Track and Trace labels Market: Comprehensive Evaluation Of The Market

Posted by Kishor on January 6th, 2020

Global Track and Trace labels Market: Overview

The growth of track and trace labels is evident in medical devices and pharmaceuticals industries, as it will help in tracking the accurate location of drugs and devices. Government regulation for serialization implementation and rising drugs manufacturers concerns is also expected to stoke up the demand in this market.

Coming down to the segmentation in which the global track and trace market is categorized includes material, printing options, and end-use industry. Based on the material type, the market is segmented into estate #9 paper labels, gold polyester (metalized) labels, white BOPP labels, and others

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Global Track and Trace labels Market: Trends and Opportunities

Use of advanced technology such as RFID and barcodes has significantly boosted the demand in the global track and trace labels market. RFID technology helps in delivering immediate product information and provides assistance in times of thefts and counterfeiting of products. Healthcare sector has adopted this technology at a large scale as it helps in smart packaging. In addition, high supply rates of counterfeit drugs and increased government vigilance have encouraged the employment of barcodes technology in the healthcare sector. This factor has also accelerated the growth of this market.

Global Track and Trace labels Market: Geographic Analysis

Key regions covered in the report on the global track and trace labels market include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Of these, Europe and North America are the two regions having a larger share in this market. Over the forecast period, these regions are likely to lead the market due to increasing demand for warble devices in these regions. Moreover, the presence of advanced healthcare systems in countries like Canada and the U.S. and growing demand for medical devices has boosted the demand for track and trace labels.

On the other hand, Asia Pacific is also expected to create lucrative growth positions for track and trace labels, as there is a high incidence of counterfeit drugs available in this region.  Moreover, strict regulations in emerging economies such as China’s track and trace laws mandate serialization and tracking throughout the supply chain.  China also has compulsory compliance reporting to the China FDA for all pharmaceuticals since 2015. These factors have created a new growth opportunity for track and trace labels in the Asia Pacific.

Global Track and Trace labels Market: Competitive Landscape

Vendor landscape elucidates on the key business development strategies used by the players operating in the global track and trace labels market. It has been observed that the key players in the market are focusing on strategies such as mergers, collaboration, partnership, innovation, and expansion. Implementation of these strategies will help the players to attain a larger share in the market and increase their competitive edge in the market. According to the report, some of the prominent players in the market are SATO America, LLC., Lithotech Corporate (Pty) Ltd., Holostik India Ltd., Identco International Corporation, Dantech Ltd., and R.R. Donnelley & Sons Company. Leading players are also expected to be focusing on research and development activities with which they can offer advanced products and services to their customers.