NEW YORK, Aug. 23, 2024 /PRNewswire/ -- The global epedigree software market size is estimated to grow by USD 4.02 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 18.69% during the forecast period. Rising requirements for serializability to tackle counterfeiting is driving market growth, with a trend towards high-tech developments to smarten pharma supply chain. However, huge time and cost requirements for infrastructural implementation poses a challenge. Key market players include Altair Engineering Inc., ANSYS Inc., Antares Vision S.p.A, Aptean Group of Companies, Axway Software SA, Bar Code Integrators Inc., Blue Yonder Inc., Labeling Systems LLC, Merit Solutions Inc., Microsoft Corp., Optel Group, Oracle Corp., rfxcel Corp., SAP SE, Siemens AG, and TraceLink Inc..

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Market Driver

The global pharma industry faces a significant challenge with the proliferation of counterfeit drugs, estimated to be worth billions of dollars. This issue persists due to the intricate pharmaceutical supply chain, which lacks adequate quality control. Forgeries, drug redirection, and other related concerns are on the rise, posing a threat to consumer trust and the industry's integrity. The pharma industry itself suffers from substantial losses due to the counterfeit market. To address these challenges, ePedigree software has emerged as a crucial solution. Serialization enables stakeholders to take a data-driven approach to inventory network trustworthiness and readiness. Advanced technologies like cloud computing, blockchain, and IoT are expected to revolutionize the pharma supply chain, enhancing efficiency and combating counterfeit drugs. The implementation of real-time product tracking and advanced analytics will streamline business procedures and ensure unit-level tracking. Innovations such as RFID technology, barcode scanners, and tag printers will support the adoption of cutting-edge systems across the pharma production and supply chain network. The expansion of cloud-based network capacities will facilitate extended visibility and collaboration between stakeholders. IoT, in conjunction with analytics, can aid in drug processing from manufacturing to distribution, optimizing stock management and reducing costs. The integration of high-tech developments into the pharma supply chain is fueling the growth of the global ePedigree software market. 

The ePedigree software market is experiencing significant growth due to the increasing demand for drug authentication and supply chain security in the pharmaceutical industry. This software helps ensure the authenticity of pharmaceutical products by tracking and verifying their pedigree throughout the supply chain. With the rise of contaminated medicine and counterfeit drugs, ePedigree software has become essential for hospital pharmacies, retail pharmacies, pharmaceutical factories, online pharmacies, and more. Advanced technologies like smart devices, barcodes, cloud computing, and machine learning are driving innovation in the ePedigree software market. Serializability, counterfeiting prevention, and stock management are key features that make ePedigree software an indispensable tool for pharmaceutical businesses. Cloud-based solutions and blockchain technology offer scalability, security, and cost savings, making them popular choices for IT resources in the industry. EPedigree software also offers advanced analytics, big data, virtual assistants, augmented reality (AR), and virtual reality (VR) to enhance supply chain management and improve patient safety. By reducing wastage of products and improving inventory maintenance, ePedigree software helps pharmaceutical businesses save on healthcare expenditures and improve drug safety. Overall, the ePedigree software market is poised for continued growth as it addresses the critical need for advanced technologies in the pharma supply chain. 

