Focus on Healthcare to Spur the Track and Trace Solutions Market Growth at a CAGR of 18.5% over the Forecast Period

The market size of Global Track and Trace Solutions was estimated at USD 2.2 Billion in 2019 and is projected to show a CAGR of 18.5% over the projection period, registering a value of USD 8.2 Billion by 2028. In an attempt to tackle counterfeit, unlawfully imported, or stolen products, authorities around the world are beginning to enforce strict legislation, especially with regard to the pharmaceutical industry. These laws mandate pharmaceutical manufactures to meet the terms with certain bar coding and serialization criteria for pharmaceutical packaging. Pharma Manufacturers are faced with the task of incorporating the specified bar-coding and serialization processes into their existing packaging units without losing the speed of the entire packaging operation.

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Growth Drivers that Support the Global Track and Trace Solutions Market Growth:

• The highest grossing category in 2019 was the serialization application. The growing use of serialization in packaging for pharmaceuticals and medical devices is an important factor leading to the development of the industry.

• The RFID section is predicted to show the highest rate of growth during the study period, based on technology. Technological advantages such as high reliability and reusability, greater data storage capacity and no line of sight requirements are key factors leading to segment growth.

• In 2019, North America led the global industry. It is expected that growing enforcement of regulatory standards and legislation, along with a high rate of customer acceptance of track and trace solutions, would lead to market development in future.

• The strict legislation and requirements applicable to the introduction and aggregation of serialization will propel the track and trace systems industry. In July 2019, in order to eliminate counterfeiting in Australia, the Medicinal Products Administration (TGA) released new instructions on label coding.

• The high cost associated with the introduction of track and trace, however, and the absence of uniform global standard regulations for serialization and aggregation could impede market growth.

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Global Companies Seek to Launch New Products in the Market by Collaboration:

• 13 February 2020 - Danone announced the launch of Track & Connect – a digitally-enabled service that it says gives consumers and retailers greater transparency on a product’s farm-to-fork journey.

• The launch of its turnkey blockchain-based track and trace SaaS platform, GoTrace, was announced by GoChain, a pioneering provider of distributed ledger technologies and developer of the GoChain enterprise-grade public blockchain network.

• 4th May 2020 - Advanced security manufacturer TDSi announced the introduction of its powerful EXgarde security-monitoring platform with the latest free Track and Trace module. Track and Trace is designed to help organizations examine and chart the movement of individuals remotely infected with COVID-19 (or any other harmful pathogen) and isolate or obtain diagnostic testing/assistance from others who have come into possible contact.

• Zebra Technologies Corp. launched Zebra MotionWorks Proximity in June 2020, which provides proximity sensing with user-level alerting and touch tracing to enable workers to better protect the health of their employees while at work. The company's introduction of this new product would improve its market reputation.

• Zebra Technologies Corp. unveiled the Zebra Motion Works Warehouse in May 2020, which provides improved visibility and predictability in warehouse operations. The company's introduction of this new product would improve its market reputation.

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Major companies functioning in the global Track and Trace Solutions market are Mettler-Toledo International, Inc.; Optel Vision; Adents International; Antares Vision srl; TraceLink, Inc.; Siemens AG; ACG Worldwide, Seidenader Maschinenbau GmbH; and Systech, Inc.

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This release was published on openPR.