The global Track and Trace Solutions market was valued at USD 2,217.8 million in 2019 and is expected to reach USD 6,287.9 million by 2027, growing at a CAGR of 14.07% from 2020 to 2027.
This growth is majorly attributed due to the rising rate of healthcare product counterfeiting and theft worldwide. Pharmaceuticals, biopharmaceuticals, medical devices, and cosmetic product manufacturers are adopting track and trace systems to protect their product and brand equity. Moreover, favorable regulations for serialization implementation is expected to drive the application of trace and trace solutions in healthcare industry. Product counterfeiting and theft is a key problem faced by pharmaceuticals, biopharmaceuticals, and cosmetic companies.
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The healthcare industry is struggling to ensure the reliability of its products as the counterfeiting and product theft is on rise. According to statistics, about 60 different Pfizer products were being counterfeited worldwide until 2014. The problem of counterfeiting and product theft has been growing worldwide, primarily in developing countries such as China, South Africa, and India.
International Trade Administration estimated that the global counterfeit drug market size ranges from USD 75 million to USD 200 million and accounted for around 50% of all medicines sold in some Asian and African countries. Furthermore, it is estimated that the U.S. Barcode Technology companies faces around 10% to 15% loss in their annual revenue because of counterfeit products in China market.
Serialization products should properly incorporate with manufacturing lines to facilitate overall production and packaging with an ongoing focus on necessities of the evolving serialization regulatory requirements. Track and trace hardware systems & software solutions are expensive, as well as the other related elements such as system maintenance, software licensing, and support and project implementation increases the total project cost.
The engineering and implementation are key cost drivers in serialization projects. Thus, high cost related with implementation of serialization in supply chain could hinder the adoption of track and trace solutions.
Track and trace solutions demand is projected to increase considerably in Asia Pacific region as compared to the previous years with increased demand of track and trace solutions with introduction of increased technologically advanced track & trace solutions.
In addition, demand of track and trace solutions have increased due to the increase in drug counterfeiting across the globe. Therefore, number of key players are actively expanding their footprint in Asia Pacific countries such as India, China and Japan. Thus, investing in this region is considered to be one of the market opportunity get benefited from current market trends.
North America is a dominant region accounting for 40% market share primarily due to its advanced healthcare infrastructure. This region is projected to maintain its dominance over the forecast period. Well-developed healthcare infrastructure and availability of advanced technology and skilled professionals is anticipated to impel the demand for Track and Trace solutions during the forecast period.
The Asia-Pacific and LAMEA are expected to offer lucrative growth opportunities in track and trace solutions market during the forecast period.
Market Key players
Various key players are discussed in this report such as Siemens AG, Körber AG, Sea Vision S.R.L., Adents International, ACG Worldwide, Tracelink Inc., Optel Group, Mettler-Toledo International Inc., Axway, Antares Vision, etc.
- Hardware Systems
- Printing & Marking Solutions
- Monitoring & Verification Solutions
- Labeling solutions
By Software Solutions
- Plant Manager Software
- Line Controller Software
- Bundle Tracking Software
- By Application
- Serialization Solutions
- Bottle Serialization
- Label Serialization
- Carton Serialization
- Data Matrix Serialization
- Aggregation Solutions
- Bundle aggregation
- Case aggregation,
- Pallet aggregation
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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