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Market Challenges

• The ePedigree software market faces significant challenges due to the high cost and time requirements for implementation. The process begins with analyzing regulatory environments and organizational capabilities, followed by customizing vendor solutions for compliance. These steps increase the total implementation cost, which includes hardware and software systems. Preparing packaging lines for serialization necessitates substantial investments and a lengthy time frame. Transitioning from lot management to unit-level serialization is complex due to the heterogeneous supply chain systems. Customization for diverse regulatory requirements and organizational settings adds to the implementation cost. For instance, in the US and Europe, different regulatory standards exist, requiring unique implementation approaches. In the US, ePedigree is updated when custody changes, while Europe uses a centralized national database. Delayed regulatory deadlines in various regions further hinder market growth due to the intricate adoption process, extended implementation cycle, and the need to integrate ePedigree software with existing infrastructure across organizations and supply chains.
• The ePedigree software market is experiencing significant growth due to the increasing demand for advanced technologies in the pharmaceutical industry. Challenges such as machine learning for predictive analysis, virtual reality for training, and inventory management for stock control are being addressed through innovative solutions. Wastage of products and storage of drugs are major concerns, leading to the adoption of cloud-based and on-premises solutions, including blockchain technology. Hospital pharmacies, retail pharmacies, pharmaceutical factories, online pharmacies, biotechnology firms, medical devices sector, food and beverage, and cosmetics industries are investing heavily in healthcare IT to ensure drug pedigree, serialization, and patient safety. Advanced technologies like machine learning, Internet of Things, and track-and-trace solutions are revolutionizing supply chain management. Scalability and flexibility are crucial factors in choosing between cloud-based and on-premises solutions. Drug safety, hardware, IT resources, and blockchain are key areas of focus for reducing healthcare expenditures and ensuring drug safety.

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Segment Overview 

This epedigree software market report extensively covers market segmentation by

1. Deployment 
   • 1.1 On-premises
   • 1.2 Cloud
2. End-user 
   • 2.1 Large enterprise
   • 2.2 Small and medium enterprises
3. Geography 
   • 3.1 North America
   • 3.2 Europe
   • 3.3 APAC
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 On-premises- On-premises deployment of ePedigree software refers to installing and managing the software within an organization's own infrastructure. This approach offers several advantages, including greater control, security, and customization. In regulated industries like pharmaceuticals, data security and regulatory compliance are top priorities. On-premises deployment enables companies to maintain full control over their data and ensure adherence to regulations. Additionally, on-premises deployment allows for greater flexibility in customization and integration with existing systems. While there are upfront investment and maintenance requirements, the control, security, and customization capabilities make on-premises deployment a preferred choice for many organizations in the global ePedigree software market.

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Research Analysis

The ePedigree software market is experiencing significant growth due to the increasing demand for drug authentication and supply chain security in the pharmaceutical industry. EPedigree software refers to a system that ensures the authenticity, safety, and traceability of pharmaceutical products throughout the supply chain. This software utilizes various advanced technologies such as smart devices, serializability, barcodes, machine learning, Internet of Things, cloud computing, and advanced analytics. The primary goal is to prevent the circulation of contaminated medicine and counterfeit drugs, thereby enhancing patient safety. The market is expected to grow exponentially as the importance of secure and transparent pharmaceutical supply chains continues to increase. Virtual assistants and blockchain technology are also being integrated into ePedigree software to streamline processes and improve efficiency.

Market Research Overview

The ePedigree software market is a rapidly growing segment in the pharmaceutical industry, focused on ensuring the authenticity and safety of pharmaceutical products. This software plays a crucial role in combating the prevalent issues of contaminated medicine and counterfeit drugs by implementing smart devices, serializability, and advanced technologies such as barcodes, cloud computing, and machine learning. The pharma supply chain benefits significantly from ePedigree solutions through improved stock management, inventory maintenance, and wastage reduction. The market encompasses various sectors, including hospital pharmacies, retail pharmacies, pharmaceutical factories, online pharmacies, and biotechnology firms in the medical devices sector, food and beverage, and cosmetics industries. EPedigree software solutions offer scalability, flexibility, and cost-effective cloud-based and on-premises options. With the integration of advanced technologies like blockchain, Internet of Things, advanced analytics, big data, virtual assistants, augmented reality (AR), and virtual reality (VR), ePedigree software is revolutionizing healthcare IT investments and enhancing patient safety and drug safety.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• • On-premises
  • Cloud
• End-user
• • Large Enterprise
  • Small And Medium Enterprises
• Geography
• • North America
  • Europe
  • APAC
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio