Global Track and Trace Solutions Market – Analysis and Forecast (2018-2024)

Track and trace solutions are used to provide precise position of devices at the present and earlier. The global track and trace solutions market is growing at significant rate, due to rigid guidelines and standards for the employment of serialization and progress in the pharmaceutical and medical devices industries. Different types of solutions contributed to the track and trace solutions market size. The market has witnessed high demand for software over the last few years due to emergent acceptance in healthcare industry.

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There are different end users in the market, medical device companies, pharmaceutical & biopharmaceutical companies, cosmetic industry and others. Mounting pharmaceutical expenditure, budding pharmaceutical & biopharmaceutical industries, and escalating amount of counterfeit drugs globally are the factors growing the demand of pharmaceutical & biopharmaceutical companies. Among the all end users, the pharmaceutical & biopharmaceutical companies accounted the largest share in the track and trace solutions market.

The rigid guidelines and standards for the employment of serialization, progression in the amount of packaging-related product withdraws, mounting number of forge drugs entering the supply chain, mounting emphasis of manufacturers on brand security and progress in the pharmaceutical and medical devices industries are the primary growth drivers for track and trace solutions market.

The elevated costs related with serialization and aggregation and absence of common principles for serialization and aggregation are the major challenges for the growth of track and trace solutions market.

Globally, the manufacturing companies trying to enter the track and trace solutions market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Geographically, North America is the largest track and trace solution market as in the region the occurrence of chronic disease and lifestyle associated diseases is mounting which upsurges the demand of medical devices and pharmaceuticals. Growing geriatric population, occurrence of advanced healthcare systems, existence of a huge number of medical device manufacturers and pharmaceutical and biotechnology companies, strict regulations concerning serialization and emergent medical devices market are also up surging growth of the North American track and trace solutions industry.

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Asia-Pacific is observed to witness the fastest growth in the market, as in the region the pharmaceutical and medical device expenditure is mounting. In addition, expanding geriatric population with mounting lifestyle diseases is up surging the need for pharmaceuticals and medical devices and mounting demand of secure packaging & supply chain efficiency are also creating a positive impact on the track and trace solutions market growth in the region.

Key players in the track and trace solutions industry are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In November 2017, Körber Medipak Systems completed the acquisition of Systec & Services GmbH to strengthen its business area in pharma systems. Antares Vision, Körber Medipak Systems, Sea Vision, Axway, Adents, METTLER TOLEDO, ACG Worldwide, Optel Group, Tracelink, and Siemens are the key players offering track and trace solutions.

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