Track and Trace Solutions Market to Hit USD 14.89 Billion at a CAGR of 15.41% with Forecast to 2029

Track and Trace Solutions Market report contains key data about the market, emerging trends, product usage, motivating factors for customers and competitors. Moreover, market restraints, brand positioning, and customer behaviour, is also studied with which achieving a success in the competitive marketplace is simplified. With all this information, businesses can successfully make decisions about business strategies to achieve maximum return on investment (ROI). This report studies and evaluates facts and figures about the market segmentation very watchfully and represents it in the form of graphs for the better understanding of end user. Track and Trace Solutions market report comprises of all the crucial parameters mentioned above hence it can be used for the business.

Data Bridge Market Research analyses that the track and trace solutions market which was USD 4.1 billion in 2021, would rocket up to USD 14.89 billion by 2029, and is expected to undergo a CAGR of 15.41% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Key Market Players mentioned in this report:

OPTEL GROUP (Canada)
Mettler-Toledo (U.S)
Systech International (U.S)
TraceLink Inc. (U.S)
Antares Vision S.p.A (Italy)
SAP (Germany)
Xyntek Incorporated (U.S)
SEA Vision (Italy)
Syntegon (Germany)
Körber AG (Switzerland)
Siemens (Germany)

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Global Track and Trace Solutions Market Scope

The global track and trace solutions market is segmented on the basis of product, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product:-
Software
Plant Manager
Line Controller
Enterprise and Network Manager
Bundle Tracking
Case Tracking
Warehouse and Shipment Manager
Hardware Components
Printing and Marking
Barcode Scanners
Monitoring and Verification
Labelers
Checkweighers
Standalone Platforms

Application:-
Serialization
Carton Serialization
Bottle Serialization
Medical Device Serialization
Blister Serialization
Vial and Ampoule Serialization
Aggregation
Case Aggregation
Pallet Aggregation
Bundle Aggregation
Tracking, Tracing, and Reporting

End User:-
Pharmaceutical and Biopharmaceutical Companies
Food Industry
Medical Device Companies
Cosmetic Industry
Other

Track and Trace Solutions Market, By Region:

Global Track and Trace Solutions market is analyzed and market size insights and trends are provided by country, product as referenced above.

The countries covered in the Track and Trace Solutions market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the Track and Trace Solutions market because of the rise in the cases of arrhythmic diseases, favorable reimbursement policies for patients, high demand for advanced treatment methods and developed healthcare infrastructure in the region. Asia-Pacific is estimated to grow in the forecast period due to the high prevalence of cardiovascular diseases, increase in adoption of advanced digital devices, large population and launch of new innovative products.

Table of Contents: Global Track and Trace Solutions Market

It includes major manufacturers, emerging player's growth story, and major business segments of Track and Trace Solutions market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.

Track and Trace Solutions Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.

Track and Trace Solutions Market Production by Region, Track and Trace Solutions Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.

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Track and Trace Solutions Market Dynamics:-

Drivers:

Stringent regulations and standards for the implementation of serialization

In order to improve supply chain efficiency in the healthcare business, many governments are working to adopt specific legislation requiring serialisation in track and trace systems. Track and trace solutions are necessary throughout the pharmaceutical supply chain in Europe. According to the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical industry in Europe utilises a common coding scheme. The 2001/83/EC directive was updated in response to the rising problem of counterfeit drugs and the necessity to set drug serialisation requirements. The European Union released the Falsified Medicines Directive (FMD) Safety Features Delegated Regulation, which states that serialisation of certified drug goods will be a legal requirement for businesses in the EU beginning in early 2019.

Rise of counterfeit goods

Regulatory compliance has been an ever-increasing requirement to maintain product authenticity around the world. The global proliferation of counterfeit goods has prompted a surge in the use of track and trace systems across a variety of industries. The majority of industrialised countries have already implemented these solutions to limit the danger of product recalls, illness outbreaks, brand tarnishing, and unlawful parallel supply chains that foster illegal logistics and crime. Growing government and regulatory actions are opening the way for a greater adoption of track and trace technologies. Serialization has long been the most used way to track and trace products worldwide.

Rising adoption in the pharmaceutical industry

Increased usage in the pharmaceutical industry for product I.D. verification, packaging, and logistics management will drive the global market. Government rules throughout the world requiring pharmaceutical companies to serialise their pharmaceuticals and technology advancements in track and trace systems are projected to fuel the track and trace solutions market's growth over the forecast period.

Opportunities

Traditional trademark protection solutions such as anti-theft and authentication are meant to safeguard individual goods rather than the entire supply chain. Fake items are likely to be introduced into the supply chain at any point. A system with autonomous and non-line-of-sight capabilities is required to combat counterfeiting and identify huge product items. There has been an increase in demand for technologies with modular designs that fulfil the needs of enterprises in recent years. For example, RFID-based track and trace devices keep an electronic genealogy of product transactions across the supply chain. This strategy has been proved to be quite effective in preventing penetration, theft, and fraud in the supply chain.

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