The track and trace solutions market is projected to reach USD 6002.3 billion by 2027 from USD 2136 million in 2020, at a CAGR of 15.9 %. Associated advantages of track and trace solutions, such as continuous transparency, packaging and logistics management, and product ID verification services facilitating hassle-free product movement within the distribution channel, is a key growth driver for this market.
The major factors driving the growth of this market include the stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, and growth in the medical device industry. The market is anticipated to be fuelled by rising deployment of track and trace solutions by pharmaceutical and medical devices companies. Drug counterfeiting is a major problem faced by pharmaceuticals and biopharmaceuticals companies. Thus, companies are adopting track and trace solutions for supply chain monitoring. It has been found that the influx of substandard/counterfeit medications is more prevalent in low to middle-income countries such as India and Africa. According to the United States Trade Representative (USTR) report in 2020, around 20% of all sold drugs in India were counterfeit.
Moreover, stringent regulations and standards pertinent to serialization implementation and aggregation is expected to drive the market for track and trace systems. In July 2020, the Therapeutic Goods Administration (TGA) imparted new guidelines on product coding in order to reduce counterfeiting in Australia. However, high cost connected with track and trace implementation and lack of unified global standard regulations for serialization and aggregation could hinder market growth.
There are numerous small and large vendors offering a plethora of tracking and trace solutions, resulting in intense competition. The North America market is primarily driven by presence of highly regulated serialization and aggregation standards, as well as advanced healthcare infrastructure. Asia Pacific is anticipated to exhibit the fastest growth due to increasing pressure to curb the incidence of counterfeit drugs in developing Asian countries like China and India.
Prominent players in the global track and trace solutions Industry are OPTEL Group (Canada), Mettler-Toledo International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), Adents International (France), SEA Vision Srl (Italy), Robert Bosch (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), Jekson Vision (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway Inc. (US), NJM Packaging (US), rfxcel Corporation (US), ACG Worldwide (India), Laetus GmbH (Germany), WIPOTEC-OCS (Germany), Domino Printing Sciences plc (UK), Kevision Systems (India), Grant Soft (Turkey), SL Control Ltd. (US), and Arvato Bertelsmann (Germany).
North America is currently dominating the track and trace solutions market in the region. This is attributed to the couple of factors such as presence of highly regulated serialization standards, advanced healthcare infrastructure and adoption of track and trace solutions in the region are some of the factors driving the growth of the market in the region. Asia Pacific is expected to witness the lucrative growth over the forecast period. This is owing to high incidence of counterfeit drugs in countries such as India, China, etc. are one of the major key factors contributing towards the growth of the market.
The major factors driving the growth of this market include the stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, and growth in the medical device industry. The market is anticipated to be fuelled by rising deployment of track and trace solutions by pharmaceutical and medical devices companies. Drug counterfeiting is a major problem faced by pharmaceuticals and biopharmaceuticals companies. Thus, companies are adopting track and trace solutions for supply chain monitoring. It has been found that the influx of substandard/counterfeit medications is more prevalent in low to middle-income countries such as India and Africa. According to the United States Trade Representative (USTR) report in 2020, around 20% of all sold drugs in India were counterfeit.
Moreover, stringent regulations and standards pertinent to serialization implementation and aggregation is expected to drive the market for track and trace systems. In July 2020, the Therapeutic Goods Administration (TGA) imparted new guidelines on product coding in order to reduce counterfeiting in Australia. However, high cost connected with track and trace implementation and lack of unified global standard regulations for serialization and aggregation could hinder market growth.
There are numerous small and large vendors offering a plethora of tracking and trace solutions, resulting in intense competition. The North America market is primarily driven by presence of highly regulated serialization and aggregation standards, as well as advanced healthcare infrastructure. Asia Pacific is anticipated to exhibit the fastest growth due to increasing pressure to curb the incidence of counterfeit drugs in developing Asian countries like China and India.
Prominent players in the global track and trace solutions Industry are OPTEL Group (Canada), Mettler-Toledo International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), Adents International (France), SEA Vision Srl (Italy), Robert Bosch (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), Jekson Vision (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway Inc. (US), NJM Packaging (US), rfxcel Corporation (US), ACG Worldwide (India), Laetus GmbH (Germany), WIPOTEC-OCS (Germany), Domino Printing Sciences plc (UK), Kevision Systems (India), Grant Soft (Turkey), SL Control Ltd. (US), and Arvato Bertelsmann (Germany).
North America is currently dominating the track and trace solutions market in the region. This is attributed to the couple of factors such as presence of highly regulated serialization standards, advanced healthcare infrastructure and adoption of track and trace solutions in the region are some of the factors driving the growth of the market in the region. Asia Pacific is expected to witness the lucrative growth over the forecast period. This is owing to high incidence of counterfeit drugs in countries such as India, China, etc. are one of the major key factors contributing towards the growth of the market.
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