PHARMACEUTICAL TRACEABILITY MARKET ANALYSIS

Regional Analysis

Global Pharmaceutical Traceability Market – Regional Insights

North America is expected to witness significant growth in global pharmaceutical traceability market in the forecast period due to increasing funding for the deployment of pharmaceutical traceability solutions. For instance, on May 27, 2021, Optel, a leading provider of supply chain traceability systems headquartered in Canada, has received a funding commitment of several million dollars from Sustainable Development Technology Canada (SDTC) to expedite the deployment of two new traceability solutions. The funding commitment will enable Optel to deploy its CO2 traceability solution in Canada, which will aid in the reduction of greenhouse gas emissions from supply chains.

Moreover, rise in collaborations or partnerships within market players may help to drive the global pharmaceutical traceability growth in the Asia Pacific region over the forecast period. For instance, on September 10, 2020, Movilitas, a technology leader which delivers next generation solutions and offers consulting services for smart supply chain ecosystems, announced their partnership with Pharmalutions Pte Ltd., Singapore, a Track & Trace (T&T) expert with multi-regulatory experience for the Asia Pacific region. This partnership with Pharmalutions expands Movilitas’s access to compliance-ready solutions in the region. These factors are expected to support global pharmaceutical traceability market growth over the forecast period.