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The pharmaceutical traceability market share is expected to increase by USD 9.37 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 20.02%.
This pharmaceutical traceability market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers pharmaceutical traceability market segmentation by type (barcode, RFID, GPS, and others) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The pharmaceutical traceability market report also offers information on several market vendors, including Adents High Tech International, Alien Technology LLC, AlpVision SA, Authentix Inc, Avery Dennison Corp., Axway Software SA, Bar Code India Ltd, Cognex Corp., Datalogic Spa, Dover Corp., Impinj Inc., Logista Pharma SAU, Mettler Toledo International Inc., MicroTag Temed Ltd, Optel Group, rfxcel Corp., SATO Holdings Corp., TraceLink Inc., and Zebra Technologies Corp. among others.
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Based on our research output, there has been a neutral impact on the market growth during and after the post-COVID-19 era. The growing concerns over counterfeit drugs is notably driving the pharmaceutical traceability market growth, although factors such as no global standards for the serialization of drugs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the pharmaceutical traceability industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Pharmaceutical Traceability Market Driver
One of the key factors driving growth in the pharmaceutical traceability market is the growing concerns over counterfeit drugs. Counterfeit drugs are medicines that are manufactured fraudulently or can be mislabeled about the ingredients, sources, or other information. Customers buy fake medicines either due to the lack of awareness or the low price of such drugs. This distribution of fake and counterfeit drugs has a huge impact on consumers. Currently, the sudden outbreak of the novel coronavirus disease (COVID-19) pandemic has led to a rise in the circulation of counterfeit drugs, especially in developing countries. The huge disparity between the demand for and supply of drugs, owing to the shortage of raw materials as well as logistics challenges, has increased the manufacturing and marketing of counterfeit drugs. The growth in the availability of counterfeit drugs has increased the demand for anti-counterfeiting technologies that utilize various traceability systems. This, in turn, is boosting the growth of the global pharmaceutical traceability market.
Key Pharmaceutical Traceability Market Trend
Blockchain technology is a pharmaceutical traceability market trend that is expected to have a positive impact in the coming years. Blockchain is a distributed ledger that records and stores information. The main features that make it unique are decentralization and immutability. Another feature is the authentication or verification of the product, before adding information or giving access to information, the technology uniquely identifies the product. By implementing serialization, massive amounts of data will be generated because each unit would have a unique serial code. This bulk amount of data must be stored, managed, and accessed only by authorized players in the supply chain. Blockchain is the best solution for this. With blockchain, 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, enabling high levels of security. Also, the decentralized feature of blockchain protects the information from getting compromised.
Key Pharmaceutical Traceability Market Challenge
No general global standards for the serialization of drugs will be a major challenge for the pharmaceutical traceability market during the forecast period. No global standards for serialization are adopted by the nations. Developing countries have come up with standards and regulations for serializing drugs. Different countries follow different standards when serial numbers are assigned to drug lots or batches. Each country has separate models for serialization and track and trace. For example, in China, serial codes are generated by the government, which can be verified with the government database. In Europe, drug manufacturers have to upload the serial number to a central database called European Medicines Verification Systems (EMVS). While shipping medicines to other countries, one should follow different formats for serialization. The absence of such global standards will affect the effectiveness of global pharmaceutical systems put in place against counterfeiting.
This pharmaceutical traceability market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global pharmaceuticals traceability market as a part of the global pharmaceuticals market within the overall healthcare industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the pharmaceutical traceability market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the pharmaceutical traceability market encompasses successful business strategies deployed by the key vendors. The pharmaceutical traceability market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The pharmaceutical traceability market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the pharmaceutical traceability market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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39% of the market’s growth will originate from Asia during the forecast period. China is the key market for pharmaceutical traceability in Asia. Market growth in this region will be faster than the growth of the market in other regions.
The rising incidence of various chronic and lifestyle diseases, the increasing number of pharmaceutical companies, rapid advances in drug development, growing demand for the outsourcing of activities associated with drug manufacturing, and the presence of global vendors will facilitate the pharmaceutical traceability market growth in Asia over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 led to a decline in the sales of pharmaceutical traceability in Asia in 2020. The outbreak affected many countries in the region, including China, India, South Korea, and Japan. Various companies operating in the pharmaceutical industry shifted their focus to developing drugs and vaccines for treating COVID-19 patients due to a large number of deaths from the disease. This increased the production of drugs and, therefore, a rise in counterfeit drugs.
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The pharmaceutical traceability market share growth by the barcode segment will be significant during the forecast period. Barcodes have been widely accepted by end-users because of their relatively lower cost when compared with RFID tags, their lightweight nature for ease of use, and the high accuracy levels on different material surfaces. Also, the government has promoted the use of barcodes in the pharmaceutical industry by introducing new initiatives and laws.
This report provides an accurate prediction of the contribution of all the segments to the growth of the pharmaceutical traceability market size and actionable market insights on the post-COVID-19 impact on each segment.
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Pharmaceutical Traceability Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 20.02% |
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Market growth 2022-2026 |
$9.37 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
19.34 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
Asia at 39% |
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Key consumer countries |
US, Germany, UK, France, and China |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Adents High Tech International, Alien Technology LLC, AlpVision SA, Authentix Inc, Avery Dennison Corp., Axway Software SA, Bar Code India Ltd, Cognex Corp., Datalogic Spa, Dover Corp., Impinj Inc., Logista Pharma SAU, Mettler Toledo International Inc., MicroTag Temed Ltd, Optel Group, rfxcel Corp., SATO Holdings Corp., TraceLink Inc., and Zebra Technologies Corp. |
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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. |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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