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Global Track and Trace System Market: Concerns Pertaining to Counterfeiting Encourage Adoption, says TMR
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Used as an anti-counterfeiting solution across pharmaceutical and food & beverage industries, track and trace systems aid in the printing of unique identification code on individual packages that are ready for shipping. Track and trace systems allow the tracing of individual packages or products that can be traced at any stage in the supply chain.
As counterfeiting has been creating concerns in worldwide markets, the global market for track and trace systems is likely to advance at a rapid pace. Forgery instances are becoming more commonplace in developing markets including Brazil, India, and China. Therefore, several companies are in the quest for improved technological security of their supply chain, thereby boosting the demand for track and trace systems over the globe.
In the developed regions of the world, regulatory bodies such as the European Federation of Pharmaceutical Industries and Associations (EFPIA) and the U.S. Food and Drug Administration (FDA) have made it mandatory for pharmaceutical companies to print unique identification codes on their medical packages. This will ensure the expansion of the track and trace system market in Europe and North America. However, the absence of such regulations in the developing economies might inhibit the growth of the market in these regions.
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The global market for track and trace systems can be segmented on the basis of end user, type of systems, and geography. By type, the global market for track and trace systems can be segmented into real-time locating system (RTLS), barcodes, and radio-frequency identification (RFID) tags. The barcodes segment can further be segmented into 2D barcodes and linear barcodes. By end user, the global market for track and trace systems can be segmented into pharmaceutical and food & beverage industries.
By geography, the global market for track and trace systems can be segmented into the Middle East and Africa, Asia Pacific, Europe, Latin America, and North America. Presently, North American region leads the global market for track and trace systems, driven by the extensive growth of the pharmaceutical industry in the U.S.
Werum IT Solutions GmbH, Robert Bosch GmbH, Marchesini Group S.p.A., Uhlmann Packaging Systems LP, Siemens AG, Weber Marking Systems GmbH, and Global Healthcare Exchange, LLC are some of the major companies operating in the global market for track and trace systems.
About TMR
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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