Track & Trace Solutions Market 2020 Includes Statistical Forecasts, Competitive Landscape, Key Trend, and Strategic Recommendations by 2025
Global track & trace solutions market is categorized based on application, product, technology and end user. Asia Pacific is expected to be the fastest growing region by 2025, with a CAGR of over 16%.
Dallas, United States – April 29, 2021 /MarketersMedia/ —
Track and trace (T&T) solutions helps organizations or healthcare companies to efficiently manage their supply chain and diminish the risks coupled with counterfeit drugs. Track & Trace Solutions provide help in determining the present and past locations of a drug. Track-and-trace solutions assist in identifying weakest link from supply chain system, taking control over carbon footprint of your products, diversion or waste, track conditions in order to protect it from damages, verify individual products and their components and even more. The system provides users with number of beneficial features and is gaining a lot of traction across the globe. The Global Track & Trace Solutions Market has recorded a praiseworthy growth in past few years.
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The growth of the Track & Trace Solutions industry is accredited by several growth drivers. The major reason behind the upsurge in the growth of the market is the advantages it provides like product ID verification services, packaging and logistics management, continuous transparency and many more that facilitates stress-free movement of product within the distribution channel. Several medical devices and pharmaceutical companies across the globe are deploying Track & Trace Solutions. This rise in the adoption has caused a boost in the growth of the market. To avoid the drug counterfeiting would be the main reason for pharmaceutical companies to adopt Track & Trace Solutions on this scale.
Several standards pertinent and stringent regulations imposed are anticipated to provide boost to the growth of Track & Trace Solutions industry. However, lack of unified global standard regulations and the high cost coupled with the deployment of these systems might cause a negative influence on the growth of the industry. Nevertheless, there are plenty of manufacturers and vendors offering a plethora of tracking and trace solutions giving a rise to intense competition in the industry which in turn is propelling the growth of the industry on global level. In addition to that, rising pressure to curb the incidence of counterfeit drugs among the developing countries is also acting like a catalyst in the growth process of the market.
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The healthcare industry is continuously looking for better ways of monitoring their products, not only in the supply-chain but also when the prescription is at home in the medicine cabinet. Track and trace solutions are becoming popular especially in the pharmaceutical and medical device industry due to stringent government requirements and constraints as they allow tracking all the relevant movements. Similarly, these solutions are of utmost importance in logistics processes, automation and optimization in the complete value chain. Tracking and tracing solutions safeguard better transparency in the transport cycle.
Key players serving the global track & trace solutions market 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.
Key segments of the global track & trace solutions market
Application Overview, 2015-2025 (USD Million)
• Serialization
• Aggregation
Product Overview, 2015-2025 (USD Million)
• Hardware
• Software
Technology Overview, 2015-2025 (USD Million)
• Barcode
• RFID
End User Overview, 2015-2025 (USD Million)
• Pharma & Biopharma Industries
• Medical Device Industries
Regional Overview, 2015-2025 (USD Million)
• North America
• US
• Canada
• Europe
• Germany
• United Kingdom
• France
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
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Reasons for the study
• Changing government regulations regarding pharma and medical device safety and traceability
• Rise in counterfeit healthcare products
• Adoption of aggregation in various countries
What does the report include?
• The study on the global track & trace solutions market includes analysis of qualitative market indicators such as drivers, restraints, challenges and opportunities
• Additionally, the market competition has been evaluated using the Porter’s five forces analysis
• The study covers qualitative and quantitative analysis of the market segmented on the basis of applications, product, technology and end user. Moreover, the study provides similar information for the key geographies.
• Actual market sizes and forecasts have been provided for all the considered segments
• The study includes the profiles of key players in the market with a significant global and/or regional presence
About Us:
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a Market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable Market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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