Track and Trace Solutions Market 2021 Know Driving Factors to Hit High Growth by 2026
Industry Trends
The healthcare industry is consistently looking for better ways to monitor their products, not only in the supply chain, but also at home in the medicine cabinet when the prescription is in. Track and trace solutions are becoming especially popular in the pharmaceutical and medical device industry due to strict government requirements and constraints as they allow all related movements to be monitored. Likewise, in the entire value chain, these technologies are of paramount importance in distribution processes, automation, and optimization. Tracking and tracing solutions ensure better transparency throughout the transport cycle.
Counterfeiting occurs in a variety of ways. It can range from mislabeling products with the intention of replicating an authentic licensed product to far more dangerous practices by selling drugs without the active ingredient or adding an inadequate or disproportionate quantity of the active ingredient. Falsified drugs sometimes also contain foreign or harmful chemicals. This problem is supposed to be eradicated to a very large extent, with the advent of track and trace solutions. Consequently, this factor is propelling its increasing acceptance among drug manufacturers and further driving market growth over the forecast period.
Due to its increasing adoption in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical device companies, software solutions held the largest share in the market for track and trace solutions in 2019. These software solutions are used to manage the manufacturing facilities, product lines, case and bundle tracking, and warehousing and shipping continuously. Companies developing this program invest in R&D to enhance product development which is expected to fuel market growth. Software solutions will show lucrative growth over the projected period. The printing and labeling software segment had the largest share of revenues among hardware track and trace systems. This program plays an important part in maintaining product quality and reliability in the production and supply chain. Rising demand for serialization and the need to comply with regulations is driving growth in the segment.
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In 2019, North America dominated the global market for track & trace solutions, but Asia Pacific is expected to grow at the fastest rate by 2025. Countries in Asia record the largest proportion of counterfeits found globally, according to the Pharmaceutical Safety Institute's incident database. This is probably due not only to lax enforcement but also to the scale of counterfeit production originating from China and South and Southeast Asian countries. Nigeria, Russia, Mexico, Brazil and Latin America are also major producers. In Asia Pacific, the demand for track and trace solutions is expected to show the fastest growth due to increased pressure to curb the high incidence of counterfeit drugs in emerging Asian countries such as China and India.
Track and Trace Solutions Market Revenue & Forecast, (US$ Million), 2015 – 2027
Competitive Landscape
The report provides both, qualitative and quantitative research of track and trace solutions market, as well as provides comprehensive insights and development methods adopted by the key contenders. The report also offers extensive research on the key players in this market and details on the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by these major market participants are also recognized and analysed in the report. For each company, the report studies their global presence, competitors, service offerings and specification amongst others.
The key market players include: TraceLink Inc., Mettler-Toledo International, Inc., Axway, OPTEL GROUP, Adents, Seidenader Maschinenbau GmbH, RFXCEL CORP., Vitronic Machine Vision, Ltd., PharmaSecure Inc. and Laetus GmbH among others.
Track and Trace Solutions Market:
By Product: Plant Manager , Checkweigher , Barcode Scanner , Verification
By Application: Serialization , Aggregations , Reporting
By End User: Pharmaceuticals, Medical Devices
By Geography:
North America: (U.S, Canada, Mexico, Rest of North America)
Europe: (France, The UK, Spain, Germany, Italy)
Nordic Countries: (Denmark, Finland, Iceland, Sweden, Norway)
Benelux Union: (Belgium, The Netherlands, Luxembourg, Rest of Europe)
Asia Pacific:(China, Japan, India, New Zealand, Australia, South Korea)
Southeast Asia: (Indonesia, Thailand, Singapore)
Rest of Southeast Asia
Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)
Latin America: (Brazil, Argentina, Rest of Latina America)
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