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Track and Trace Solutions Market Anticipated to reach US$ 10.36 billion by 2030: Growth Plus Reports

·4-min read
Growth Plus Reports
Growth Plus Reports

Major key players operating in track and trace solutions market are OPTEL GROUP, Trace LinkInc., Antares Vision Inc., Syntegon Technology GmbH, Korber Medipak Systems AG, Uhlmann Group, Siemens AG, WIPOTECH-OCS GmbH, Laetus Gmbh, ACG, Zebra Technologies Corporation

Pune, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The global track and trace solutions market is expected to clock US$ 10.36 billion by 2030 as track and trace solution experiences high demand due to the growing need for anti-counterfeiting measures.

Track and trace solutions technology allows for the tracking of products that are about to expire, it assists manufacturers in tracking the position of the product, the increasing use of serialization and aggregation techniques in pharmaceutical companies, and the recovery of products that do not meet quality standards all contribute to the growth of the track and trace solution market. The high cost of implementing this technology may limit market growth.

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Report Scope & Segmentation:

Report Coverage

Details

Market Size in 2021

USD 3.8 billion

Revenue forecast in 2030

USD 10.36 billion

Growth Rate

CAGR of 11.80% from 2022 to 2030

Base year for estimation

2021

Forecast period

2022-2030

Segments Covered

Products, Applications, Technology, End-User

Regional scope

North America, Europe, Asia Pacific, and the Rest of the World (ROW)

Excerpts from ‘Products’

The track and trace instrument is no pharmaceutical company can operate without, especially in the recent years when regulations require tracking and tracing abilities as well as specific constraints for recording and sharing supply chain data. Some new technologies have    launched in the market which will contribute to the overall growth. For instance, GPS technology which is capable of increasing the efficiency and profitability of the services.

Growth Drivers

The process of assigning a unique product identifier to the smallest saleable unit that can be uniquely verified is known as serialization. Understanding the existing and previous locations of a serialized unit is referred to as tracking; while the aim of tracing is to differentiate all entities that encountered the serialized unit along the supply chain. Serialization is typically used when information must be sent over a system or stored in files, and the approach is also used in medical device serialization, vial and ampoule serialization, bottle serialization, and carton serialization. Pharmaceutical supply chain players are financing new software, hardware, and processes to recognize, track, share, and manage the necessary operation knowledge to fulfill pharmaceutical serialization and track and trace regulations. They are capitalizing on and applying 2D barcode scanning equipment, network design and planning tools, enterprise resource planning (ERP) systems, warehouse organization software, source chain control towers etc. to shorten and automate pharmaceutical serialization and track and trace compliance procedures. These tools can also be used to enhance accounting management and supply chain productivity and visibility. On the other hand, aggregation is basically a new aspect of track and trace. Aggregation makes sure serialization of all the batches and individual drug packets are achieved with proper coding and labeling.

Browse Summary of this Research Report: https://growthplusreports.com/report/track-and-trace-solutions-market/7755

Excerpts from ‘By Region’

North America dominates the global track and trace solutions market, followed by Europe. The presence of many pharmaceutical and biotechnology companies and manufacturing approaches, the strict use of serialization in industrial practices, the improved growth of medical devices in this area, and other factors are all contributing to prominent position of North America. Due to phenomena such as the European Union's goal of authorizing the use of track and trace solutions to reduce drug forgery and theft, swift acceptance of advanced value-added technologies, Europe has been reported as the second largest region in the track and trace solutions market. Asia Pacific has also seen rapid growth because of factors such as emerging growth in the number of pharmaceutical and healthcare industries, and growing footprint of pharmaceutical CDMOs. According to a conference arranged by Movilitas in Kuala Lumpur, a buzz has been created around the advancements introduced in the serialization and traceability in Asia Pacific region which will eventually reduce many concerns.

Excerpts from ‘Competitive Landscape’

Some of the prominent players operating in the global track and trace solutions market are:

  • OPTEL GROUP

  • Trace Link Inc

  • Antares Vision Inc

  • Syntegon Technology GmbH

  • Korber Medipak Systems AG

  • Uhlmann Group

  • Siemens AG

  • WIPOTECH-OCS GmbH

  • Laetus Gmbh

  • ACG

  • Zebra Technologies Corporation

VALUE PROPOSITIONS RELATED TO THE REPORT:

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  • Blanket coverage on competitive landscape

  • Winning imperatives

  • Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

CUSTOMIZATION OPTIONS:

  • Distributor Landscape Assessment

  • Pricing Intelligence

  • Customer Base Assessment

  • Investment & Initiatives Analysis

  • 'Business Profile' of Key Players

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About Us:

Growth Plus Reports is part of GRG Health, a global healthcare knowledge service company. We are proud members of EPhMRA (European Pharmaceutical Marketing Research Association).

Growth Plus portfolio of services draws on our core capabilities of secondary & primary research, market modelling & forecasting, benchmarking, analysis and strategy formulation to help clients create scalable, ground-breaking solutions that prepare them for future growth and success.

We were awarded by the prestigious CEO Magazine as "Most Innovative Healthcare Market Research Company in 2020.

CONTACT: Contact: Manan Sethi Director, Market Insights Email: enquire@growthplusreports.com Phone no: +91 96545 76783 Web: https://growthplusreports.com/