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Track and Trace Solutions Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2029

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Global Track and Trace Solutions Market is estimated to value over USD 4.5 billion by 2029 end and register a CAGR of over 14% during the forecast period 2019 to 2029. Tack and trace solutions are implemented to monitor supply chains by major bioph
Track and Trace Solutions Market Global Trends, Market Share, Industry Size,
Growth, Opportunities, and Market Forecast 2019 to 2029
Global Track and Trace Solutions Market is estimated to value over USD 4.5 billion by
2029 end and register a CAGR of over 14% during the forecast period 2019 to 2029.
Tack and trace solutions are implemented to monitor supply chains by major
biopharmaceutical and pharmaceutical companies in order to curb down drug
counterfeiting. Drug counterfeiting ranges from something relatively harmless as
misleading medication with an intent to duplicate an authentic and approved
product to the dangerous practice of selling medication consisting of an excess or
insufficient amount of active ingredient. But using track and trace solutions, this
obstacle can be eliminated to a very large extent.
Factors Influencing Track and Trace Market
• Multiple key pharmaceutical companies are adopting track and trace solutions
which are instrumental for the market to proliferate.
• Additionally, the existence of strict standards and regulations for implementing
aggregation and serialization will surely propel market growth.
• Although, a lack of global regulations and standards and high costs required to
implement these solutions could possibly impede the market proliferation.
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Insights on Global Track and Trace Solutions Market:
1. By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America subjugates the global market owing to a large-scale presence of highly
regulated aggregation and serialization standards coupled with an advanced
healthcare infrastructure. FDA recommends self-regulating identification
technologies like RFID and barcoding to major healthcare and pharmaceutical
companies which increases the market proliferation of the region.
Asia Pacific is envisioned to showcase a high proliferation rate due to an increase in
incidences related to counterfeit drugs in emerging economies like India and China.
According to the International Trade Administration, the size of the global
counterfeit drug market ranges from USD 75 billion to USD 200 billion. Many Asian
and African countries sell almost half of all the medicine sold in the world. This and
many such aspects are yet to be explored by the track and trace market that can
support the proliferation of the market.
2.
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By Product
Software Solutions
Plant Manager
Line Controller
Enterprise & Network Manager
Pallet Tracking
Bundle Tracking
Case Tracking
Warehouse & Shipment Manager
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Hardware Solutions
Printing & Marking
Standalone Platforms
Barcode Scanners
RFID Readers
Checkweighers
Monitoring & Verification
Labellers
Software solutions account for the largest market share owing to an escalating
adoption in healthcare, biopharmaceutical, pharmaceutical and medical device
companies. These solutions are used for incessant management of product lines,
manufacturing facilities, warehousing & shipping and case & bundle tracking.
3.
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By Application
Aggregation
Pallet Aggregation
Bundle Aggregation
Case Aggregation
Tracking, Tracing & Reporting
Serialization
Serialization segment subjugates the market owing to a high-priority implementation
of serialization by regulatory bodies. This is a major step to satisfy new ePedigree
regulations that are necessary for traceability of the product during the supply chain
process. Additionally, manufacturers prioritise patient safety and brand protection
which can support the augmentation the market segment.
4. By Technology
• Radiofrequency Identification (RFID)
• 2D Barcodes
• Linear Barcodes
2D barcodes hold the largest market share and it is expected to dominate the market
during the forecast period as well. 2D barcodes have a high capacity of data storage
as compared to linear barcodes which have propelled its popularity in the industry
thus proliferating the overall market.
Stringent government regulations and a rise in counterfeit drug sales have led to the
prosecution of barcode technology in the healthcare industry. The Directorate
General of Foreign Trade announced that the track and trace system-based barcode
technology should be implemented on pharmaceutical products exported from India.
Therefore, the demand for this technology has risen and this trend will continue
during the forecast period as well.
5. By End User
• Food and Beverage Industry
• Medical Device Companies
• Cosmetic Industry
• Pharmaceuticals & Biopharmaceutical Companies
• Others
Food and beverage industry has incurred huge losses in the recent past by selling
counterfeit goods which is why this segment holds the largest share of the market.
According to a survey conducted by the Centre for Biosecurity from the University of
Pittsburgh Medical Centre (UPMC) in 2010, 30 individuals died and around 150 were
hospitalized in the U.S due to contaminated cantaloupe. This and many other
incidences make it instrumental to implement track and trace solutions across
several countries.
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Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
Key Market Players:
• Axway
• Mettler-Toledo International Inc.
• Optel Vision
• Seidenader Maschinenbau GmbH
• ACG Worldwide
• Systech Inc.
FutureWise Key Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the track and trace solutions market by
region, by product, by application, by technology, by end user
• To cater comprehensive information on factors impacting market growth (drivers,
restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America,
Europe, Asia Pacific, Latin America and Middle East & Africa
• To record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers and expansions
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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