Track and Trace Solutions Market Worth $ 7.46 Billion, Globally, by 2028 at 16.9% CAGR: Verified Market Research™

The growth of the global Track and Trace Solutions Market is being driven by stringent regulations for the implementation of serialization. Also, the rapid growth of the medical device industry is one of the major factors that are positively influencing the growth of the global market.

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Jersey City, New Jersey, April 09, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Track and Trace Solutions Market” by Product (Software, Hardware Components, and Standalone Platforms), by Technology (Barcodes, and Radio Frequency Identification (RFID)), by End-User(Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Cosmetic Industry, and Other End Users), and by Geography. According to Verified Market Research, the Global Track and Trace Solutions Market Track and Trace Solutions Market was valued at USD 2.33 Billion in 2020 and is projected to reach USD 7.46 Billion by 2028, growing at a CAGR of 16.9% from 2021 to 2028.

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Browse in-depth TOC onTrack and Trace Solutions Market

202 - Pages

126 – Tables

37 – Figures

Global Track and Trace Solutions Market Overview

The market is anticipated to be fueled by the rising deployment of track and trace solutions by pharmaceutical and medical device companies. Drug counterfeiting is a major problem faced by pharmaceuticals and biopharmaceutical companies. Thus, companies are adopting track and trace solutions for supply chain monitoring. It has been found that the influx of substandard/counterfeit medications is more prevalent in low to middle-income countries such as India and Africa. According to the United States Trade Representative (USTR) report in 2019, around 20% of all sold drugs in India were counterfeit.

In addition, stringent regulations and standards pertinent to serialization implementation and aggregation are expected to drive the market for track and trace systems. In July 2019, the Therapeutic Goods Administration (TGA) imparted new guidelines on product coding in order to reduce counterfeiting in Australia. However, the high cost connected with track and trace implementation and lack of unified global standard regulations for serialization and aggregation could hinder the market growth.

The major players in the market are SAP, Antares Vision, TraceLink Inc., Systech International Inc., OPTEL Group, Mettler-Toledo International Inc., Xyntek Inc., Adents International, SEA Vision Srl, and Robert Bosch.

Verified Market Research has segmented the Global Track and Trace Solutions Market On the basis of Product, Technology, End-User, and Geography.

  • Track and Trace Solutions Market by Product
    • Software
    • Hardware Components
    • Standalone Platforms
  • Track and Trace Solutions Market by Technology
    • Barcodes
    • Radio Frequency Identification (RFID)
  • Track and Trace Solutions Market by End-Users
    • Pharmaceutical & Biopharmaceutical Companies
    • Medical Device Companies
    • Cosmetic Industry
    • Other End Users
  • Track and Trace Solutions Market by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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