The Global pharmaceutical traceability market is estimated to be valued at US$ 4.96 Billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the pharmaceutical traceability market are MR Printing Equipment, MHM Siebdruckmaschinen GmbH, Lawson Screen Digital Products, Sakurai USA, SPS TechnoScreen GmbH, ATMA Champ Ent. Corp., Systematic Automation, DECO TECHnology Group, TOSH (Italy), and Thieme GmbH Co. KG.

The key opportunities in the Pharmaceutical Traceability Market Growth include adoption of blockchain and high-tech serialization in pharmaceutical supply chain. Blockchain can enable transparency, trust and decentralization of data across stakeholders. Advanced serialization solutions help track products at item level and prevent counterfeiting.

Technological advancements such as implementation of IoT devices, cloud computing and artificial intelligence are aiding traceability. IoT-enabled sensors provide real-time visibility. AI improves accuracy of returned medicines identification for resale. Cloud-based track and trace solutions deliver automated data management.

Market Drivers
Increasing regulatory compliance especially DSCSA in the US is a major market driver. Rising consumption of medications globally and complexity of supply chains have heightened the need for more robust traceability systems. Growth in biologics and generic drug markets also drive the need to identify and track products reliably across stakeholders. Counterfeiting threats necessitate incorporation of serialization and aggregation technologies for authentication.

Challenges in the Pharmaceutical Traceability Market
A major challenge for the pharmaceutical traceability market is ensuring safety and authenticity in the complex supply chains. With drugs and medicines travelling across multiple facilities and borders before reaching patients, there are increased risks of counterfeiting, parallel trade and diversion. Track and trace solutions need to provide serialized codes, reliable data capture and end-to-end visibility to eliminate the scope for illegal activities.

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