LONDON–(BUSINESS WIRE)–#GlobalePedigreeSoftwareMarket–The ePedigree software market is expected to grow by USD 2.25 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Drug counterfeiting has been in existence for decades. In recent times, the situation has been aggravated with the proliferation of Internet sales, inefficient supply chains, and the general lack of stringent regulations. The pharma industry itself is facing a loss of billions of dollars due to the counterfeit drug market. Product serialization across the pharma sector value chain is designated as the solution by all the worldwide governments and regulatory bodies in rebutting the counterfeiting phenomenon and maintaining the integrity of the pharma value chain. Serialization uses technologies such as RFID and 2D barcodes to essentially place unique serial numbers across all the levels of product packaging, which is authenticated by all the partners and entities along the supply chain. Thus, the rising requirement for serializability to tackle counterfeiting is expected to fuel the growth of the global ePedigree software market during the forecast period.
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As per Technavio, the high-tech developments to smarten the pharma supply chain will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
ePedigree Software Market : High-Tech Developments to Smarten the Pharma Supply Chain
With the increasing awareness of the counterfeit drug market and its consequences, there is a rise in the demand for smartening and securing the overall pharma supply chain. Innovations and technological advances such as cloud computing, blockchain technology, advanced analytics, big data, the IoT, virtual assistants, machine learning, augmented reality, and virtual reality are expected to support the appropriation of cutting-edge systems across the pharma production and supply chain network. For instance, IoT can aid in the processing of a pharmaceutical drug from manufacturing and distribution, until the drug reaches the consumer. In distribution, IoT enables better stock management, thereby lowering costs incurred in terms of wastage of products, inventory maintenance, and storage of drugs.
“Factors such as the development of strict global regulatory and compliance standards, and the increase in the rate of technology adoption will have a positive impact on the growth of the ePedigree software market value during the forecast period,” says a senior analyst at Technavio.
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ePedigree Software Market: Segmentation Analysis
This market research report segments the ePedigree software market by deployment (on-premises and cloud), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the ePedigree software market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the overall maturity and growth of the pharma sector, constantly evolving regulations by regulatory bodies, and strong presence and penetration of top vendors.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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