Pune, Aug. 16, 2022 (GLOBE NEWSWIRE) — The Global track and trace solutions market it is expected that the clock $10.36 billion by 2030 as the track and trace solution is in high demand due to the growing need for anti-counterfeiting measures.
Track and trace solutions technology enables the tracking of products that are about to expire, it helps manufacturers to track 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 are all contributing to the growth of the track and trace solutions market. The high cost of implementing this technology may limit the market growth.
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Report Scope and Segmentation:
|Market size in 2021||$3.8 billion|
|Revenue forecasts in 2030||$10.36 billion|
|Rate of growth||CAGR of 11.80% from 2022 to 2030|
|Base year for the estimate||2021|
|Segments Covered||Products, applications, technology, end user|
|Regional scope||North America, Europe, Asia-Pacific and Rest of the World (ROW)|
Excerpts from “Products”
No pharmaceutical company can do without the track and trace instrument, especially in recent years, when regulations require track and trace capabilities as well as specific constraints for recording and sharing data from the Supply Chain. Some new technologies have been launched in the market which will contribute to the overall growth. For example, GPS technology which is capable of increasing the efficiency and profitability of services.
The process of assigning a unique product identifier to the smallest salable unit that can be uniquely verified is called serialization. Understanding the existing and previous locations of a serialized unit is called tracking; while the purpose of tracing is to differentiate all entities that encountered the serialized unit along the supply chain. Serialization is typically used when information needs to be sent through a system or stored in files, and the approach is also used in medical device serialization, vial and ampule serialization, bottle serialization, and bottle serialization. boxes. Pharmaceutical supply chain actors are funding new software, hardware, and processes to recognize, track, share, and manage the operational knowledge needed to meet pharmaceutical serialization and track-and-trace regulations. They capitalize and apply 2D barcode scanning equipment, network design and planning tools, enterprise resource planning (ERP) systems, warehouse organization software, control towers of the source string, etc. to shorten and automate pharmaceutical serialization and track and trace compliance procedures. These tools can also be used to improve accounting management and supply chain productivity and visibility. On the other hand, aggregation is basically a new aspect of track and trace. Aggregation ensures that serialization of all batches and individual drug packages is done with proper coding and labeling.
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Excerpts from “By region”
North America dominates the global market for track and trace solutions, followed by Europe. Presence of numerous pharmaceutical and biotechnology companies and manufacturing approaches, strict use of serialization in industrial practices, improved growth of medical devices in this field and other factors all contribute to the leading position of the North America. Due to phenomena such as the European Union’s goal to allow the use of track and trace solutions to reduce the falsification and theft of medicines, the rapid acceptance of advanced value-added technologies, the Europe was reported as the second largest region in the track and trace solutions market. . Asia-Pacific has also seen rapid growth due to factors such as the emerging growth in the number of pharmaceutical and healthcare industries and the growing footprint of pharmaceutical CDMOs. According to a conference organized by Movilitas in Kuala Lumpur, a buzz has been created around the advances introduced in serialization and traceability in the Asia-Pacific region, which will eventually reduce many concerns.
Excerpts from “Competitive Landscape”
Some of the major 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 SA
- Uhlmann Group
- Siemens AG
- WIPOTECH-OCS GmbH
- Laetus Gmbh
- Zebra Technologies Corporation
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