Pharmaceutical Traceability Market to Record a CAGR of 20.02%, Asia to be Largest Contributor to Market Growth – Technavio – QNT Press Release

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NEW YORK, Oct. 6, 2022 /PRNewswire/ — The pharmaceutical traceability market has been segmented by type (barcode, RFID, GPS, and others) and geography (North America, Europe, Asiaand the Rest of the World (ROW)). Asia will account for 39% of the market’s growth during the forecast period. The growth of this region is attributed to factors such as the increasing number of pharmaceutical companies, the rising incidence of various chronic and lifestyle diseases, growing demand for the outsourcing of activities associated with drug manufacturing, rapid advances in drug development, and the presence of global vendors.

The pharmaceutical traceability market size is expected to grow by USD 9.37 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 20.02% during the forecast period, according to Technavio.

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Pharmaceutical Traceability Market: Segmentation Analysis

By type, the barcode segment will be the largest contributor to market growth during the forecast period. The adoption of barcodes is high, as they are less expensive than RFID tags. Moreover, they are easy to use and have high accuracy levels. In addition, governments are introducing new initiatives and laws to promote the use of barcodes in the pharmaceutical industry.

Learn about the contribution of each segment of the pharmaceutical traceability market, which is summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

Pharmaceutical Traceability Market: Driver and Trend

The growing concerns regarding counterfeit drugs are driving the growth of the market. Counterfeit drugs are manufactured fraudulently. In addition, the sources, ingredients, or other information can be mislabeled. Customers purchase counterfeit drugs due to the lack of awareness or the low prices of such drugs. Moreover, the outbreak of the novel coronavirus disease (COVID-19) pandemic has led to an increase in the circulation of counterfeit drugs, especially in developing countries. The large disparity between demand and supply, because of the shortage of raw materials as well as logistics challenges, has increased the manufacturing and marketing of counterfeit drugs. Thus, the growth in the availability of counterfeit drugs has increased the demand for anti-counterfeiting technologies that use various traceability systems. This, in turn, is fueling the growth of the global pharmaceutical traceability market .

Blockchain technology is a trend in the market. Some of the features of this technology include decentralization, immutability, and authentication. Moreover, large amounts of data generated by implementing serialization must be managed, stored, and accessed only by authorized players. Blockchain is the ideal solution for this, as serial codes can be stored and only authorized parties can add or access the information. Distributed ledgers can store the serial codes containing the product information. The stored information is immutable, which enables high levels of security. In addition, the decentralized feature of blockchain protects the information from getting compromised.

Technavio has identified key trends, drivers, and challenges in the pharmaceutical traceability market, which will help vendors improve their strategies to stay ahead of their competitors. View our FREE PDF Sample Report

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