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Global Track & Trace Solutions Market Company Share, Industry Size, Strategies and Forecast to 2030

09-21-2022 02:30 PM CET | Logistics & Transport

Press release from: Inkwood Research

TRACK & TRACE SOLUTIONS MARKET

TRACK & TRACE SOLUTIONS MARKET

Inkwood Research estimates that the Global Track & Trace Solutions Market is estimated to garner a CAGR of 12.10% during the projected period, 2019-2028.
"Browse 75 market Data Tables and 61 Figures spread over 198 Pages, along with an in-depth TOC on Global Track & Trace Solutions Market Forecast 2019-2028."

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Track and trace systems reinforce the reliability of the pharmaceutical supply chain by providing information about the origin and locations of certain products. This allows the regulatory agencies to administer the safe distribution of drugs by reducing the number of fake medicines, making recalls easier, and improving logistic management.

Thriving Medical Devices and Pharmaceutical Industries Boosts the Global Market

The medical equipment market is evolving, directed by changing global demographics. The development of medical devices will continue in the next 5 years, owing to a surge in the number of chronic devices, global geriatric population, gastrointestinal disorders, and the shift toward preventive strategies in healthcare to tackle disease progression. Traceability plays a significant role in the improvement and inspection of the quality of medical devices.

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Pharmaceutical Companies - the Dominating and Leading End-users in the Market

The primary role of track & trace in the pharmaceutical industry is recording a given set or type of information that allows the verification of location, history, and application to track products throughout the supply chain. The sale of fake drugs is fanned by factors, such as drug shortages, demand for generics, cost-cutting pressures, and increased online purchasing, which, in turn, is leading to the loss of billions of dollars, and increase in health risks and recalls, ruining the brand image of the pharmaceutical industry. Track & trace solutions help pharmaceutical companies to efficiently manage their supply chain and diminish the risks related to counterfeit drugs.

North America Dominated the Global Market in 2019

The region of North America accounted for the largest revenue share in 2019, due to the presence of well-established pharmaceuticals and biopharmaceutical, medical devices companies, and a broad network of distribution of global players.

The competitive rivalry is expected to be high in the market over the forecast period. The market players are adopting comprehensive growth strategies such as increasing product differentiation, strategic partnership, and expansion of product portfolio to capture larger market share. Furthermore, counterfeit drugs, the arrival of generics, consistent patent expirations, and other less costly products are cutting down the revenue of big U.S. pharmaceutical companies, leading to high competition. Some of the market participants dominating the majority of the revenue are Axway, Adents, Seidenader Maschinenbau GMBH, Antares Vision SPA, Tracelink Inc, among others.

Related Reports:
GLOBAL INTERNET OF THINGS (IOT) MARKET
GLOBAL CONNECTED LOGISTICS MARKET
GLOBAL HEALTHCARE FRAUD ANALYTICS AND DETECTION MARKET
GLOBAL TRANSACTION MONITORING SOFTWARE MARKET

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