“Track And Trace Solutions Market Size, Share & Trends Analysis Report By Product, By Technology (Barcodes, RFID), By Application (Serialization, Aggregation), By End Use, By Region, And Segment Forecasts, 2019 - 2026”
The global track and trace solutions market size is expected to reach USD 6.81 billion by 2026. It is anticipated to register a CAGR of 17.9% during the forecast period.
Increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection is one of the major factors driving the growth. Pharmaceuticals and medical devices manufacturers encounter a major threat from counterfeit products and theft. Deployment of track and trace solution helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.
Increased incidence of counterfeit drugs in developing countries of Asia, Africa, and Latin America is a major factor contributing to the high adoption of track and trace solutions. It is expected that more than 40 countries and over 75% of worldwide medicine supply will be covered by track and trace regulations in near future. Automatic identification technologies including barcoding and RFID are recommended by the Food and Drug Administration (FDA) to pharmaceuticals and other healthcare companies. Incidence of drug counterfeiting and theft is very high in developing countries like China and India. This is expected to drive the demand from emerging countries like China, India, and Brazil.
Furthermore, rising adoption of track and trace solution by healthcare manufacturers is projected to fuel the market growth in the forthcoming years. Introduction of advanced technology, such as RFID, provides fast reading and delivers high levels of security. However, the deployment cost of serialization and aggregation solutions, as well as lack of common regulations and standards, is expected to hamper the growth.
Further Key Findings from the Study Suggest:
- Software solutions was the largest revenue-generating segment in 2018, mainly due to the regulatory mandates for the execution of serialization and aggregation in healthcare sector
- Serialization solution was the largest grossing segment in 2018, owing to increasing application of serialization in pharmaceuticals and medical devices packaging will be a vital factor contributing to the growth
- RFID segment is expected to exhibit the fastest CAGR during the study period, attributed to the technological advantages, such as high durability and reusability, more data storage capacity, and no requirement of line of sight
- North America is set to reign the global market in 2019. Rising implementation of regulatory standards and regulations along with high adoption of those solutions are anticipated to contribute to the growth
- Some key players serving track and trace solutions market include Axway, Mettler-Toledo International, Inc., Optel Vision, Adents International, Antares Vision srl, TraceLink, Inc., Siemens AG .... see more