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Pharmaceutical Traceability Market by Type and Geography - Forecast and Analysis 2020-2024

  • Published: Nov 2020
  • Pages: 120
  • SKU: IRTNTR44798
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The pharmaceutical traceability market share is expected to increase by USD 4.18 billion from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 21%.

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, Asia, Europe, and ROW). The pharmaceutical traceability market report also offers information on several market vendors, including Alien Technology LLC, Avery Dennison Corp., Cognex Corp., Datalogic Spa, Dover Corp., Impinj Inc., MicroTag Temed Ltd., Mettler-Toledo International Inc., Optel Group, and Zebra Technologies Corp. among others.

What will the Pharmaceutical Traceability Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Pharmaceutical Traceability Market Size for the Forecast Period and Other Important Statistics

 

Pharmaceutical Traceability Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growing concerns over counterfeit drugs is notably driving the pharmaceutical traceability market growth, although factors such as may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic 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 in a fraudulent manner or can be mislabeled with regard to the ingredients, sources, or other information. Illegal diversion of drugs is a major issue. Illegal diversion is the sale of drugs in countries apart from the ones where the drug is legally approved to be sold. Pharmaceutical theft can occur at any point in the supply chain, like manufacturer, wholesaler, or distributor. Customers buy fake medicines either due to the lack of awareness or 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 demand for various drugs from people around the world has increased. 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

 

The 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, the 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 their own standards and regulations for serializing the drugs. Different countries follow different standards when serial numbers are assigned to the drug lots or batches. Each country has separate models for serialization and track and trace. For example, in China, the serial codes are generated by the government, which can be verified with the government database. In Europe, the 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 2020-2024.

Parent Market Analysis

Technavio categorizes teh global pharmaceutical traceability market as a part of the global pharmaceuticals market. 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.

Who are the Major Pharmaceutical Traceability Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Alien Technology LLC
  • Avery Dennison Corp.
  • Cognex Corp.
  • Datalogic Spa
  • Dover Corp.
  • Impinj Inc.
  • MicroTag Temed Ltd.
  • Mettler-Toledo International Inc.
  • Optel Group
  • Zebra Technologies Corp.

 

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 growth strategies such as focusing on quality and reliability to compete in the market.

Product Insights and News

  • Alien Technology LLC - The company offers RFID ICs, RFID readers and antennas, and RFID tags and labels.

To make the most of the opportunities and recover from 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.

Pharmaceutical Traceability Market Value Chain Analysis

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.

The value chain of the pharmaceuticals market includes the following core components:

  • Research and development (R&D) and drug discovery
  • Integration and product development
  • Manufacturing
  • Outbound logistics
  • Marketing and sales
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Pharmaceutical Traceability Market?

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33% of the market’s growth will originate from Asia during the forecast period. China and Japan are the key markets for pharmaceutical traceability in Asia. Market growth in this region will be faster than the growth of the market in the European and North American regions.

North America is another region showing major market growth.The prevalence and incidence of chronic diseases in North America have increased significantly. In order to reduce deaths due to chronic diseases, pharmaceutical companies are primarily focusing on the development of novel drugs that offer proper treatment to the patient population. The increasing presence of global and local pharmaceutical companies has increased the availability of drug molecules for various therapeutic applications. 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.

What are the Revenue-generating Type Segments in the Pharmaceutical Traceability Market?

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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. For example, in 2004, the FDA issued a rule, according to which manufacturers, re-packers, and re-labelers must adopt barcodes containing the National Drug Code (NDC) at the unit level.

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 post COVID-19 impact on each segment.

 

Pharmaceutical Traceability Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 21%

Market growth 2020-2024

$ 4.18 billion

Market structure

Fragmented

YoY growth (%)

18.98

Regional analysis

North America, Asia, Europe, and ROW

Performing market contribution

Asia at 33%

Key consumer countries

US, China, UK, Germany, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alien Technology LLC, Avery Dennison Corp., Cognex Corp., Datalogic Spa, Dover Corp., Impinj Inc., MicroTag Temed Ltd., Mettler-Toledo International Inc., Optel Group, and Zebra Technologies Corp.

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, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Pharmaceutical Traceability Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive pharmaceutical traceability market growth during the next five years
  • Precise estimation of the pharmaceutical traceability market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the pharmaceutical traceability industry across North America, Asia, Europe, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of pharmaceutical traceability market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2019
    • Market outlook: Forecast for 2019 - 2024

    Five Forces Analysis

    • Five Forces Summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Type

    • Market segments
    • Comparison by Type
    • Barcode - Market size and forecast 2019-2024
    • RFID - Market size and forecast 2019-2024
    • GPS - Market size and forecast 2019-2024
    • Others - Market size and forecast 2019-2024
    • Market opportunity by Type

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2019-2024
      • Asia - Market size and forecast 2019-2024
      • Europe - Market size and forecast 2019-2024
      • ROW - Market size and forecast 2019-2024
      • Key leading countries
      • Market opportunity by geography
      • Volume drivers – Demand led growth
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Alien Technology LLC
      • Avery Dennison Corp.
      • Cognex Corp.
      • Datalogic Spa
      • Dover Corp.
      • Impinj Inc.
      • MicroTag Temed Ltd.
      • Mettler-Toledo International Inc.
      • Optel Group
      • Zebra Technologies Corp.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      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.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The pharmaceutical traceability market growth will increase by $4189.08 million during 2019-2024.
      The pharmaceutical traceability market is expected to grow at a CAGR of 21.04% during 2019-2024.
      Technavio has segmented the pharmaceutical traceability market by type (Barcode, RFID, GPS, and Others) and geographic (North America, Asia, Europe, and ROW).
      Alien Technology LLC, Avery Dennison Corp., Cognex Corp., Datalogic Spa, Dover Corp., Impinj Inc., MicroTag Temed Ltd., Mettler-Toledo International Inc., Optel Group, Zebra Technologies Corp. are a few of the key vendors in the pharmaceutical traceability market.
      Asia will register the highest growth rate of 33.46% among the other regions. Therefore, the pharmaceutical traceability market in Asia is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the pharmaceutical traceability market growth are:
      • Growing concerns over counterfeit drugs
      • Blockchain technology
      The pharmaceutical traceability market vendors should focus on grabbing business opportunities from the barcode segment as it accounted for the largest market share in the base year.
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