LONDON, April 24, 2017 /PRNewswire/ -- The track and trace solutions market is anticipated to witness a high growth during the forecast period from 2016 to 2025. The high growth is attributed to a majority of factors, such as the increasing focus of pharmaceutical & biopharmaceutical companies on ensuring brand protection. Pharmaceuticals & medical devices manufacturers encounter a major threat from counterfeit products and theft. Deployment of track and trace solution helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.
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Introduction of advanced technology, such as RFID, provides fast reading and delivers high levels of security. However, the deployment cost of serialization & aggregation solutions, as well as lack of common regulations and standards, is expected to hamper market growth.
Further Key Findings from the Study Suggest:
· The software solutions segment was the largest revenue-generating segment of the track and trace solutions market in 2015. This contribution is mainly because of the regulatory mandates for the execution of serialization & aggregation in healthcare sector
· The serialization solution was the largest grossing segment in 2015. Increasing application of serialization in pharmaceuticals & medical devices packaging will be a vital factor contributing to the sector growth
· The RFID segment is expected to exhibit fastest growth rate during the study period. The key factors attributing to the growth of the segment are technological advantages, such as high durability and reusability, more data storage capacity, and no requirement of line of sight
· North America is estimated to rein the global market in the year 2015. The rising implementation of regulatory standards & regulations along with high adoption rate of track and trace solutions by consumers are anticipated to contribute to the market growth