The report predicts the global Track and Trace Solutions Market to grow at a healthy CAGR over the forecast period from 2022-2031.
“The Track and Trace Solutions Market is projected to grow at a CAGR of 18.9%”
The track and trace solutions market is expected to reach USD 3.93 billion by 2031 from USD 1.65 billion in 2022, at a CAGR of 18.9%. The growth of this market is mainly attributed to the stringent regulations and standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the medical devices and pharmaceutical industries, and rising number of packaging-related product recalls. However, the high cost of serialization and aggregation is expected to hinder the growth of this market up to a certain extent.
“The carton serialization segment is expected to grow at the fastest rate during the forecast period”
Based on serialization type, the track and tarce solutions market is segmented into bottle serialization, blister serialization, vials & ampoules serialization, carton serialization, and medical device serialization. The carton serialization segment is expected to register the highest CAGR during the forecast period owing to the increasing awareness on supply chain efficiency in the pharmaceutical and medical devices industry.
“2D barcodes segment continue to dominate the market during the forecast period.”
On the basis of technology, the track and trace solutions market is segmented into linear barcodes, 2D barcodes, and Radio Frequency Identification (RFID). The 2D barcodes segment accounted for the major share of the track and trace solutions market for technology during the forecast period. The increasing preference for 2D barcodes in packaging over linear barcodes due to the advantages of 2D barcodes such as they have higher data storage capacities as well as contain large amounts of data with fewer variations in image size are expected to drive the demand for 2D barcodes in this segment.
“APAC to witness the highest growth during the forecast period”
Geographically, the track and trace solutions market is broadly segmented into five major geographies, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2017, North America commanded a major share of the track and trace solutions market. However, APAC is expected to witness the highest growth during the forecast period. Growth in this market is driven by a number of factors, such as the growing pharmaceutical and medical devices market, increasing focus of prominent players on emerging Asian countries, increasing healthcare expenditure, and rising awareness on advanced track and trace solutions.
Click Here To Get The Sample PDF Report: https://www.sdki.us/sample-request-109322
The break of primary participants was as mentioned below:
- By Company Size – Tier 1-40%, Tier 2-35% and Tier 3-25%
- By Designation Level – C-level-30%, Director Level-25%, Others-45%
- By Region – North America-32%, Europe-25%, Asia Pacific-20%, Latin America-15%, Middle East and Africa-8%
The prominent players in the track and trace solutions market are Optel Vision (Canada), METTLER-TOLEDO International (US), Systech (US), TraceLink (US), Antares Vision (Italy), Xyntek (US), Axway (US), Adents International (France), Sea Vision (Italy), Siemens (Germany), Zebra Technologies (US), ACG Worldwide (India), and Korber Medipak Systems (Switzerland).
The report analyzes the various types of track and trace solutions in the market and their adoption patterns. It aims at estimating the market size and future growth potential of the track and trace solutions market for different segments such as type, technology, application, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, recent developments, SWOT analysis, and market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) to enhance their market presence.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the track and trace solutions market. The report analyzes the market by type, technology, application, and end user across all regions
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the track and trace solutions market
- Market Development: Comprehensive information about the lucrative emerging markets by type, technology, application, end user, and region
- Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the track and trace solutions market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, distribution networks, and manufacturing capabilities of the leading players in the track and trace solutions market