July 21, 2020
According to the research report titled ‘Global Track and Trace Solutions Market Size study, by Product (Software, Hardware, Standalone Platforms), by Application (Serialization, Aggregation, Tracking, Tracing, & Reporting), by Technology (2D Barcodes, Radiofrequency Identification (RFID), Linear Barcodes), by End-User (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Cosmetic Industry, Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global track and trace solutions market was worth USD 2.2 billion in 2019 and is projected to expand with a CAGR of 18.5% during 2020-2026.
Increasing presence of counterfeit medications and numerous product recalls, strict policies & norms for product serialization, along with surging medical device production across the world are the major growth drivers of global track and trace solutions market.
Notably, healthcare industry has witnessed an increase in demand for track & trace solutions in the recent past. The application of these solutions can be seen in logistics and distribution of a broad range of products. enabling authorities to track the previous and current position of the consignment. Radio frequency identification (RFID) and barcodes are the major technologies used to log the location of the product packages throughout the entire delivery process.
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In 2017, FDA outlined new requirements for product identification under the DSCSA Policy. As per the policy, FDA specifies that drug sold in the US must have item-level serialization and it should be printed alongside its unit-of-sale. The DSCSA also mandates the use of a ‘standardized numerical identifier’ in order to classify packages or homogeneous cases organized by NDC. Such compliances are expected to boost the demand of track & trace solutions for tracking medications, with the intention of avoiding product recalls, thereby propelling the industry growth. Although, hefty costs of aggregation and serialization, in consort with lack of common aggregation and serialization standards may impede the market growth over 2020-2026.
Citing the regional landscape, global track & trace solutions industry is fragmented into Latin America, Europe, North America, Asia Pacific, and ROW. Presently, North America holds a significant market share, attributable to burgeoning number of counterfeit drugs and presence of strict policies regarding aggregation and serialization.
Meanwhile, Asia Pacific market is slated to grow substantially over the anticipated timeline, owing to implementation of directives & standards geared towards enhancing the quality and reliability of medications in nations like India and China.
Major players in global track and trace solutions market are Mettler Toledo, Systech Group Ltd., Siemens AG, SEA Vision S.r.l, Adents High Tech International SAS, TraceLink, Inc., Axway, Optel Group, Körber AG, and Antares Vision.