About Track and Trace Solutions
Solutions used for track and trace are very vital in the medical devices industry as they provide accurate location of devices at the present and previously. Hence, Medical devices go through a long and tedious journey from the manufacturing units to various end use settings. The use of track and trace solutions has been quintessential in the distribution and logistics of various medical device equipment.Track and trace solutions play a vital role in the distribution and logistics of medical devices. Further, rapid growth in both developed and developing nations in Pharmaceutical and medical device industry is driving the Track and Trace Solution market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 16.2% |
The Global Track and Trace Solution market are fragmented with numerous regional and international players who are involved in implemented solutions for the market. The market players are also in collaboration with other companies. For instance, In 2017, OPTEL Group (Canada) acquired Verify Brand LLC (US). The addition of Verify Brand’s L4/5 serialization capabilities to the OPTEL solution set enables the connectivity required for pharma companies to implement Track & Trace across the entire supply chain (L1 to L5). Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Axway Inc. (United States), Adents International (France), Optel Group (Canada), Mettler-Toledo International (United States), Systech (India), TraceLink (United States), Antares Vision (Italy), Siemens AG (Germany) and Uhlmann Group (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Xyntek Inc. (United States), Sea Vision Srl (Italy), Robert Bosch GmbH (Germany), Seidenader Maschinenbau GmbH (Germany) and Ropack Pharma Solutions (Canada).
Segmentation Overview
AMA Research has segmented the market of Global Track and Trace Solutions market by Type (Hardware Systems [Printing & Marking Solutions, Monitoring & Verification Solutions, Labeling Solutions, Others] and Software Solution [Plant Manager Software, Line Controller Software, Bundle Tracking Software, Others]), Application (Sterilization Solutions [Bottle Serialization, Label Serialization, Carton Serialization, Data Matrix Serialization] and Aggregation Solutions [Bundle Aggregation, Case Aggregation, Pallet Aggregation]) and Region.
On the basis of geography, the market of Track and Trace Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End users, the sub-segment i.e. Pharmaceutical & Biopharmaceutical Companies will boost the Track and Trace Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. RFID will boost the Track and Trace Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Adoption of Track and Trace Solutions by Pharmaceutical Companies to Overcome Drug Counterfeit Issue
Market Growth Drivers:
Growing Pharmaceutical and Medical Device Industries, Increase in Product Recall Resulting in Development of Hardware and Software and High Growth in OTC (Over the Counter) and Generic Products
Challenges:
Lack of Standards Associated with Sterilization and Aggregation Solutions and Existence of Technologies that Dissuade Counterfeit Products
Restraints:
High Installation Cost of Sterilization and Aggregation Solutions
Opportunities:
Escalating Focus on Tracking Medical Devices by Pharmaceutical and Medical Device Manufacturers
Market Leaders and their expansionary development strategies
In April 2018, Antares Vision launched its product, ATSFOUR, an enterprise-level serialization software solution. The new ATSFOUR integrates the Antares Tracking System architecture and offers a comprehensive solution which allows the widest connection capability for any traceability network., ATSFour creates a unique point of connection enabling interface with healthcare agencies. and In 2018, Ropack Pharma Solutions (Canada) signed an agreement with TraceLink (US) in order to achieve DSCSA compliance for its pharmaceutical customers
In 2017, the Food and Drug Administration has issued product identifier requirements under the Drug Supply Chain Security Act (DSCSA) Compliance Policy. The policy states that the drugs sold in the United States must have item-level serialization affixed and printed on unit-of-sale prescription drugs. The DSCSA will require a "standardized numerical identifier” to uniquely identify packages or homogenous cases that are composed by the National Drug Code (NDC). The DSCSA will require a "standardized numerical identifier” to uniquely identify packages or homogenous cases that are composed by the NDC.
Key Target Audience
Track and Trace Solutions Manufacturers, Pharmaceutical Companies, Government and Regulatory Bodies, Industry Association, Potential Investors, Marketing Firms and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.