LONDON--(BUSINESS WIRE)--The global pharmaceutical traceability market size is expected to grow by USD 4.18 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 21%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on "Pharmaceutical Traceability Market Analysis Report by Type (Barcode, RFID, GPS, and Others) and Geography (North America, Asia, Europe, and ROW), and the Segment Forecasts,2020-2024".
The market is driven by the growing concerns over counterfeit drugs. In addition, the growth of online pharmacies is anticipated to boost the growth of the Pharmaceutical Traceability Market.
The growing concern toward drug counterfeit and theft is one of the primary driving factors for the pharmaceutical traceability market growth. Counterfeit drugs are mislabeled to mislead consumers. There has been a significant increase in the sale of counterfeit and illegal medicines, mainly due to the lack of awareness and the low price. In addition, pharmaceutical theft is posing a major challenge to the industry, which can occur at any stage in the supply chain, including the manufacturer and distributor. Such challenges intensify the need for anti-counterfeiting technologies, which will boost the growth of the market.
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Major Five Pharmaceutical Traceability Companies:
Alien Technology LLC
Alien Technology LLC has business operations under various segments such as IC, tags, readers, antennas, and Alien custom products. The company offers RFID ICs, RFID readers and antennas, and RFID tags and labels.
Avery Dennison Corp.
Avery Dennison Corp. operates its business through three segments: label and graphic materials, retail branding and information solutions, and industrial and healthcare materials. The company offers RFID enabled solutions for pharmaceutical companies.
Cognex Corp. operates through one segment which offers a variety of machine vision products with similar economic characteristics and production processes. These products are distributed to customers through sales channels. The company offers Automatic Identification (Auto-ID) to ensure product traceability.
Datalogic Spa has business operations under three segments: datalogic, solution net systems, and informatics. The company offers fixed imagers, scanners, handheld products, and mobile computers for pharmaceutical traceability.
Dover Corp. operates its business through various segments such as engineered products, fueling solutions, imaging and identification, pumps and process solutions, refrigeration and food equipment. The company offers traceability solutions for pharmaceutical companies.
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Pharmaceutical Traceability Market Type Outlook (Revenue, USD bn, 2020-2024)
- Barcode - size and forecast 2019-2024
- RFID - size and forecast 2019-2024
- GPS - size and forecast 2019-2024
- Others - size and forecast 2019-2024
Pharmaceutical Traceability Market Regional Outlook (Revenue, USD bn, 2020-2024)
- North America - size and forecast 2019-2024
- Asia - size and forecast 2019-2024
- Europe - size and forecast 2019-2024
- ROW - size and forecast 2019-2024
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