Yahoo Finance Track and Trace Solutions Market Anticipated to reach US$ 10.36 billion by 2030: 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.
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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
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