Track and Trace Solutions Market Breakdown, Development and New Market Opportunities & Forecasts to 2027 | Leading Players- OPTEL GROUP, Axway, Körber Medipak Systems AG, ZIH Corp., Siemens AG, TraceLink, Antares Vision, Adents etc.

The global track and trace solutions market accounted to US$ 1,728.3 Mn in 2018 and is expected to grow at a CAGR of 15.3% during the forecast period 2019 – 2027, to account to US$ 6,049.0 Mn by 2027.

The Asia Pacific track and trace solutions market is expected to grow at highest rate during the forecast period owing to developments in the healthcare systems and industries, rise in the product innovations in China, rise in programs and initiatives in countries. In addition, emergence of new local players with competitive product portfolio are expected to fuel the market growth in Asia Pacific region.

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Market Insights
Stringent Regulations & Criteria for the Implementation of Serialization
Globally, pharmaceutical companies are considering existing and expected legislation on anti-counterfeiting and traceability of the drugs. Many governments opt for the implementation of serialization regulations. Regulatory compliance for serialization is growing rapidly becoming a focus area for pharmaceutical manufacturers and supply chain partners across the world. Most developed and developing economies have either already laid out the regulatory road map for serialization or are in the process of doing so. The regulatory push to secure the pharmaceutical supply chain comes as a result of rising drug-related criminal activities and supply chain inefficiencies. Efforts are aimed at addressing drug counterfeits and unauthorized parallel supply chains, improving supply chain visibility, difficulty in tracking returns or recalls and the paucity of data-driven tools for predicting patient behavior. According to a data published by Makro Care, in 2018, more than 40 countries and above 75% of global medicine supply will be covered by one or the other serialization track and trace regulations. Apart from furnishing quality, visibility and complete traceability within the supply chain, successful serialization programs will be a key differentiator and a clear competitive reward for bio‐pharma companies. Thus, it is expected that the market for the track and trace solutions are likely to propel at a significant during the forecast years.

Rising Focus of Manufacturers on Brand Protection
The importance of brand protection is not new to the industry, customers' increasing access to information requires even greater focus by companies to protect their brands and work to maintain and build customer trust. This customer trust is a foundation upon which companies live. The damage to the image of brand often occurs through product related crime, with sub-standard or dangerous counterfeits and/or products that have been subject to tampering. Sometimes, these events have catastrophic results.

The pharmaceutical companies are focused on spending important marketing dollars in creating their brands in a shrinking new drug supply market, but forgot to give attention for the protection of these same brands. Brand protection solutions are viewed as a cost of goods sold (COGS) rather than a value by which they provide both the brand and the brand owner a significant image advantage and thereby increased the market. This COGS thought process forces the decisions to adopt anti-counterfeiting measures or to secure supply chains only when a particular brand is directly affected. Thus, owing to these factors the market for the track and trace solutions is likely to propel at a significant rate during the forecast period.

Component Insights
The track and trace solutions market by product is segmented into software and hardware. In 2018, the software segment held a largest market share of 57.2% of the track and trace solutions market, by component. The software segment is expected to dominate its market share in 2027 owing to the advantages offered such as reduced administration and increased confidence for quality events. Moreover, the software segment is anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027.

End User Insights
Global track and trace solutions market, based on the technology was segmented into, pharmaceutical industry, medical devices industry, and others. In 2018, the pharmaceutical industry held a largest market share of 42.5% of the track and trace solutions market, by end user. This segment is also expected to dominate the market in 2027 owing to the need for the safety and accuracy of the drugs manufactured by the pharmaceutical companies. Also the pharmaceutical industry segment is expected to grow at the fastest growth rate of 15.8% during the forecast period, 2019 to 2027.

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This release was published on openPR.