Rockville, MD -- (SBWIRE) -- 06/28/2019 -- Track and Trace Solutions Market Insights
Track and trace solutions provide comprehensive information related to cross-border shipments, and are widely used for monitoring specific products or goods across the globe. The track and trace solutions encompass label that mentions every commercial unit with a code carrying a serial number, and a tamper-evident seal with product. The track and trace solutions are gaining extensive traction from medical devices sector, as they provide authentic information about the location of devices, when the need arises.
Burgeoning focus of manufacturers on brand protection, proliferating pharmaceutical and medical devices industries, and stringent sterilization regulations are some primary factors expected to drive track and trace solutions market. These factors pushed the value of track and trace solutions market to US$ 2 Billion in 2018.
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Track and Trace Solutions Market – Notable Developments
Some of the leading players in track and trace solutions market include Siemens, OPTEL Group, Körber Medipak Systems, Sea Vision, METTLER TOLEDO, Zebra Technologies, Antares Vision, Geoforce, Systech, Xyntek, ACG Worldwide, Axway, TraceLink, and Adents High Tech International SAS.
Notable developments in the competitive landscape of track and trace solutions market include,
In April 2019, CIBC Innovation Banking provided Geoforce with flexible US$ 5 million working capital financing. The global provider of field asset tracking solutions Geoforce will use the debt capital to enhance its product delivery and to bring its client growth strategies into effect.
In June 2018, Italian pharmaceutical manufacturer and CMO, IBI Lorenzini selected a leading trace and trace solutions provider, TraceLink to comply with worldwide serialization regulations.
Track and Trace Solutions Market Dynamics
Wide Applications of Bar Code Technology in the Healthcare Industry Promising Robust Growth in Market
Barcode systems are witnessing significant traction in healthcare industry, as they help in tracking patient data and drug information, enhance medical supplies inventory management, and add barcode labels to blood supplies to distinguish among different samples. Numerous government regulations and growing rate of drug counterfeits are triggering the implementation of barcode technology in the healthcare industry. Other key benefits of using barcodes include improved stock visibility and reduced waste, lesser cost disparities and highly quality of care, improved safety and compliance, and automation of supply-chain tasks. These factors are fueling the demand for barcode technology, which, in turn, is underpinning growth in track and trace solutions market.
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Growing Prevalence of Drug Counterfeiting Fueling Demand for Track and Trace Solutions
Drug counterfeiting is one of the key problems faced by the large-scale pharmaceutical and biopharmaceutical firms. Consequently healthcare companies are adopting track and trace solutions in supply-chain monitoring to ensure that brands get their share of brand recognition. Counterfeiting has been taking place in a diverse ways, ranging from mislabeling drugs and products with the intent to forge an authentic approved product, to selling medication with active ingredient in inappropriate amount. These counterfeit medicines often contain harmful or extraneous chemicals. As track and trace solutions can eradicate this growing problem to a significant extent, their adoption is increasing across healthcare sector. This increasing adoption by drug manufacturers is further providing an impetus to the growth of track and trace solutions market.
Developed Economies Dominate Track and Trace Solutions Market
Developed economics, such as North America is expected to continue its stronghold across track and trace solutions market, on the account of burgeoning number of counterfeit drugs in the region. The FDA issued product identifier requirements under the DSCSA Compliance Policy, in 2017 in order to limit the sales counterfeit drugs. This policy mandated that drugs sold in the US must carry item-level serialization affixed and printed on unit-of-sale prescription drugs, and "standardized numerical identifier" to uniquely identify homogenous packages composed by the NDC. Other factors underpinning growth in North America track and trace solutions market include strong presence of developed healthcare systems across the US and Canada, burgeoning pharmaceutical and biotechnology firms, and a proliferating medical devices market.
High Cost Remains a Key Challenge Ahead of Stakeholders
The high cost associated with the implementation of track and trace solutions has been impeding the growth of stakeholders. Furthermore, many pharmaceutical companies have traditional system architectures in pace, which require high degree of system customization for the implementation of track and trace solutions. As such customizations create significant cost increases, many companies refuse to adopt track and trace solutions.
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