This growth will see the market expect from a value of $1.7bn in 2018 to $6bn in 2027, with the pace of development being driven by increased regulation, according to analysis by ReportBuyer.
The reference to regulation includes the US’ drug supply chain security act (DSCSA), which came into effect at the end of last year, with the European Union’s falsified medicines directive (FMD) following suit in February of this year.
Both requirements demand greater visibility of pharmaceuticals’ journey through the supply chain, such as serialization requirements and the necessity to be able to track products down to the package level.
Other factors involved in the projected growth of the track and trace market are the greater number of product recalls, including the recent global sartan contamination episode, and the desire to protect brand name products against those looking to produce counterfeit versions.
The latter point comes amid reports that there is a growing issue with counterfeit medicines being produced in countries such as India and China.
The track and trace solutions market is broken down into hardware and software segments, with the latter section responsible for 57.2% of the overall market.
The report projects that it will remain the dominant part of the sector through to 2027, with serialization demands already driving growth in the area and is projected to continue to do so, with additional requirements up to 2023.
Potential hindrances to further growth are the cost of implementing the software and hardware solutions, which have already been noted as a barrier to the serialization process. The availability of skilled operators was also noted as possible area of concern.