Global Track & Trace Solutions Market by Product, Technology, Application, End-User and Geography - Forecast to 2023: Expected to Grow at a CAGR of 17.8% - ResearchAndMarkets.com
The "Global Track and Trace Solutions Market - Segmented by Product, Technology, Application, End-User, and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global track and trace solutions market is expected to register a CAGR of 17.8% during the forecast period 2018 to 2023.
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.
There is a lack of common standards for the process of tracking and tracing. The other factors restraining the market are high costs associated with serialization and aggregation.
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.
Major Market Developments
- 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.
- 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.
- ACG Worldwide
- Adents International
- Antares Vision SRL
- Mettler-Toledo International Inc.
- Optel Vision
- Seidenader Maschinenbau GmbH
- Siemens AG
- Systech Inc.
- TraceLink Inc.
Key Topics Covered
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
6. Drivers, Restraints, Opportunities and Challenges Analysis (DROC)
7. Market Segmentation
8. Competitive Landscape
9. Key Players
10. Future of the Market
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View source version on businesswire.com: https://www.businesswire.com/news/home/20181012005361/en/