The global track and trace solutions market is expected to register a CAGR of 17.8% during the forecast period, 2018 to 2023
NEW YORK, Nov. 5, 2019 /PRNewswire/ --
Track and Trace Solutions Market Overview
The global track and trace solutions market is expected to register a CAGR of 17.8% during the forecast period, 2018 to 2023. Tracking and tracing, in distribution and logistics of many types of products, is a process of determining the current and past locations (and other information) of a unique item or property. It involves reporting of the position of vehicles and containers with the property of concern stored in a real-time database.
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Track and Trace Solutions Market
Increasing Number of Counterfeit Drugs to Boost Growth of the Track and Trace Solutions Market
The track and trace solutions market has a good future with increasing usage of these solutions by medical devices and pharmaceutical drugs manufacturers. With rapid adoption of these solutions globally, it is estimated that about 75% of the global medicine supply would be covered by track and trace regulatory norms in near future.
One of the major problems faced by large scale pharmaceutical and biopharmaceutical companies is drug counterfeiting. To ensure that brands get a share of brand recognition, they are adopting the use of these solutions in supply chain monitoring. These problems have been growing globally, typically in developing countries such as China, South Africa, and India. Counterfeit drugs and theft are hazardous and result in financial harm and unfair competition in both generic and branded drugs. With the advent of track and trace solutions, this problem is expected to be eradicated to a very large extent propelling its increasing adoption among drug manufacturers.
Other factors driving the market growth are stringent regulations & standards for the implementation of serialization, growth in the number of packaging-related product recalls and growth in the medical devices and pharmaceutical industries.
Lack of Common Standards for Serialization and Aggregation to Restrain Growth of the Track and Trace Solutions Market
There is a lack of common standards for the process of tracking and tracing. Pharmaceutical manufacturing companies have spent the last decade or more investing millions to implement and fine-tune their typically deep, complex, and validated supply chains. Compliance with the new regulations now requires them to make large investments in serialization technologies while also potentially making significant business process changes - they will have to change everything they do today to manage finished goods. This comes at a time when pharmaceutical manufacturers are facing increasing pricing and margin pressures. The industry players have already implemented solutions and have therefore no incentive to switch to new standards. The lack of common standards is hence posing as a restraint to the market.
The other factors restraining the market are high costs associated with serialization and aggregation.
North America is expected to dominate the Track and Trace Solutions Market
North America is expected to dominate the market in 2018, primarily due to presence of highly regulated serialization & aggregation standards, as well as advanced healthcare infrastructure.
Key Developments in the Track and Trace Solutions Market:
- Jul 2018: Adents, leading serialization and track & trace solutions provider, announces the issue of tokens that, combined with its NovaTrack platform, will standardize access to full supply chain traceability.
- Jul 2018: Applied DNA Sciences, Inc., in conjunction with TheraCann International (TheraCann) launched the cannabis industry's first cannabis tagging system (CTS) using Applied DNA's CertainT® platform of tag, test and track. The device is designed to rapidly molecularly tag cannabis plants in commercial harvests of any scale. Once the molecular tag is applied, the plants and their derivative products can be forensically tracked through every stage of the supply chain all the way to the consumer.
Track and Trace Solutions Market Major Players:
ACG Worldwide
Adents International
Antares Vision SRL
Axway
Mettler-Toledo International, Inc.
Optel Vision
Seidenader Maschinenbau GmbH
Siemens AG
Systech, Inc.
TraceLink, Inc.
Reasons to Purchase Track and Trace Solutions Market Report
- Current and future Track and Trace Solutions market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter's five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3-month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Track and Trace Solutions Market Report
This report can be customized to meet your requirements.
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