The Track and Trace Solutions market report included major key players analysis & Regional Estimations of Axway, ACG Worldwide, Optel Vision, Siemens AG, Antares Vision S.r.l & more market players.
Pune, Maharashtra -- (SBWIRE) -- 07/15/2022 -- Track and Trace Solutions Market Overview & Scope:
The logistics and distribution of a wide range of items are dealt with by track and trace solutions, making it easier to find the current and past locations of the object of interest. As a result of the rise in product recalls, manufacturers of track and trace solutions have developed hardware, software, and consulting systems. Organizations use a variety of solutions depending on the various end-user industries. The size of the market for track and trace solutions was influenced by several types of solutions. The software has been in great demand on the market for the previous few years as a result of its growing popularity in the healthcare sector.
According to the latest market research report published by the SNS Insider, the track and trace solutions market is anticipated to cross USD 10.04 billion by 2028, with a lucrative CAGR of 19.1% during the forecast period of 2022–2028.
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Drivers, Restraints, Opportunities, and Challenges
The track and trace solutions market is predicted to grow significantly during the estimated period owing to factors like the increased adoption of track and trace solutions by pharmaceutical and medical device manufacturers to address the issue of drug counterfeiting and an organized regulatory framework & execution of standards. Although these factors contribute to the market's expansion for track and trace solutions, the high installation costs associated with aggregation and serialization solutions severely restrain the market's expansion.
Impact of the COVID-19 Pandemic
Healthcare markets have been affected by the COVID-19 epidemic in both positive and negative ways. The market for track and trace solutions is growing as more people use these systems to stop the importation of counterfeit versions of vital medical supplies. During the COVID-19 epidemic, there have been multiple instances of crucial medical device counterfeiting.
Track and Trace Solutions Market Segmentation Analysis
The software solutions product segment generated the most income across all product types. The regulatory requirements for the implementation of serialization and aggregation in the healthcare sector are mostly to blame for this.
The technology category for RFID is anticipated to increase at the quickest rate during the projected period. Technology advantages, such as high durability and reusability, increased data storage capacity, and no need for line of sight, are the main reasons boosting the segment's growth.
In terms of application, the global track and trace solutions market saw a significant revenue share for serialization solutions. This is due to regulatory agencies' increased attention to and application of their mandates.
Pharmaceutical businesses dominate the industry with a sizeable revenue share among its many end users. Serialization is a major step to address the problems faced by pharmaceutical companies by ensuring safe product track and trace abilities through various entities throughout the supply chain.
Major Segments and Sub-Segment of Track and Trace Solutions Market are Listed Below:
By Product type
- Hardware Components
- Standalone Platforms
- Tracking, Tracing, & Reporting
By Technology type
- 2D Barcodes
- Radiofrequency Identification (RFID)
- Linear Barcodes
By End User
- Pharmaceutical & Biopharmaceutical Companies
- Food Industry
- Medical Device Companies
- Cosmetic Industry
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Geographically, North America dominated the market for track and trace solutions worldwide, followed by Europe in terms of revenue share. The expansion of the track and trace solutions market in this area is being fueled by factors such as the presence of several biotechnologies, pharmaceutical, and medical device manufacturers, stringent serialization requirements, and an expanding market for medical devices.
The track and trace market in the Asia Pacific has a lot of potentials and is expected to develop at the quickest rate throughout the forecast period. The region's pharmaceutical market is becoming more competitive, and strict rules have been implemented to raise the consistency and quality of pharmaceutical drugs. These are key drivers of market expansion in the region.
Competitive Landscape Outlook
Some of the prominent companies present in the track and trace solutions market include Antares Vision S.r.l, Korber AG, Axway, TraceLink, Inc., ACG Worldwide, Markem Imaje, Optel Vision, Adents, and Siemens AG.
Table of Contents – Major Key Points
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Track And Trace Solutions Market Segmentation, By Product Type
9. Track And Trace Solutions Market Segmentation, By Application
10. Track And Trace Solutions Market Segmentation, By Technology Type
11. Track And Trace Solutions Market Segmentation, By End User
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
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