[FURL=https://www.industryarc.com/Report/16759/track-and-trace-solutions-market.html]Track and Trace Solutions Market[/FURL] size in 2019 is estimated to be $2.2 billion, growing at a CAGR of 17.3% during the forecast period 2020-2025. Tracking and tracing is a process of determining the current and past locations of a unique item or property. Track and Trace solutions such as RFID tags that have ability to track real-time data. Increasing number of fake drugs and technological advancement are the major factors driving the growth of the market. Moreover, increasing focus on biopharmaceutical companies on ensuring brand protection and stringent regulations and standards for the implementation of serialization further enhance the overall market demand for track and trace solutions during the forecast period 2020-2025.Key Takeaways
In 2019, North America dominates the track and trace market owing to presence of highly regulated sterilization and aggregation standards as well as advanced healthcare infrastructure
Increasing number of fake drugs and technological advancement is driving the market growth of track and trace solutions.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the track and trace solutions market report.
High cost associated with the operations of these solutions are challenging the growth of the market.
Geography - Segment Analysis
North America dominated the track and trace market share accounting for 38% of the market in 2019. This is mainly owing to presence of highly regulated sterilization and aggregation standards as well as advanced healthcare infrastructure. According to U.S. Food and Drug Association, automatic identification technologies including barcoding and RFID are recommended in pharmaceuticals and others healthcare companies.
However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2020-2025. This is owing to the growth in healthcare infrastructure and rising incidence of counterfeit drugs.
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Drivers – Track and Trace Solutions Market
Increasing Number of Fake Drugs
Technological Advancements
Track and Trace Solutions Industry Outlook: Track and Trace Solutions top 10 companies are Axway, Mettler-Toledo International Inc., Optel Vision, TrackLink Inc., Adents International, Antares Vision srl, Siemens AG, Seidenader, ACG Worldwide and Systech Inc.
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