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Digital Transformation is fastest growing segment fueling the growth of Pharmaceutical Traceability Market

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naufan
Digital Transformation is fastest growing segment fueling the growth of Pharmaceutical Traceability Market

Market Overview:

Pharmaceutical traceability helps in preventing counterfeit medicines and maintaining quality standards. It provides efficient inventory management and enables product recalls in case of defects. Key parameters like expiry date, batch number, and manufacturing history are tracked digitally throughout the supply chain.

The pharmaceutical traceability market is estimated to be valued at US$ 4.3 Bn or Billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the pharmaceutical traceability market is growing adoption of blockchain technology. Blockchain helps in digitizing supply chain processes and facilitates sharing ofauthenticated data among all stakeholders in a decentralized manner. It reduces dependence on centralized databases and offerstracing capabilities from manufacturing to the end consumer. Secure record keeping of product details preventscounterfeiting and improves transparency. Other trends include implementation ofradio frequency identification (RFID) and two-dimensional barcodes for real-timetracking of individual drug packages. This provides end-to-end visibility and helpspotential quality issues.

Segment Analysis

The global pharmaceutical traceability market is segmented based on product type, technology, and end user. By product type, the RFID segment dominates the market and is expected to continue dominating over the forecast period. RFID tags provide advanced features like real-time tracking and superior data storage capacity. By technology, 2D barcodes segment holds the largest market share. However, the RFID segment is expected to witness higher growth owing to advantages like advanced tracing capabilities without line-of-sight requirement. By end user, pharmaceutical manufacturers dominate the market currently due to stringent regulations regarding maintaining product traceability. However, the logistics & distribution segment is expected to grow at a higher CAGR during the forecast period.

Key Takeaways

The Global Pharmaceutical Traceability Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing regulatory compliance requirements and product recalls. Regional analysis shows that North America dominates currently due to early adoption of traceability solutions in the region. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to rapid development of healthcare infrastructure in emerging economies like China and India.

Key players operating in the pharmaceutical traceability market are SAP SE, Oracle Corporation, IBM Corporation, Microsoft Corporation, SAS Institute Inc., Infor, JDA Software, TraceLink, GS1. SAP SE holds the largest market share currently owing to its strong product portfolio for supply chain and serialization solutions. Oracle Corporation follows next due to its expertise in cloud-based applications for real-time tracking.


Get more insights on this topic:

https://www.dailyprbulletin.com/pharmaceutical-traceability-market-size-forecast/

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