New York, April 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Track And Trace Solutions Market Size, Share & Trends Analysis Report By Product, By Technology, By Application, By End Use, By Region And Forecast sectors, 2022 – 2030” – https://www.reportlinker.com/p06251010/?utm_source=GNW
Track and Trace Solutions Market Growth and Trends
The global track and trace solutions market size is expected to reach USD 14.3 billion by 2030. The market is expected to grow at a CAGR of 19.2% from 2022 to 2030. Market growth is primarily attributed to growing attention from pharmaceutical and biopharmaceutical companies. on brand protection against counterfeit products and theft. Deploying track and trace solutions helps manufacturers improve the efficiency of distribution channels and reduce the occurrence of counterfeit products.
Additionally, increasing adoption of track and trace solutions by healthcare manufacturers would fuel the long-term market growth. The introduction of advanced technologies such as RFID enables rapid reading and provides high levels of security.
However, the cost of deploying serialization and aggregation solutions and lack of common regulations and standards may hamper market growth in a few developing geographies.
Regulatory compliance has become an incessant need across the globe to ensure product authenticity.
The majority of developed countries have already integrated these solutions to mitigate the risk of product recalls, outbreaks and brand name tarnishing to reduce unauthorized parallel supply chains that promote illegal supply chain logistics. supply and crime. Growing initiatives from government and regulators are paving the way for increased adoption of track and trace solutions.
Serialization has been the primary method that facilitates tracking and tracing of products globally.
US CBP and customs in other member countries as well as the World Customs Organization have reported seizures of fake coronavirus tests and personal protective equipment like face masks and hand sanitizers. For example, in May 2020, Smartrac partnered with SUKU to validate COVID-19 testing kits and personal protective equipment to enable rapid verification and provide end-to-end supply chain transparency.
Hence, the market is estimated to witness lucrative growth opportunities owing to the COVID-19 outbreak.
The track and trace market includes a large number of global and local players. These companies undertake strategic collaborations and partnerships with their customers and other manufacturers in the market.
For example, in January 2021, OPTEL partnered with Bureau Veritas and introduced a V-TRACE traceability solution for managing COVID-19 vaccine supply chain logistics. Additionally, in June 2021, Markem-Imaje acquired Blue Bite LLC, an American provider of workflow software solutions for product marketers and brand owners, based in New York.
Highlights of the Track and Trace Solutions Market Report
• The software solutions product segment was the most revenue-generating segment in 2021. This was primarily due to regulatory mandates for performing serialization and aggregation in the healthcare industry
• Serialization solutions applications segment was the most profitable segment in 2021. Growing application of serialization in pharmaceutical and medical device packaging will be a key factor contributing to the growth of the segment
• The RFID technology segment is expected to show the fastest growth rate during the forecast period. Major factors contributing to the growth of the segment are technological advantages, such as high durability and reusability, greater data storage capacity and no line of sight requirement
• North America dominated the global market in 2021. Growing implementation of regulatory standards and regulations, along with high adoption rate of track and trace solutions by consumers is expected to contribute to the growth of the market. Marlet
Read the full report: https://www.reportlinker.com/p06251010/?utm_source=GNW
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