According to FutureWise analysis, the pharma track and trace solutions market was valued at US$2.1 billion in 2022 and is anticipated to grow at a CAGR of 9.6% from 2023 to 2031. The growth in pharmaceutical logistics is driven by an increasing need for drug authenticity, adherence to regulatory standards, and prevention of counterfeiting in global supply chains. As the industry becomes increasingly digitized, track-and-trace technologies are emerging as essential tools for enhancing patient safety and improving inventory management. With governments implementing stricter serialization mandates, the market is set for significant innovation and widespread adoption of these technologies.
The term "pharma track and trace market" refers to the application of technologies and procedures to track and trace medicinal goods throughout the entire supply chain, from manufacturing to distribution and sale. In addition to reducing the likelihood of fraud, it also ensures the safety and authenticity of medicines. Pharma Track and Trace (T&T) solutions help companies manage their supply chain and mitigate the risks associated with counterfeit products. They facilitate hassle-free transportation of goods, offer product ID verification services, and assist with logistics and packaging management. As a result, pharma T&T solutions are used for both personal and professional purposes, as they save on the cost of gasoline and insurance, provide customer support, and deliver the latest information via SMS alerts or emails.
The global pharma track and trace market is expected to grow significantly, driven by factors such as increasing demand for better supply chain visibility and security, rising instances of drug counterfeiting and product recalls, and regulatory requirements for serialization and track-and-trace. The market includes various solutions and services, such as serialization solutions, barcoding, labeling, tracking and tracing technologies, and consulting and implementation services. Pharma's track-and-trace market encompasses various technologies, including barcoding, RFID (radio frequency identification), and blockchain. Although barcoding is the most commonly used technology, RFID and blockchain are anticipated to expand significantly in the coming years due to their ability to improve supply chain transparency and security.
FutureWise Market Research has published a report that provides an insightful analysis of the Pharma Track and Trace Market trends affecting overall market growth. This report provides a detailed analysis of market share, regional insights, and competitor analysis, including the stature of key manufacturers operating in this industry. By the end of the forecast period, FutureWise research analysts project that the Pharma Track and Trace Market will experience significant growth.
According to the analysis, this report will help clarify the information regarding the total valuation held by this industry. Additionally, this report will help in understanding the growth opportunities held by various segments of this market and further assist key stakeholders in making better strategic and expansion decisions.