Press release
Track and Trace System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Track and trace system allows tracing the individual products throughout the supply chain. Various track and trace systems, ranging from basic to complex trace and track systems are offered by different manufacturers globally.
Global Track and Trace System Market: Drivers & Restraints
The growth of global track and trace system market is driven by the demand for anti-counterfeiting measures in the industries such as pharmaceuticals and food & beverages.
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Counterfeiting is rising as a major concern in the developing markets. The instances of forgery in pharmaceutical products are very high in developing markets such as India, China, Brazil as compared to developed markets.
To overcome counterfeiting issues companies are opting for technological measures to secure their supply chain, which in turn is augmenting the demand for track and trace system market globally.
Furthermore, pharmaceutical and food & beverage industries growth along with the consumer awareness towards the authenticity of the products are supplementing the demand for track and trace system market globally.
Trends identified in the global track and trace system market are regulatory bodies such as US FDA (Food and Drug Administration), and European Federation of Pharmaceutical Industries and Associations (EFPIA) are mandating the pharmaceutical industry to print unique identification code on the medical package.
However, this trend is followed in mostly the developed countries, whereas, in the developing countries where the regulations are lenient might hamper the growth of track and trace system market globally.
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