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Pharmaceutical companies, like many others, face a number of challenges related to their supply chain management. Security lapses as a result of theft, product recalls or diversions can have terrible consequences for patient safety and security not only nationally but on a global level. They also affect the individual companies by directly impacting profitability, goodwill and planned research initiatives.
With both the industry and governments realising the importance of adequate safeguards, the Track-and-Trace and Serialization Market came into existence. Rising product theft is a major issue for the pharmaceutical industry, and preventing it has become a key focus. Early approaches adopted included tamper-proof packages and 3-D holograms but even these are now considered easy to manipulate and have fallen out of favour.
Current practices in the Track-and-Trace and Serialization Market include assigning a unique identification number to the smallest sale unit like a bottle and tracking its serial number through the entire supply chain so that it can be traced and authenticated at any moment. This practice has been in place in countries like China and Turkey for some time now, but now even countries like India and the U.
These are anticipated to be across the world over the next few years. Maintaining integrity of an increasingly complex supply chain is an important driver of the Track-and-Trace and Serialization Market. Billions more are stolen in annual cargo theft. This leads to not only lost sales opportunities but also increases the risk of patient safety.
Negative publicity concerning counterfeits or product recalls can also damage the brand image and affect future sales revenue. With the help of the Track-and-Trace and Serialization Market, companies can identify and segregate products destined for different markets or customer segments. We assume no responsibility for the consequences of any intentional or unintentional error, omission, inaccuracy, incompleteness or untimeliness in or with respect to the service.
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According to statistics, about 60 different Pfizer products were being counterfeited worldwide until These problems have been growing globally, typically in developing countries such as China, South Africa, and India.
Counterfeit drugs and theft are hazardous and result in financial harm and unfair competition in both generic and branded drugs. With the advent of track and trace solutions, this problem is expected to be eradicated to a very large extent propelling its increasing adoption among drug manufacturers. On the basis of products, the track and solutions market is segmented into hardware systems and software solutions.
Hardware systems are further sub-divided into printing and marking, monitoring and verification, labelling, and others. The other products considered in the hardware systems market consist of checkweighers, RFID readers, and barcode scanners. The software considered in the study comprise of plant manager software, line controller software, bundle tracking software, and others. The other software solutions considered in the report are warehouse and shipment manager and case tracking software.
Software solutions held the largest share in due to its growing adoption in healthcare industry. Hardware systems used for track and trace are printing and marking systems, monitoring and verification systems, labeling systems, checkweighers, RFID readers, and barcode scanners. Printing and marking solutions segment held the largest revenue share in track and trace hardware systems market. The demand and adoption rate of printing and marking solutions is very high, which is a major factor that has contributed to its high revenue share.
Barcode scanner is used in track and trace system to inspect linear and 2D barcodes. The demand for 2D barcode scanner is higher than linear barcode scanner due to more use of 2D barcode tags in the market. Based on technology, the track and trace solutions market is segmented into barcodes and RFID technologies.
Barcodes technology reported largest revenue share of the track and trace solutions sector in The 2D barcode is the largest segment of barcodes technology and is expected to maintain its position throughout the study period. Also, higher data storage capacity of 2D barcodes than linear barcodes, as well as its higher popularity in the industry boosts the demand for 2D barcode-based solutions.
Government regulations and growing rate of drug counterfeits have led to the implementation of barcode technology in the healthcare industry.
Thus, the demand for barcodes technology in track and trace solutions market is high and is expected to remain elevated during forecast period. RFID technology delivers an immediate way to retrieve product information, track products in the supply chain, and offers assistance in order to avoid unnecessary costs associated with counterfeiting or theft of products.
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RFID technology delivers an immediate way to retrieve product information, track products in the supply chain, and offers assistance in order to avoid unnecessary costs associated with counterfeiting or theft of products. The demand and adoption rate of printing and marking solutions is very high, which is a major factor that has contributed to its high revenue share.