Growth in the Pharmaceutical Traceability Market to Reach $17.92 Billion from 2023-2028
The global pharmaceutical traceability market is anticipated to witness substantial growth, projecting an increase of USD 17.92 billion from 2023 to 2028. According to Technavio Research, the market is expected to maintain a robust Compound Annual Growth Rate (CAGR) of 23.44% throughout the forecast period. The driving force behind this surge is attributed to government regulations and initiatives aimed at countering counterfeit drugs, fostering initiatives that prioritize drug safety and pharmacovigilance.
The implementation of serialization software, packaging technologies, and authentication technologies, including blockchain, plays a pivotal role in enhancing drug safety and traceability. Serialization hardware, anti-counterfeiting measures, and advanced data management systems are further bolstering these initiatives, emphasizing the collective effort to ensure authenticity and safety in the pharmaceutical industry.
Key highlights from the report include:
• Market Segmentation: The market is segmented by type, including Barcode, RFID, GPS, and Biometrics, among others. Applications span pharmaceutical factories, hospitals, pharmacies, and others. Geographically, North America is projected to contribute significantly, accounting for 37% of the global market growth during the forecast period.
• Leading Companies: The report profiles major companies in the pharmaceutical traceability market, such as AlpVision SA, Antares Vision S.p.A, Authentix Inc., Avery Dennison Corp., Axway Software SA, Bar Code India Ltd., Cognex Corp., and others.
• Regional Analysis: North America is identified as a key contributor to the global market growth. Factors such as drug development, technological advancements, increased outsourcing to manufacturing organizations, and concerns about counterfeit drugs are driving the pharmaceutical traceability market in the region.
• Trends and Challenges: An emerging trend in the market is the increasing presence of online pharmacies, leading to the adoption of cloud-based solutions and mobile applications for real-time monitoring and data analytics. However, the market faces challenges in seamless system integration, particularly in achieving supply chain visibility and synchronizing Electronic Health Records (EHR) with Global Trade Item Numbers (GTIN).
The report emphasizes the industry’s pursuit of enhanced efficiency and compliance with regulatory standards, underscoring the critical role of traceability solutions in the evolving pharmaceutical landscape. The findings and insights presented in the report provide a comprehensive understanding of current market dynamics, historical data from 2017 to 2021, and future growth prospects in the pharmaceutical traceability market.
