(Health-NewsWire.Net, November 30, 2018 ) Key Market Trends and Driving Factors :
Stringent regulations and standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the medical devices and pharmaceutical industries, and rising number of packaging related product recalls are the major factors driving the growth of the market. However, the high cost associated with serialization and aggregation may hinder the growth of this market. Furthermore, the lack of common standards for serialization and aggregation is a major challenge for the growth of the market.
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In this report, the Track and Trace Solutions Market is segmented by type, technology, application, end user, and region. By application, the market is majorly segmented into serialization, aggregation, and tracking, tracing, & reporting. The serialization solutions segment accounted for the largest share of the track and trace solutions market in 2017. Stringent regulation for the implementation of serialization solutions in packaging and supply chain applications is a key driver for market growth in this segment.
Based on technology, the Track and Trace Solutions Market is segmented into linear/1D barcodes, 2D barcodes, and radiofrequency identification (RFID). The RFID segment will be the fastest-growing segment during the forecast period. The high growth of this segment can primarily be attributed to the growing demand for these systems in automated pharmaceutical distribution, point-of-care solutions, and electronic medical records. However, security and privacy concerns, a large amount of initial installation cost, and lack of skilled professionals may restrain the growth of this market to a certain extent.
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On the basis of end user, the track and trace solutions market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, cosmetic industry, and other end users (blood banks and clinical & research laboratories). In 2017, the pharmaceutical & biopharmaceutical companies segment accounted for the largest share of the market. Factors such as increasing pharmaceutical spending, growing pharmaceutical & biopharmaceutical industries, and rising number of counterfeit drugs across the globe are the key market drivers for this segment.
Geographically, North America represented the largest regional market in 2017, followed by Europe. Although, North America will continue to dominate the track and trace solutions market during the forecast period, the Asia Pacific (APAC) region is expected to be the fastest-growing market in the coming years. Growth in this region is driven by the growing geriatric population with increasing lifestyle diseases which in turn increase the demand for pharmaceuticals and medical devices, rising pharmaceutical and medical device expenditure in this region, and increasing need of secure packaging & supply chain efficiency. Moreover, the stringent regulation for the implementation of serialization is also supporting the growth of this market in Asia Pacific.
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“Major players in this market are continuously focusing on securing high market shares through product launches, expansions, agreements, partnerships, collaborations, and acquisitions”. The prominent players in the track and trace solutions market are Optel Vision (Canada), METTLER-TOLEDO (US), Systech (US), TraceLink (US), Antares Vision (Italy), Xyntek (US), Axway (US), Adents International (France), Sea Vision (Italy), Siemens (Germany), Zebra Technologies (US), ACG Worldwide (India), and Körber Medipak Systems (Switzerland)
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