Advancement in Technology Promotes Track And Trace Solutions…
The global track and
trace solutions market size is
expected to reach USD 8.2 billion by
2027, according to a new report by Grand View Research, Inc., registering
an 18.5% CAGR over the forecast
period. The growth is attributed majorly due to increasing focus of
pharmaceutical and biopharmaceutical companies on ensuring brand protection
from counterfeit products and theft. The deployment of track and trace
solutions helps manufacturers enhance distribution channel efficiency and
reduces the frequency of counterfeit products.
Major players catering to the demand for track
and trace solutions in the market are Axway; Mettler-Toledo International,
Inc.; Optel Vision; TraceLink, Inc.; Adents International; Antares Vision srl;
Siemens AG; Seidenader Maschinenbau GmbH; ACG Worldwide; and Systech, Inc. There are multiple small and large
manufacturers offering a host of solutions for tracking and tracing
applications, resulting in intense competition among vendors.
Rising adoption of track and trace
solutions by healthcare device and product manufacturers will fuel market
growth in the long run. Introduction of advanced technologies, such as RFID,
provides fast reading and delivers high levels of security. However, deployment
cost of serialization and aggregation systems, as well as lack of common
regulations and standards, may hamper market growth in some developing regions.
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Further key findings from the study suggest:
·
By product, software formed the
largest revenue-generating segment in the market in 2020. This is mainly
because of regulatory mandates for the execution of serialization and
aggregation in the healthcare sector
·
The serialization application
was the largest grossing segment in 2020. Increasing application of
serialization in pharmaceuticals and medical devices packaging will be a vital
factor contributing to segment growth
·
Based on technology, the RFID
segment is expected to exhibit the fastest growth rate during the study period.
Key factors contributing to segment growth are technological advantages such as
high durability and reusability, more data storage capacity, and no requirement
of line of sight
·
North America is dominated the
global market in 2020. Rising implementation of regulatory standards and
regulations, along with high adoption rate of track and trace solutions by
consumers is anticipated to contribute to market growth
·
Some of the key players in the
track and trace solutions market are Axway; Mettler-Toledo International, Inc.;
Optel Vision; Adents International; Antares Vision srl; TraceLink, Inc.;
Siemens AG; ACG Worldwide, Seidenader Maschinenbau GmbH; and Systech, Inc.
The global track and trace
solutions market size was valued at USD 2.2 billion in 2020 and is anticipated
to exhibit a CAGR of 18.5% during the forecast period. Associated advantages of
track and trace solutions, such as continuous transparency, packaging and
logistics management, and product ID verification services facilitating
hassle-free product movement within the distribution channel, is a key growth
driver for this market.
The
market is anticipated to be fueled by rising deployment of track and trace
solutions by pharmaceutical and medical devices companies. Drug counterfeiting
is a major problem faced by pharmaceuticals and biopharmaceuticals companies.
Thus, companies are adopting track and trace solutions for supply chain
monitoring. It has been found that the influx of substandard/counterfeit
medications is more prevalent in low to middle-income countries such as India
and Africa. According to the United States Trade Representative (USTR) report
in 2020, around 20% of all sold drugs in India were counterfeit.
Moreover,
stringent regulations and standards pertinent to serialization implementation
and aggregation is expected to drive the market for track and trace systems. In
July 2020, the Therapeutic Goods Administration (TGA) imparted new guidelines
on product coding in order to reduce counterfeiting in Australia. However, high
cost connected with track and trace implementation and lack of unified global
standard regulations for serialization and aggregation could hinder market
growth.
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Grand View Research has segmented the
global track and trace solutions market on the basis of product, technology,
application, end use, and region:
Track and Trace Solutions Product Outlook (Revenue,
USD Million, 2016 - 2027)
·
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, 2016 - 2027)
·
Barcodes
·
RFID
Track and Trace Solutions Application Outlook (Revenue,
USD Million, 2016 - 2027)
·
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, 2016 - 2027)
·
Pharmaceutical Companies
·
Medical Device Companies
·
Healthcare Others
·
Food and Beverage
·
Consumer Packaged Goods
·
Luxury Goods
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.
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