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The epedigree software market is estimated to grow at a CAGR of 15.2% between 2022 and 2027. The size of the market is forecast to increase by USD 2,660.47 million. The growth of the market depends on several factors, including rising requirements for serializability to tackle counterfeiting, an increase in the rate of technology adoption and proliferation of technologies, and ensuring compliance with governmental regulations.
This report extensively covers market segmentation by deployment (on-premises and cloud), end-user (large enterprise, small and medium enterprises), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the ePedigree software market as a part of the global application software market within the global IT software market. The overall global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increase in the rate of technology adoption and proliferation of technologies are notably driving the market growth, although factors such as huge time and cost requirements for infrastructural implementation may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key EPedigree Software Market Driver
The increase in the rate of technology adoption and proliferation of technologies are notably driving market growth. Innovations and technological advances, such as RFID technology, barcode, and advanced sensor markets are expected to exhibit a high growth rate owing to their simplicity, cost-effectiveness, high reusability, and durability. This will supplement the overall growth of the market (with the advent of new use cases).
Serialization ensures an increase in the collaborations between all the entities participating in the pharma supply chain. This is expected to increase manifold with the proliferation of these advanced technologies across the sector. In addition, the proliferation of cloud-based supply chain capabilities and blockchain technology is also expected to enhance market growth, making the whole supply chain smarter and more efficient with end-to-end quality control solutions.
Significant EPedigree Software Market Trend
Data explosion due to the adoption of software across the pharma value chain is the primary trend in the market. The pharma supply chain network is a huge and disjointed array of networked entities that are inherently different from one another in terms of technological capabilities. Information administration, sharing, and validation over the different levels of the supply chain network is a crucial outcome and requirement for the appropriation of ePedigree and serializability solutions across it. The infrastructural necessities for an ePedigree system involve the sharing and verification of information alongside its secure storage.
Furthermore, the imminent execution of unit-level serialization in major pharma markets is expected to require colossal information stockpiling, calculation, and administration abilities. The scale is tremendous, considering the span of the pharma supply chain. Serialization requires information cooperation for the duration of the life cycle of a product. There will be an impending data explosion across the pharma value chain during the forecast period.
Major EPedigree Software Market Challenge
Huge time and cost requirements for infrastructural implementation is the major challenge impeding market growth. Implementing an ePedigree system starts with analyzing the immediate regulatory environment and the regulatory standards of the market wherein the buyer is expected to operate. Then, the organizational capabilities and requirements are analyzed. It is then followed by the customization of the solution offered by the vendor to match the requirements so that compliance is achieved eventually.
All these processes make the total implementation cost, which consists of both hardware and software systems, a giant cost burden on the buyer. To make the packaging lines ready for serialization, massive investments and a lengthy time frame (for implementation) are required. In addition, the software must be customized to diverse regulatory requirements and organizational settings. This further adds to the total cost of implementation.
Key EPedigree Software Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global ePedigree Software Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
TraceLink Inc. - The company offers ePedigree software tracking tool which provides information of drug movement in the entire supply chain segment from manufacturer to end consumer. The company offers supply chain platform products such as smart logistics, smart Rx manager, and smart inventory tracker.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the on-premise segment will be significant during the forecast period. On-premises segment dominates the market as on-premises solutions are more secure compared with cloud solutions. However, since more stakeholders across the value chain come on board for serialization due to the stringent regulatory standards, the cloud model will grow in prominence due to its ease of use, cost-effectiveness, scalability, and flexibility. Owing to these factors, the market share of the on-premises segment is expected to be moderate during the forecast period.
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The on-premises segment was valued at USD 733.49 million in 2017 and continued to grow until 2021. The on-premises segment of the global ePedigree software market is expected to witness an increase in its year-over-year growth rate during the forecast period. Even though many of the entities will be switching to and adopting cloud solutions due to the overall efficiency of the cloud model, the market share of the on-premises segment will keep on increasing, owing to the stringent regulations and inherent quality control of the on-premises model.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America has a full-fledged and highly regulated market with stringent regulatory standards imposed on the pharma sector. The impressive growth is primarily due to the implementation deadlines of the DSCSA and other regulatory standards that will push the industry toward the faster adoption of ePedigree software during the forecast period. The key standards and regulations governing the pharma sector of the region are the GS1 EPCIS standards, the DSCSA regulations, and the 21 CFR Part 11 of the FDA. Market maturity and the overall awareness of the counterfeit drug market and its intensive growth are the main reasons for the evolving regulatory standards in the region. Furthermore, the constantly evolving regulations and standards have increased the significance of regulations and improved the adoption of ePedigree solutions for compliance requirements.
Being an early adopter of technologies, North America is an attractive market for ePedigree software vendors. This trend and the strong presence and penetration of the top global vendors are also expected to fuel the growth of ePedigree software in North America during the forecast period.
COVID-19 has benefited the North American ePedigree software business. Moreover, governments in the area are anticipated to maintain stringent vigilance over the sector during the projected period due to the pharmaceutical industry's sensitivity to being inundated with counterfeit goods and the significance of this problem. They might continue developing guidelines and laws to force pharmaceutical firms to take action against counterfeit drugs using tools like ePedigree software. Such regulations would benefit the market, given its effectiveness in countering fake drugs. Hence, during the forecast period, the market in focus is expected to grow at a significant rate.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
EPedigree Software Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.2% |
Market growth 2023-2027 |
USD 2,660.47 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
14.84 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Japan, China, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altair Engineering Inc., ANSYS Inc., Antares Vision Spa, Aptean Group of Companies, Axway Software SA, Bar Code Integrators Inc., Blue Yonder Group Inc., Labeling Systems LLC, Merit Solutions Inc., Microsoft Corp., Optel Group, rfxcel Corp., Siemens AG, TraceLink Inc., Oracle Corp., and SAP SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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