Track and Trace Solutions Market

1. Global Track and Trace Solutions Market is estimated to value over USD 4.5 billion by 2029 end and register a CAGR of over 14% during the forecast period 2019 to 2029. Track and trace solutions are implemented for monitoring supply chains by major biopharmaceutical and pharmaceutical companies so as to curb down drug counterfeiting. Drug counterfeiting ranges from something relatively harmless as misleading medication with an intent to duplicate an authentic and approved product to the dangerous practice of selling medication consisting of an excess or insufficient amount of active ingredient. But using track and trace solutions, this obstacle can be eliminated to a very large extent. The application segment is bifurcated into aggregation, tracking, tracing & reporting and serialization. Aggregation segment is further categorised into pallet aggregation, bundle aggregation and case aggregation segment. Technology-wise, the market is categorised into radiofrequency identification (RFID), 2D barcodes and linear barcodes. Depending on the end user, the market is bifurcated into the food and beverage industry, medical device companies, cosmetic industry, pharmaceutical & biopharmaceutical companies and other end-users. Serialization segment dominates the market owing to a high-priority implementation of serialization by regulatory bodies. This is a major step to satisfy new ePedigree regulations that are necessary for product traceability during the supply chain process. Additionally, manufacturers prioritise patient safety and brand protection which can support the augmentation the market segment. North America subjugates the global track and trace solutions market owing to a large-scale presence of highly regulated aggregation and serialization standards coupled with an advanced healthcare infrastructure. FDA recommends self- regulating identification technologies like RFID and barcoding to major healthcare and pharmaceutical companies which increases the market proliferation of the region. Understanding markets and consumer mindsets is what differentiates great companies from good ones. Every index for industry leadership lists companies that strategise based on the right current and forecast data. At FutureWise, we provide the latest and most pertinent information to organizations, using the latest market research methodologies. We specialise in high-growth niche markets, assuring flexibility, agility and customized solutions for our clients. Through in-depth market insights and consultancy, we present our clients with the tools they need to be at the forefront of their industry – a position secured for far more than the near future. Rapid growth of the retail sector, the increasing purchasing power of customers and rapid evolution of e-commerce have boosted the growth of this industry. Rising

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