Track and Trace Solutions Market Is Anticipated To Exhibit A 15.9% CAGR From 2016 To 2025: Grand View Research, Inc.
March 12, 2018 --
The global track and trace solutions market size is projected to attain USD 5.2 billion by 2025, finds Grand View Research, Inc. The market is predicted to exhibit a 15.9% CAGR from 2016 to 2025. Increasing interest of biopharmaceutical and pharmaceutical companies to protect their brands can impel the global market. Concerns of counterfeiting of premium brands are expected to drive the adoption of track and trace solutions during the forecast period (2014-2025).
The use of these solutions to minimize the number of product recalls can drive the growth of the market during the forecast period. Increased application of 2D barcodes in pharmaceutical and biopharmaceuticals sectors due to their benefit and popularity can positively impact market sales. Stringent regulations against counterfeit and generic drugs are anticipated to positively influence the market.
Deployment of track and trace solutions to enhance the supply value chain can bode well for the market in the forthcoming years. In addition, adoption of radio-frequency identification (RFID) and barcodes by distributors can expedite the technological developments and increase security exponentially. However, lack of standardization and high deployment costs of aggregation & serialization solutions can impede market growth.
Full Research Report On Track and Trace Solutions Market Analysis:
The worldwide track and trace solutions market is segmented by product, technology, application, end-user, and region. By product, the market is divided into software solutions and hardware systems. The software solution segment accounted for a larger share than its counterpart due to its rising popularity and use in the supply chain. The adoption of track and trace solutions by the healthcare sector will be a plus for this segment. The hardware segment is expected to exhibit a decent growth rate due to demand for printing and marking solutions.
Major technologies in the market include RFID and barcodes. The RFID segment is anticipated to showcase a robust growth rate over the forecast period due to advantages such as negligible line of sight, data storage capacity, reusability, and high durability. Faster reading of codes and advanced authentication methodology can ensure the protection of goods. Need for smart packaging is expected to augment segment demand. The barcode segment is projected to grow comfortably owing to the popularity of 2D barcodes.
By application, the track and trace solutions market is fragmented into aggregation and serialization solutions. In 2015, the serialization segment had attained high demand due to its application in the pharmaceutical and medical sectors.
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End-users in the market include medical device companies, pharmaceutical companies, and others. ‘Others’ comprise cosmetics, clinical and research laboratories, and blood banks. The pharmaceutical companies segment is anticipated to display a good growth rate due to use of track and trace solutions to tackle drug counterfeiting. Implementation of RFID solutions can be used to overcome any security lapses in the supply chain.
Regions covered in the market report include Latin America (LATAM), North America, Middle East and Africa (MEA), Asia Pacific (APAC), and Europe.
North America accounted for the largest revenue share in 2016 due to serialization and aggregation standards and sophisticated healthcare infrastructure. Regulations pertaining to the implementation of these solutions and improved technology such as RFID can positively impact the market for track and trace solutions. Standards such as the Drug Quality and Security Act H.R. 3204 passed in 2013 to ensure the security of products can bode well for the market. In addition, presence of major biopharmaceutical companies can lead to high adoption of these solutions.
The APAC market is expected to exhibit a stellar CAGR during the forecast period due to high detection rate of counterfeit drugs in India and China. Regulations by the China Food and Drug Administration to enforce use of serialization and tracking throughout the supply chain can reduce the influx of fake drugs.
Top players in the track and trace solutions market include Siemens AG; Axway Inc.; Antares Vision srl; Mettler-Toledo International, Inc.; and Adents International. Development of novel products and acquisitions are strategies used by these players in sustaining their market position. For instance, Axway offers TraceLink Life Sciences Cloud which provides accurate insights to its end users to improve their supply chain. In addition, Axway acquired Syncplicity in 2017 to further improve their software.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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