The global Track And Trace Solutions Market size is expected to reach USD 9.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.0% from 2021 to 2028. The growth is attributed majorly due to the increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of a track and trace system helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.
Furthermore,
the rising adoption of track and trace systems by healthcare manufacturers
would fuel the market growth in the long run. The introduction of advanced
technology, such as RFID, provides fast reading and delivers high levels of
security. However, the deployment cost of serialization and aggregation
methods, as well as the lack of common regulations and standards, may hamper
the market growth in few developing geographies.
US
CBP and customs of other member countries as well as by the World Customs
Organization reported the seizures of false coronavirus tests and personal
protective equipment for example facemasks and hand sanitizers. For instance,
in May 2020, Smartrac teamed up with SUKU to validate COVID-19 testing kits and
personal protective equipment to permit prompt verification and deliver
end-to-end supply chain transparency. Hence, it is estimated that the market
will witness lucrative growth opportunities due to the COVID-19 outbreak.
Related Press
Release@ Track
And Trace Solutions Market Report
Track And Trace Solutions Market Report Highlights
- The software
solution was the largest revenue-generating segment of the market in 2020.
This contribution is mainly because of the regulatory mandates for the
execution of serialization and aggregation in the healthcare sector
- The
serialization solution was the largest grossing segment in 2020.
Increasing application of serialization in pharmaceuticals and medical
devices packaging will be a vital factor contributing to the growth of the
segment
- The RFID
segment is expected to exhibit the fastest growth rate during the study
period. The key factors attributing 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 dominated the market in 2020. The rising implementation of
regulatory standards and regulations along with the high adoption rate of
track and trace systems by consumers is anticipated to contribute to the
growth of the market in the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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