PHARMACEUTICAL TRACEABILITY MARKET ANALYSIS

Pharmaceutical Traceability MarketSize and Trends

Global Pharmaceutical Traceability Market – Dynamics

Increase in drug theft, counterfeit, and other drug related crimes is expected to propel the global pharmaceutical traceability market over the forecast period. For instance, according to the United Nations Office of Drugs and Crime world drug report 2020, approximately 269 million people used drugs globally in 2018, which is 30% more than in 2009, meanwhile over 35 million people suffer from drug use disorder. The report also evaluates the effects of COVID-19 on the drug markets. While the full extent of the pandemic's effects are unknown, the border restrictions along with other restrictions linked to the pandemic have already resulted in drug shortages, leading to higher prices and lower purity.

Rising mergers, agreements, and acquisitions by market players are expected to propel the global pharmaceutical traceability market over the forecast period. For instance, on January 6, 2021, Bureau Veritas, a global leader in the provision of laboratory testing, inspection, and certification services, collaborated with Optel, a leading supplier of traceability systems based in Canada, to launch V-TRACE, a comprehensive and assured traceability solution for COVID-19 vaccines across the entire supply chain. These factors are expected to support global pharmaceutical traceability market growth over the forecast period.

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