Leeds, UK -- (SBWIRE) -- 07/22/2019 -- 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
- 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. By Product
- Software Solutions
o Plant Manager
o Line Controller
o Enterprise & Network Manager
o Pallet Tracking
o Bundle Tracking
o Case Tracking
o Warehouse & Shipment Manager
- Hardware Solutions
o Printing & Marking
o Standalone Platforms
o Barcode Scanners
o RFID Readers
o Monitoring & Verification
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. By Application
o Pallet Aggregation
o Bundle Aggregation
o Case Aggregation
- Tracking, Tracing & Reporting
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
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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- 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:
- 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
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