The global Track and Trace Solutions Market is expected to grow at a growth rate of around 15% during the forecast perio

The Track and Trace Solutions Market is expected to grow at a strong CAGR of around 15% owing to the rising counterfeiting and theft of healthcare products around the world. For instance, according to the World Health Organization (WHO), 10% of medicines sold worldwide are counterfeit. Moreover, manufacturers of biopharmaceuticals, pharmaceuticals, cosmetics, and medical devices deploy track-and-trace solutions to protect their products and brand equity. Further, suitable regulations on serialization implementations are also influencing the adoption of track and trace solutions in the healthcare industry. For instance, As of November 2017, under the Drug Supply Chain Security Act of 2013 (DSCSA), all pharmaceutical companies selling prescription drugs in the United States were asked to serialize each and every sold drug unit to facilitate tracking and tracing from the drug manufacturers to the local pharmacies or doctors’ offices.

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Based on product, the market is segmented into hardware, software, and standalone platforms. The software segment catered to a significant share of the track and trace solutions market in 2020. This is majorly due to the growing adoption of software in healthcare, pharmaceuticals, biopharmaceuticals, and medical device companies. These software solutions are used for the continuous management of production facilities, product lines, case and bundle tracking, warehousing, and shipping.

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Based on technology, the market is bifurcated into 2D barcode and RFID. The 2D barcode technology segment is expected to grow at a strong CAGR during the forecast period. The increasing use of 2D barcodes in pharmaceutical and biopharmaceutical packaging is a key factor contributing to the growth of the market. Additionally, 2D barcodes offer greater data storage capacity compared to linear barcodes and are more popular in the industry, hence the demand for 2D barcode-based solutions is increasing.

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For a better understanding of the market adoption of the Track and Trace Solutions industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America captured the highest share of the market in 2020. North America’s large share can be attributed to the presence of a large number of pharmaceutical and biotech companies, the high regulatory burden to implement serialization and aggregation solutions, and the growing medical device industry. Additionally, the presence of sophisticated medical infrastructure and the adoption of this technology in the United States is expected to drive the market.

Some of the major players operating in the market are Systech International, OPTEL GROUP, TraceLink Inc., ANTARES VISION S.p.A., Siemens AG, Körber AG, ACG Group, Robert Bosch GmbH, Zebra Technologies Corporation, and Uhlmann Pac-Systeme

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Global Track and Trace Solutions Market Segmentation

Market Insight, by Product