According to the SPER research report, ‘Track and Trace Solutions Market Size- By Product, By Technology, By Application, ByEnd-User – Regional Outlook, Competitive Strategies and Segment Forecast to 2032, says that the global track and trace market is projected to reach 14.67 billion by 2032 with a CAGR of 11.82%.
The global track and trace market is predicted to observe effective growth across the globe, through the review period 2022-2032. This growth is mainly accredited to the growing prevalence of stringent regulations and standards for the implementation of serialization, rising counterfeit goods, and surging advanced adoption of track and trace solutions, these are some of the foremost aspects that are impelling the development of the market. These elements are propelling the growth of the healthcare sector.
Additionally, the expansion of anti-counterfeiting and traceability of the drugs by pharmaceutical organizations would aid the growth of the market value in the track and trace sector. For instance, according to a report published, more than 50 countries and above 70% of global pharmaceutical drugs were covered by serialization track and trace solutions in 2019.
The global track and trace market is expanding precisely owing to the growing international trade and legislation against counterfeiting by the governments of various countries across the globe, the introduction of brand protection, as well as the upsurge in regulatory compliance which is becoming a focus area for numerous supply chain partners and pharmaceutical manufactures, is expected to boost the growth of the market during the forthcoming years.
Furthermore, throughout the projected period, manufacturers regularly offer new products and advancing processing techniques which include various types of medical drugs and devices, thereby catering to countless requirements of the customers, these innovations make an exceptional impact on the market. The enlargement of the track and trace market is anticipated to benefit from the ongoing technological innovations, which will foster the expansion of the market over the review period. Moreover, the existence of significant market players is constantly facilitating the advancement of new drugs along with the development of the existing ones, which is also an element that is underwriting the progress of the track and trace market.
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Nonetheless, the increasing requirements for implementing product identification setup could be met only by high cost, and counterfeit items have been a problem for the pharmaceutical industries and medical devices, which are some of the factors that can limit the growth of the track and trace market.
As the region that adopts technology the quickest, North America is expected to hold the highest share of the global market. Throughout the review period, it has observed exceptional growth in the track and trace sector. Additionally, the growing incidences of a large pool of pharmaceutical industries and biotechnological companies, rising awareness about counterfeit products, the upsurge of foremost key vendors, adoption of brand protection, increasing medical device industries, surging burden of the implementation of the serialization and aggregation solutions, growing prevalence of regulatory requirements in the healthcare sector, regular advancements in technology and significant economic development should impel the growth of North America’s market in the upcoming years.
Impact of COVID-19 on the Global Track and Trace Solutions Market
The Covid-19 pandemic has had both positive and negative impacts on the healthcare market. Increasing adoption of tracking solutions to curb counterfeit transactions of critical medical products is having a positive impact on market growth. There have been multiple cases of counterfeiting of essential medical devices during the Covid-19 pandemic.
Global Track and Trace Solutions Market Key Players:
The Global Track and Trace Solutions Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ACG Worldwide, Antares Vision S.p.A., Axway, Mettler-Toledo International Inc., Optel Vision Inc. Robert Bosch GmbH, Seidenader Maschinenbau GmbH (Körber AG), Siemens AG, Sys-Tech Solutions Inc. (Dover Corporation), TraceLink Inc., Uhlmann Group, Zebra Technologies Corporation
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SPER Market Research