Track and Trace Solutions Market size in 2019 is estimated to be $2.2 billion, growing at a CAGR of 17.3% during the forecast period 2020-2025. Tracking and tracing is a process of determining the current and past locations of a unique item or property. Track and Trace solutions such as RFID tags that have ability to track real-time data. Increasing number of fake drugs and technological advancement are the major factors driving the growth of the market. Moreover, increasing focus on biopharmaceutical companies on ensuring brand protection and stringent regulations and standards for the implementation of serialization further enhance the overall market demand for track and trace solutions during the forecast period 2020-2025.
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Product – Segment Analysis
Based on the Product, Track and Trace Solutions Market is segmented into Hardware Systems, Software Systems. The Software segment is forecast to be the fastest-growing segment and is estimated to grow at a CAGR of 14.2% during the forecast period 2020-2025. This is mainly owing to growing adoption in healthcare companies including pharmaceuticals and medical device companies. Software solutions are used for continuous management of manufacturing facilities and case and bundle tracking. Moreover, software are investigating in R&D for better product development that are further contributing the growth of this segment.
Technology – Segment Analysis
Based on the Technology, Track and Trace Solutions Market is segmented into Barcode, RFID. In 2019, barcode held the largest share in the track and trace market. Increasing application of barcodes in pharmaceutical product packaging. Moreover, ample data storage capacity of barcodes as well as its higher popularity in the industry is also contributing to the growth of this segment.
Geography – Segment Analysis
North America dominated the track and trace market share accounting for 38% of the market in 2019. This is mainly owing to presence of highly regulated sterilization and aggregation standards as well as advanced healthcare infrastructure. According to U.S. Food and Drug Association, automatic identification technologies including barcoding and RFID are recommended in pharmaceuticals and others healthcare companies.
However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2020-2025. This is owing to the growth in healthcare infrastructure and rising incidence of counterfeit drugs.
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Drivers – Track and Trace Solutions Market
Increasing number of fake drugs and rising deployment of track and trace solutions are some factors driving the growth of track and trace solutions market. Fake drugs is a major problem that are faced mostly by biopharmaceutical companies and according to United States Trade Representative, about 20% of sold drugs are fake. Moreover, increasing investment in R&D are also set to increase the market growth.
Rising advanced technology provides fast reading and delivers high level of security are some factors driving the growth of the market. Moreover, increasing adoption of barcode systems owing to ease of operation and efficient inventory management in hospitals, diagnostics centers and many others further contributing the growth of track and trace solutions market.
Challenges – Track and Trace Solutions Market
High cost associated with the operations of these solutions are challenging the growth of the market. Moreover, unavailability of proper healthcare infrastructure and increasing detection problems are further restraining its market growth during the forecast period 2020-2025.
Track and Trace Solutions Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Track and Trace Solutions Market. Track and Trace Solutions top 10 companies are Axway, Mettler-Toledo International Inc., Optel Vision, TrackLink Inc., Adents International, Antares Vision srl, Siemens AG, Seidenader, ACG Worldwide and Systech Inc.
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