The global track and trace solutions market size is expected to reach around US$ 7.2 billion by 2026 and growing at a CAGR of 18.0% from the forecast period 2019 to 2026.
Track and trace solutions offer extensive cross-border shipment-related data and are commonly used worldwide for tracking certain products or goods. The track and trace solutions include a label that mentions every business unit with a code with a serial number and an obvious product seal. The tracking and tracking solutions gain comprehensive momentum from the medical device industry because when needed, they provide genuine data on the place of devices. With the growing use of these alternatives by medical devices and pharmaceutical companies the tracking and trace solutions industry has a positive future. It is estimated that the track market will develop in the near future with fast global implementation of these alternatives.
The report provides analysis of global track and trace solutions market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
High standards and rules for serialisation, an increased emphasis on Brand Protection by the manufacturer, the increase in the amount of packaging-related recalls and development in the medical devices sector are the main considerations that drive the market's development. The bar code scheme provides broad applications in the healthcare industry, from hospitals and diagnostic laboratories to medical equipment or pharmaceutical manufacturers. A barcode enables patient information in medical institutions to be tracked, inventory and origin of medicines are managed accurately, and barcode labels are added to blood supplies that help to differentiate between distinct specimens. This barcode technology has long been used and is still used for monitoring.
In the healthcare sector, barcode technologies are experiencing important momentum by helping to track patient data and drug information, improvement of stock management of medical supplies and addition of barcode labels in blood supplies to differentiate between specimens. Many public regulations and the increasing frequency of counterfeit drugs cause bar code technology to be implemented in the health sector. Additional advantages include enhanced visibility of stocks and decreased waste, lower cost disparities and high quality of care, enhanced safety and conformity, and automated supply chain duties. Counterfeiting of drugs is one of the major challenges facing large pharmaceutical and biopharmaceutical companies. As such, healthcare businesses adopt follow-up and trace approaches to guarantee that brands receive their share of brand recognition in supply chains. Counterfeiting has been performed in different ways, from mislabelling medicines and products to forging an authentic authorized product to inappropriate sales of medicines using active ingredients. These falsified medicinal products often have damaging or foreign chemicals. As solutions for tracking and tracking can eradicate this growing issue in a substantial way, its acceptance in the health care industry is increasing. This increased acceptance by pharmaceutical producers further boosts the development of the market for trace and trace alternatives.
Overall, current and anticipated anti-counterfeiting legislation and drug traceability legislation are being considered by pharmaceutical companies. Many governments opt to apply the serialization rules. Regulatory compliance in order to serialize is quickly becoming an area of focus for pharmaceutical producers and supply chain partners worldwide. Either the regulatory map for serialization has already been established by or is underway in most advanced and developing countries. Increscent drug-related operations and supply chain inefficiencies lead to legislative push to safeguard the pharmaceutical supply chain.
Moreover, stringent laws and norms are anticipated to drive market development for serialization and aggregation. The elevated cost of implementing these alternatives and the absence of worldwide serialisation and aggregation norms and laws could, however, hinder market growth. In the manufacturing industry track and trace alternatives are essential regardless of the product. These alternatives have become crucial in sectors like drug, food and drink sectors, consumer products and luxury products. These have become important. Different sectors have specific regulatory policies and mandates in order to guarantee customer safety.
The adoption of track and trace solutions was motivated by the Food Safety Modernisation Act (FSMA), which required visibility of the logistics supply chain. In October 2018 Rfxcel, a tracks and traces supply chains company, announced that its food and beverage solutions would be expanded. Such corporate strategic initiatives are anticipated to boost market development in tracking and tracing solutions during the forecast era. A significant factor contributing to the greater income share is growing adoption of 2D barcodes in pharmaceutical and biopharmaceutical packaging. In addition, the demand for 2D barcode-based alternatives boosts greater data storage capabilities than linear barcodes and its increased popularity in the sector.
Apparently, effective serialisation programs are a main difference and a distinctive competitive price for biopharma businesses, as are quality furnishings, visuality, and full traceability in the supply chains. The market for tracking and tracking solutions is therefore anticipated to propel significantly in the following years. Brand protection is not new to the sector. Customers need to concentrate their products even more closely on enhancing access to data, and to work towards maintaining and building client confidence. The confidence of this client is the basis for businesses. Brand image damage often results from product related crime, defective or hazardous counterfeiting and/or manipulation products. These events sometimes produce disastrous outcomes.
Because of the growing amount of counterfeit medicines in the area, developed economies such as North America will remain their stronghold across the tracking and tracking solutions industry. In order to restrict sales of falsified medicinal products, the FDA published in 2017 item identification criteria according to the DSCSA Compliance Policy. Strong existence of advanced healthcare systems in the US and Canada, emerging pharmaceutical and biotechnology companies, and the growing medical devices market are also important factors underlying growth on North America.
As regards income share, Europe is anticipated to be the second largest market due to the presence of developed countries, such as Germany, Turkey, the United Kingdom, France and Italy. In order to tackle drug counterfeiting and theft, the European Union seeks to gradually introduce track and trace alternatives for its health supply chain. Manufeners not complying with the laws on drug serialization would not be permitted to sell their products in Europe according to the Falsified Medicines Directive.
Furthermore, stringent laws and norms are anticipated to promote market growth for the production and aggregation. However, the elevated price of implementing these alternatives and the absence of international serialization and aggregation norms and laws could hinder business development. The elevated costs of implementing track and track alternatives have hampered stakeholder development. Many pharmaceutical businesses also have traditional system architectures that require elevated levels of system customization for track and tracking solutions. As such adaptations lead to substantial rises in costs, numerous businesses reject the adoption of tracking alternatives.
Global Track and Trace Solutions Market, By Product Type
Global Track and Trace Solutions Market, By Technology
Global Track and Trace Solutions Market, By Application
Global Track and Trace Solutions Market, By End User
Global Track and Trace Solutions Market, By Geography
The market research study on “Track and Trace Solutions Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Hydraulic Turbine market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
The track and trace solutions market consists of major vendors such as Mettler-Toledo International, Inc.; Antares Vision srl; Siemens AG; Axway; Seidenader Maschinenbau GmbH; Adents International; Systech, Inc., Optel Vision; TraceLink, Inc. and ACG Worldwide.