"North America accounted for the largest share of the track and trace solutions market in 2021"
CHICAGO, Oct. 27, 2022 /PRNewswire/ -- In 2021, North America accounted for the largest share of 38.7% of the global track and trace solutions market. The growth for this region was majorly driven by the presence of large pool of pharmaceutical and biotechnology, stringent regulatory environment and increasing adoption of track and trace solutions by the end user segments for brand protection.
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The global track and trace solutions market is expected to reach USD 8.6 Billion from USD 4.8 Billion in 2022, at a CAGR of 11.6% during the forecast period. The major factors contributing to the growth of this market include the increasing regulatory burden on end user segments for the implementation of serialization solutions and increasing awareness on brand protection. On the other hand, huge set up costs that require high upfront capital investments is expected to limit the market growth to some extent.
"The software solutions segment accounted for the largest share in the track and trace solutions market."
In 2021, the software solutions segment accounted for the largest share of 60.6% of the track and trace solutions market. The major factor contributing to the growth of this market includes growing awareness about the counterfeit products in the market that necessitates the implementation of track and trace solutions. However, standalone platforms segment are expected to grow a a highest CAGR of 15.3% during the forecast period owing to the increase in the demand for these platforms that reduce implementation timeframe and provide end-to-end traceability.
"Serialization solutions segment is expected to witness the fastest growth in the forecast period."
In 2021, serialization solutions segment account for the largest share of 62.3% of the applications market. This segment is also expected to witness the highest growth rate of 12.08% during the forecast period. The major factor contributing to the growth of this segment include high regulatory burden on the end user segments to implement serialization solutions in order to prevent the entry of counterfeit products in the supply chain.
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"2D barcode technology account for the largest share in the track and trace solutions market."
In 2021, 2D barcodes accounted for the largest share of 75.8% of the technology market. The major factor contributing to the growth of this segment include the growing adoption of 2Dbarcodes technology in the end user segments owing to its large data storage capacity. However, RFID segment is expected to witness the highest CAGR of 13.2% due to its growing demand for automating pharmaceutical distribution systems and improving product visibility.
"Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2021."
In 2021, the pharmaceutical and biopharmaceutical companies accounted for the largest share of 52.9% of the global track and trace solutions market. This is because of high drug counterfeiting activity in the pharmaceutical industry and hence, being a highly regulated market, the adoption of track and trace solutions is more than other end user segments.
A breakdown of the primary participants (supply-side) for the track and trace solutions market referred to for this report is provided below:
- By Company: Tier 1-34%, Tier 2-46%, and Tier 3-20%
- By Designation: C-level-35%, Director Level-25%, and Others-40%
- By Region: North America-30%, Europe-45%, Asia Pacific-20%, Latin America- 3%, and Middle East and Africa- 2%
The key players operating in this market include OPTEL GROUP (Canada), METTLER-TOLEDO International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision S.p.a. (Italy), SAP SE (US), Xyntek Inc. (US), SEA Vision Srl (Italy), Syntegon (Germany), Siemens (Germany), Uhlmann Group (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway (US), ACG Worldwide (India), Laetus GmbH (Germany), and WIPOTEC-OCS (Germany).
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Research Coverage:
The market study covers the track and trace solutions market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by product by technology, by application, by end user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
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Global Biopharma Track and Trace Solutions Market 2022 by Company, Regions, Type and Application, Forecast to 2028 - The Biopharma Track and Trace Solutions market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations. Get a Free Sample Report at https://www.reportsnreports.com/contacts/requestsample.aspx?name=5826479
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