The global track and trace solutions market size is expected to reach USD 6.81
billion by 2026, according to a new report by Grand View Research, Inc. It is
anticipated to register a CAGR of 17.9% during the forecast period. Increasing
focus of pharmaceutical and biopharmaceutical companies on ensuring brand
protection is one of the major factors driving the growth. Pharmaceuticals and
medical devices manufacturers encounter a major threat from counterfeit
products and theft. Deployment of track and trace solution helps manufacturers
enhance distribution channel efficiency and reduces the frequency of
counterfeit products.
Increased incidence of counterfeit drugs in
developing countries of Asia, Africa, and Latin America is a major factor
contributing to the high adoption of track and trace solutions. It is expected
that more than 40 countries and over 75% of worldwide medicine supply will be
covered by track and trace regulations in near future. Automatic identification
technologies including barcoding and RFID are recommended by the Food and Drug
Administration (FDA) to pharmaceuticals and other healthcare companies.
Incidence of drug counterfeiting and theft is very high in developing countries
like China and India. This is expected to drive the demand from emerging
countries like China, India, and Brazil.
Furthermore, rising adoption of track and
trace solution by healthcare manufacturers is projected to fuel the market
growth in the forthcoming years. Introduction of advanced technology, such as
RFID, provides fast reading and delivers high levels of security. However, the
deployment cost of serialization and aggregation solutions, as well as lack of
common regulations and standards, is expected to hamper the growth.
Access Research Report of Track and Trace Solutions Market @ www.grandviewresearch.com/industry-analysis/track-trace-solutions-market
Further Key Findings from the Study Suggest:
· Software solutions was the largest
revenue-generating segment in 2018, mainly due to the regulatory mandates for
the execution of serialization and aggregation in healthcare sector
· Serialization solution was the largest
grossing segment in 2018, owing to increasing application of serialization in
pharmaceuticals and medical devices packaging will be a vital factor
contributing to the growth
· RFID segment is expected to exhibit the fastest
CAGR during the study period, attributed to the technological advantages, such
as high durability and reusability, more data storage capacity, and no
requirement of line of sight
· North America is set to reign the global
market in 2019. Rising implementation of regulatory standards and regulations
along with high adoption of thse solutions are anticipated to contribute to the
growth
· Some key players serving track and trace
solutions market include Axway; Mettler-Toledo International, Inc.; Optel
Vision; Adents International; Antares Vision srl; TraceLink, Inc.; Siemens AG;
ACG Worldwide; Seidenader Maschinenbau GmbH; and Systech, Inc.
Grand View Research has segmented the
global track and trace solutions market report on the basis of product,
technology, application, end use, and region:
Track and Trace Solutions Product
Outlook (Revenue, USD Million, 2015 - 2026)
·
Hardware Systems
o
Printing & Marking Solutions
o
Monitoring & Verification Solutions
o
Labeling Solutions
o
Others
·
Software Solutions
o
Plant Manager Software
o
Line Controller Software
o
Bundle Tracking Software
o
Others
Track and Trace Solutions Technology Outlook
(Revenue, USD Million, 2015 - 2026)
·
Barcodes
·
RFID
Track and Trace Solutions Application
Outlook (Revenue, USD Million, 2015 - 2026)
·
Serialization Solutions
o
Bottle Serialization
o
Label Serialization
o
Carton Serialization
o
Data Matrix Serialization
·
Aggregation Solutions
o
Bundle Aggregation
o
Case Aggregation
o
Pallet Aggregation
Track and Trace Solutions End Use Outlook
(Revenue, USD Million, 2015 - 2026)
·
Pharmaceutical Companies
·
Medical Device Companies
·
Healthcare Others
·
Food and Beverage
·
Consumer Packaged Goods
·
Luxury Goods
Track and Trace Solutions Regional
Outlook (Revenue, USD Million, 2015 - 2026)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
o
France
o
Italy
o
Spain
o
Switzerland
o
Belgium
·
Asia Pacific
o
China
o
India
o
Japan
o
Russia
·
Latin America
o
Brazil
o
Mexico
o
Argentina
·
Middle East and Africa
o
South Africa
o
Saudi Arabia
o
Egypt
Access Press Release of Track and Trace Solutions Market@ www.grandviewresearch.com/press-release/global-track-trace-solutions-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
