Track and Trace Solutions Market Share, Growth, Global Analysis and Forecast 2027
Posted by Prabha Mahajan on September 27th, 2022
According to a new market research study titled ‘Track and Trace Solutions Market - Global Analysis and Forecasts by Component, Technology, Application, and End User. The global track and trace solutions market is expected to reach US$ 6,049.0 Mn in 2027 from US$ 1,728.3 in 2018. The market is estimated to grow with a CAGR of 15.3% from 2019-2027. The report highlights the trends prevalent in the global track and trace solutions market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to stringent regulations & criteria for the implementation of serialization, increase in the number of packaging-related product recalls.
Globally, pharmaceutical companies are considering existing and expected legislation on anti-counterfeiting and traceability of the drugs. Many governments opt for the implementation of serialization regulations. Regulatory compliance for serialization is growing rapidly becoming a focus area for pharmaceutical manufacturers and supply chain partners across the world. Most developed and developing economies have either already laid out the regulatory road map for serialization or are in the process of doing so. The regulatory push to secure the pharmaceutical supply chain comes as a result of rising drug-related criminal activities and supply chain inefficiencies. Thus, it is expected that the market for track and trace solutions are likely to propel at a significant during the forecast years.
The product recalls caused by issues with artwork and packaging are an ongoing problem for many consumer and pharmaceutical companies. The problems can come from a number of areas, such as non-standardized bills of material, translation mistakes, typos and poor proofreading, expired digital assets, poor printing quality, third-party artwork suppliers and printing shops. The product recalls not only cause financial damage to companies. They also damage their status and cause sales figures to drop in the future. Stricter regulations especially in the pharmaceuticals and food segments along with rising consumer awareness about product quality have brought about innovative solutions for more product safety along the entire value chain. Thus, the rising cases of product recalls are expected to grow the track and trace solutions market at a significant during the forecast years.
The track and trace solutions market is highly competitive in nature with considerable number of players, having a high level of consolidation overall revenue share. Most of the companies operating in the track and trace solutions market are present globally and have wide distribution and sales network through partnerships or authorized dealers.
The most notable market participants are OPTEL GROUP, Axway, Körber Medipak Systems AG, ZIH Corp., Siemens AG, TraceLink, Antares Vision, RFXCEL CORP., SEA VISION S.r.l., and Adents occupying a considerable share of the market owing to their offerings to the market.
Market leaders are involved in product launches with better efficiency and treatment outcomes. For instance, in October 2017, OPTEL launched an innovative vision inspection solution, HD PrintSafe. The product is a high-definition, high-speed digital inkjet printing system works as an all‑in-one, drop‑on‑demand and inspection solution.
Many well-known as well as small local companies are present in the market to provide diversified products to its customers. The larger firms are adopting the strategy of acquiring small firms to enhance its product portfolio and expand its footprint in different geographies. Additionally various companies are also undergoing other strategic alliances such as acquisitions and others to garner their significance and remain competitive in the market. Few on the important key developments from the industry are mentioned below:
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About the AuthorPrabha Mahajan
Joined: September 26th, 2022
Articles Posted: 158
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