NEW YORK, April 25, 2022 /PRNewswire/ — Pharmaceutical Traceability Market Facts at a Glance-
- Total Pages: 120
- Companies: 10+ – 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.
- Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
- Segments: Type (barcode, RFID, GPS, and others)
- Geographies: North America, Asia, Europe, and ROW
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The Pharmaceutical Traceability Market size is expected to increase by USD 4.18 billion from 2019 to 2024, at an accelerated CAGR of 21% as per the latest market report by Technavio. 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.
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The Pharmaceutical Traceability Market is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.
- Alien Technology LLC – The company offers RFID ICs, RFID readers and antennas, and RFID tags and labels.
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Latest Drivers & Challenges in the Market-
- Pharmaceutical Traceability Market Driver:
- Growing concerns over counterfeit drugs.:
The key factor 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 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 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.
- Pharmaceutical Traceability Market Challenge:
- No general global standards for the serialization of drugs :
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 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.
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Pharmaceutical Traceability Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of about 21%
Market growth 2020-2024
USD 4.18 billion
YoY growth (%)
Performing market contribution
Asia at 33%
Leading companies, competitive strategies, consumer engagement scope
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.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period.
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Table of Contents:
- Market ecosystem
- Value chain analysis
- 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
- 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
- Landscape disruption
- 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.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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