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.”