceutical traceability market between 2023 and 2028.
- Precise estimation of the pharmaceutical traceability market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the pharmaceutical traceability market across North America, Europe, Asia, and ROW
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of pharmaceutical traceability market vendors.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography
Drivers, Challenges, & Trends
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