Track and Trace Solutions Hold Largest Share of the Global Track and Trace Solutions Market

Track and Trace Solutions Market



Market Overview:

Track and trace solutions provide serialization and aggregation of products at individual item level to track them across the supply chain. These solutions help to tackle issues related to counterfeit medicines, reduce theft and improve supply chain transparency.

Market key trends:
One of the key trends driving the track and trace solutions market is the implementation of regulations mandating serialization. Stringent regulations such as Drug Supply Chain Security Act (DSCSA) in the US and Falsified Medicines Directive (FMD) in Europe require implementation of track and trace solutions. Pharmaceutical manufacturers are widely adopting these solutions to comply with the regulations and curb illegal practices like drug counterfeiting. Furthermore, growing medical applications of unique device identification will further propel the market growth over the forecast period.
Segment Analysis

The Track And Trace Solutions Market Demand is segmented by product into software, hardware, and standalone products. The software segment dominated the market in 2022 and is expected to maintain its dominance over the forecast period. Software segment accounts for over 50% of the total market share as software forms an integral part of track and trace solutions which help in storing and managing serialized data to track individual products throughout the supply chain.

Key Takeaways

The global track and trace solutions market is expected to witness high growth, exhibiting CAGR of 14.79% over the forecast period, due to increasing regulations regarding serialization and aggregation of pharmaceutical products.

Regional analysis

North America dominated the track and trace solutions market in 2022 and is expected to maintain its position over the forecast period. Presence of key players and stringent regulations for serialization of drugs and monitoring medical devices propel the growth of track and trace solutions in the region. Asia Pacific is expected to witness the highest growth rate owing to rising pharmaceutical industry and increasing adoption of track and trace solutions across industries in emerging economies like China and India.

Key players

Key players operating in the track and trace solutions market are Tracelink Inc., Adents International, Seidenader Maschinenbau Gmbh., Axway Software Sa, Siemens Ag, Mettler Toledo International Inc., Robert Bosch Gmbh, and Optel Group. Tracelink Inc. held the leading market share in 2022 owing to its comprehensive software portfolio to trace products throughout the supply chain.

Read More:

https://www.dailyprbulletin.com/track-and-trace-solutions-market-demand/

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