Report Predicts Soaring Global Track-and-Trace Market

Barcodes and RFID help the pharmaceutical industry ensure supply chain security and authenticate the life history of products.

Barcodes and RFID help the pharmaceutical industry ensure supply chain security and authenticate the life history of products.
Barcodes and RFID help the pharmaceutical industry ensure supply chain security and authenticate the life history of products.

According to a new report, Global Pharma Track and Trace Solutions Market 2019, “experts estimate that 5% of all drugs sold worldwide are counterfeits—in some countries, figures even reach 50 %. Billions of products are ‘lost in the supply chain’ every year.”

To prevent counterfeit drugs and product diversion from risking lives, undermining revenues, and threatening company reputations, track-and-trace products help the pharmaceutical industry ensure supply chain security.

The report says the global track-and-trace market has risen at an average growth rate of 17% in recent years, reaching an estimated value of $840 million in 2018. Looking forward, Wise Guy Reports predicts the market will reach $2,380 million by the end of 2024, growing at a CAGR of 18.9% between 2019 and 2024.

Looking at technologies, the report says barcodes represented 72.4% of track-and-trace efforts, with RFID at 27.6%. “The 2D barcode is the largest segment of barcodes technology and is expected to maintain its position throughout the 2019-2024 study period.”

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