The major factors propelling the growth of track and trace solutions market include growth in the medical devices and pharmaceutical industries, increase in implementation of serialization, a rise in the number of packaging-related product recalls, and an increasing number of counterfeit drugs.
One of the major problems faced by large-scale pharmaceutical as well as biopharmaceutical companies is drug counterfeiting. In order to ensure that brands get a share of brand recognition, these companies are adopting the use of track and trace solutions in supply-chain monitoring. Counterfeiting happens in a variety of ways. It can range from mislabeling medication with the intent to replicate an authentic approved product to the far more dangerous practices of selling medication without the active ingredient or adding an insufficient or excessive amount of the active ingredient. Counterfeit medicines also sometimes contain extraneous or harmful chemicals. With the advent of track and trace solutions, this problem is expected to be eradicated to a very large extent. This factor, consequently, is propelling its increasing adoption among drug manufacturers, further driving the growth of the market over the forecast period. However, factors, such as high costs associated with serialization and aggregation and lack of common standards for serialization and aggregation may hinder the market growth.
Key Market Trends
Bar Code Technology is expected to hold the Major Revenue Share in the Technology-wise Segmentation
A barcode is a number represented in vertical lines of varying thicknesses, printed on a label to exclusively identify any item.
In the healthcare industry, the barcode system offers wide applications, from hospitals and diagnostic laboratories to medical devices or pharmaceutical manufacturing companies. A barcode helps in tracking patient data in medical facilities, precisely managing medical supplies inventory, tracking expiration dates and origin of drugs, and adding barcode labels to blood supplies, which helps to distinguish among different samples. This barcode technology is being adopted for many years and is still being used all time for tracking. Other major benefits of using barcodes are the improvement of stock visibility and cutting waste, reduction in disparities in cost and quality of care, better safety and compliance, and automation of the manual supply-chain tasks, which are the key driving factors fueling the market growth.
North America dominates the Market and Expected to do Same in the Forecast Period
North America currently dominates the market for track and trace solutions and is expected to continue its stronghold for a few more years. In the North America region, the United States holds the largest market share. This can be majorly attributed to the increasing number of counterfeit drugs; due to the increasing number of counterfeit medicines available in the market, the FDA had to issue product identifier requirements under the Drug Supply Chain Security Act (DSCSA) Compliance Policy in June 2017. 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 National Drug Code (NDC).
The track and trace solutions market is competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising awareness about track and trace solutions and improving healthcare infrastructure, few other smaller players are expected to enter into the market. Some of the major players of the market are Axway, Mettler-Toledo International Inc., Rfxcel Corporation, Sea vision SRL and TraceLink Inc. among others.
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