Global Track and Trace Solutions Market Overview –
Track and trace solutions are becoming increasingly popular for tracking certain products or goods all across the world. These solutions offer detailed information pertaining to shipments that traverse international borders. The solutions for track and trace include a label that specifies each commercial unit and carries a code that contains a serial number, as well as a tamper-evident seal attached to the product itself. global track-and-trace solutions market are gaining a lot of popularity in the medical device business because they can offer reliable information on the whereabouts of devices whenever it is required.
Some of the key drivers that are predicted to fuel growth in the track and trace solutions market include an increasing emphasis on brand protection among manufacturers, the expansion of the pharmaceutical and medical device industries, and severe rules governing sterilization. In 2018, the value of the track and trace solutions market reached US$ 2 billion as a direct result of these reasons.
Cumulative Impact of COVID-19 –
As a worldwide health emergency, COVID-19 has affected nearly every industry and is expected to have a long-term influence on industry growth over the predicted period. In our continuous study, we are expanding our framework to include COVID-19 concerns and possible solutions. The research examines COVID-19 in light of changes in consumer behavior and demand, purchasing patterns, supply chain rerouting, contemporary market forces, and significant government involvement. According to the latest study’s findings, COVID-19’s impact on the market has been taken into account.
Recent Developments –
- In October 2020, TraceLink launched the Serialized Product Intelligence–a new cloud application that uses serialization data to provide actionable intelligence and operative excellence.
- In February 2021, Anatres Vision (Italy) acquired Adents International (France). Through this acquisition the company expanded its portfolio of software solutions and cloud services for end-to-end traceability with this acquisition. The development also helped in the strengthening of the Group’s international presence, especially in France.
- In October 2020, OPTEL Group (Canada) partnered with Bureau Veritas (Canada). This partnership aimed to launch V-Trade, a complete assured traceability solution for COVID-19 vaccines, in addition to the whole supply chain.
- In February 2019, Sea Vision S.r.l collaborated with OBL Pharm (Russia),OBL pharma implemented five complete track and trace production lines with SEA Vision equipment and software.
- In January 2019,
Market Report Highlights –
The software solutions product segment was the largest revenue-generating segment in 2021. This is mainly because of the regulatory mandates for the execution of serialization and aggregation in the healthcare sector
The serialization solutions application segment was the largest grossing segment in 2021. Increasing application of serialization in pharmaceutical and medical device packaging will be a vital factor contributing to the segment growth
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The RFID technology segment is expected to exhibit the fastest growth rate during the forecast period. The key factors contributing to the growth of the segment are technological advantages, such as high durability and reusability, more data storage capacity, and no requirement of the line of sight
North America led the global market in 2021. The rising implementation of regulatory standards and regulations, along with the high adoption rate of track and trace solutions by consumers, is anticipated to contribute to the market growth
Companies profiled in this report –
Optel Vision
Siemens AG
Mettler-Toledo International
Axway Inc
Laetus
Adents Internationa
By Type –
Hardware Systems
Software Solution
Others
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By Applications –
Pharmaceutical & Biopharmaceutical Companies
Medical Device Companies
Cosmetic Industry
Others
By Regions –
Northern (This includes Jammu & Kashmir, Haryana, Himachal Pradesh, Punjab, Uttar Pradesh, Uttarakhand, Delhi, Rajasthan, Ladakh)
Southern (This includes Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil-Nadu, Puducherry)
Eastern (This includes Jharkhand, Bihar, Odisha, West Bengal, Arunachal-Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura)
Western (This includes Gujarat, Madhya Pradesh, Maharashtra, Chhattisgarh, Goa)
