According to FutureWise analysis, the market for pharma track and trace solutions was US$ 2.1 Billion in 2022 and is anticipated to grow at a CAGR of 9.6% from 2023 to 2031.
The term "pharma track and trace market" describes the application of technologies and procedures to track and trace medicinal goods all the way through the supply chain, from manufacturing to distributing and selling. In addition to lowering the possibility of fraud, it also serves to guarantee the safety and authenticity of medicines. Pharma Track and trace (T&T) solutions assist companies in controlling their supply chain and reducing the dangers brought on by counterfeit items. They promote the hassle-free transportation of goods, provides product ID verification services, and help with logistics and packaging management. As a result, pharma T&T solutions are used for both personal and professional reasons since they save the cost of gasoline and insurance, give customer support, and deliver the most recent 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 and labelling, tracking and tracing technologies, and consulting and implementation services. Pharma track and trace market includes various technologies, such as 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 Pharma Track and Trace Market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. By the end of the forecast period FutureWise research analysts projects that Pharma Track and Trace Market will experience a significant growth.
According to the analysis done, this report will help understand the information referring to the total valuation held by this industry. Additionally, this report will help in understanding the growth opportunities held by various segments of this market, further assist in making better strategic and expansion decisions by key stakeholders of an organization.