The global track and trace solutions market accounted to US$ 1,728.3 Mn in 2018 and is expected to grow at a CAGR of 15.3% during the forecast period 2019 – 2027, to account to US$ 6,049.0 Mn by 2027.
The Asia Pacific track and trace solutions market is expected to grow at highest rate during the forecast period owing to developments in the healthcare systems and industries, rise in the product innovations in China, rise in programs and initiatives in countries. In addition, emergence of new local players with competitive product portfolio are expected to fuel the market growth in Asia Pacific region.
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Stringent Regulations & Criteria for the Implementation of Serialization
Globally, pharmaceutical companies are considering existing and expected legislation on anti-counterfeiting and traceability of the drugs. Many governments opt for the implementation of serialization regulations. Regulatory compliance for serialization is growing rapidly becoming a focus area for pharmaceutical manufacturers and supply chain partners across the world. Most developed and developing economies have either already laid out the regulatory road map for serialization or are in the process of doing so. The regulatory push to secure the pharmaceutical supply chain comes as a result of rising drug-related criminal activities and supply chain inefficiencies. Efforts are aimed at addressing drug counterfeits and unauthorized parallel supply chains, improving supply chain visibility, difficulty in tracking returns or recalls and the paucity of data-driven tools for predicting patient behavior.
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Competitive Landscape: Track and Trace Solutions market
Körber Medipak Systems AG
SEA VISION S.r.l.
Strategic acquisition and product launches were observed as the most adopted strategy in global track and trace solutions industry. Few of the recent product launch and acquisitions are listed below;
2019: SEA Vision Group completed the acquisition of Lixis, provider of pharmaceutical vision, control and serialization. The acquisition would help the former company to hold a stronger position in the LATAM market.
2018: OPTEL acquired GeoTraceability, a provider of technical solutions to increase the visibility of suppliers and products in intricate supply chains. This strategic move has helped OPTEL expand its traceability offering.
2017: rfxcel Corporation acquired Frequentz, Inc., a provider of life science and food traceability. The acquisition has enabled rfxcel to offer better serialization and traceability solutions.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the track and trace solutions market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global track and trace solutions market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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