The report on global track and trace solutions market is an in depth analysis of the segments and sub-segments in the track and trace solutions market.
Pune, India -- (SBWIRE) -- 01/21/2020 -- Infinium global research has recently published a trending report on Global Track and Trace Solutions Market delivering key insights and providing a competitive advantage to clients through a detailed report. The report provides analysis for the global as well as regional markets over the period of 2017-2023. Track and trace solutions are concerned with the distribution and logistics of a wide range of products which facilitates to locate the present and previous location of the object of interest.
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Pharmaceutical and Medical Devices Companies is Anticipated to Fuel the Market Growth
According to estimates by the WHO, nearly $40 billion is lost each year to counterfeit products. Track and trace is a new solution to mitigate the risks associated with counterfeit drugs which are making its way due to patent cliffs, regulatory scrutiny, and R & D productivity, as well as a complex supply chain. Furthermore, drug shortages cost-cutting pressures and increase online buying further propelling the sale of counterfeit drugs.
Serialization Solutions is Anticipated to Hold the Largest Share During the Forecast Period
According to the analyst at Infinium Global Research, the scope of the market is analyzed on the basis of product, technology, application, and end-user. Based on the product type, the study includes software solutions and hardware systems. Based on technology, the study includes barcode and RFID. Based on the application, the study includes a serialization solution and aggregation solutions. Moreover, the track and trace market is segmented on the basis of the end-user. Based on the end-user, the study includes medical device companies, pharmaceutical companies, and others.
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According to the IGR analysts, based on the application, the sub-segment serialization solution is expected to grow during the forecast period. The federal agencies, country governments, and healthcare industry are taking measures to decrease product diversion and drug counterfeiting such as China Food & Drug Administration (CFDA) serialization requirements, which use government-issued serial numbers that are reported back to a central government database. The EU's European Stakeholder Model, which is based on the European Medicines Verification System (EMVS) where manufacturers upload serialized information to a central institutional hub for verification.
Based on the technology, barcode segment is anticipated to grow during the forecast period due to increasing implementation of barcode technology in the healthcare industry as barcode solutions help streamline the patient admittance process, track medication and care admission, and identify patients throughout their entire stay thus reducing errors and ensuring patient safety.
North America is Accounted for the Largest Share During the Forecast Period
The market in this region is anticipated to grow during the forecast period due to the presence of highly regulated serialization and aggregation standards, as well as advanced healthcare infrastructure. The U.S. model which requires lot traceability shared with each member of the value chain in 2015, individual saleable package serialization by 2017 and verification at the point of dispensing by 2023.
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Track and Trace Solutions Market: Competitive Analysis
The key players are focusing on collaboration with other players in the market. Strategic acquisition and product launches were observed as the most acquired strategy in recent times such as Dover announced in January 2020 of its definitive agreement to acquire Systech Solutions, a leading provider of software and solutions for product traceability, regulatory compliance and brand protection following the acquisition, Systech will become part of the Markem-Imaje business unit, a global supplier of product identification and traceability solutions, in Dover's Imaging and Identification segment.
Antares Vision srl offering innovative track & trace solutions using advanced technologies such as issuing serialization identifiers on to each saleable item thus safeguarding the valuable integrity of the products and optimize the production line efficiency and minimize recalled products.
Prominent players catering to the global track and trace solutions market are Systech International, ACG Worldwide, Seidenader Maschinenbau GmbH, Siemens AG, Antares Vision srl, Adents International, TraceLink, Inc., Optel Vision, Mettler-Toledo International, Inc., and Axway.
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the track and trace solutions.
=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2023.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.