Track and Trace Solutions Market Worth 2.81 Billion USD by 2021
PUNE, India, September 23, 2016 /PRNewswire/ --
According to a new market research report " Track and Trace Solutions Market by Type (Barcode Scanner, Plant Manager, Labeling, Monitoring & Verification), Technology (1D & 2D Barcode, RFID), Application (Serialization, Aggregation), End User (Pharmaceutical, Cosmetics) - Global Forecast to 2021", published by MarketsandMarkets, the global market is projected to reach USD 2.81 Billion by 2021, at a CAGR of 17.3% from 2016 to 2021.
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The increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, and the need to ensure regulatory compliance are the key factors driving market growth. However, the high cost associated with the installation of serialization and aggregation solutions is restraining the growth of this market.
In this report, the market is majorly segmented by product type, technology, application, end user, and region. Based on technology, the market is segmented into 2D barcodes, radiofrequency identification (RFID), and linear barcodes. The 2D barcodes segment accounted for largest share of the healthcare track and trace solutions market. This is attributed to the increased use of 2D barcodes in packaging, as they have higher data storage capacities than linear barcodes. The RFID segment is estimated to register the highest growth primarily due to the growing demand for these systems in automated pharmaceutical distribution and electronic medical records.
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In 2015, North America accounted for the largest share of the healthcare track and trace solutions market, followed by Europe. Technological advancements in the packaging industry, increasing brand awareness and growing awareness on anti-counterfeit packaging technologies among manufacturers in the region are driving market growth in North America. The Asia-Pacific region is expected to witness the highest growth in this market majorly due to improving healthcare infrastructure and mandatory regulations for the implementation of serialization. In addition, manufacturers are increasingly focusing on strengthening their presence in emerging APAC countries.
The global healthcare track and trace solutions market is consolidated in nature, with the top five companies accounting for the largest market share in 2015. Some key players in this market are Axway Inc. (U.S.), Adents International (France), Optel Vision (Canada), Mettler-Toledo International Inc. (U.S.), Systech Inc. (U.S.), TraceLink Inc. (U.S.), Antares Vision (Italy), Xyntek Inc. (U.S.), Sea Vision Srl (Italy), Siemens AG (Germany), Seidenader Maschinenbau GmbH (Germany), and ACG Worldwide (India). These leading players have primarily focused on new product launches, agreements, collaboration, partnerships, and expansion for growth in the market.
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