Track and trace solution companies assist pharmaceutical and biotechnology companies, contract manufacturing organizations along with contract packaging organizations and their supply chain partners to adapt to market changes and comply with regulations on drug traceability with the integrated serialization solutions.
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According to a new report published by Allied Market Research, titled, โTrack and Trace Solutions Market, by Product Type, Technology, Application, and End User: Opportunity Analysis and Industry Forecast, 2020โ2027,โ the global track and trace solutions market was valued at $2.0 billion in 2019, and is projected to reach $6.1 billion by 2027, registering a CAGR of 14.6% from 2020 to 2027.
- List of key players profiled in the report
- METTLER TOLEDO International Inc.
- Axway Software SA
- TraceLink Inc.
- OPTEL GROUP
- Adents International
- Siemens AG
- Seidenader Vision GmbH
- Zebra Technologies Corporation
- Robert Bosch GmbH
- Uhlmann Group
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The global track and trace solutions market is segmented into product type, technology, application, end user, and region. On the basis of product type, the market is bifurcated into hardware systems and software solutions. The hardware systems market is sub-segmented into printing & marking solutions, monitoring & verification solutions, labeling solutions, and others. The software solutions market is further classified into plant manager software, line controller software, bundle tracking software, and others. The hardware systems segment is anticipated to dominate the market during the forecast period. The printing & marking solutions segment fostered the growth of the market among hardware systems in 2019 as this system assists in the production and supply chain to ensure product quality and authenticity.
By technology, the market is classified into barcode and radio-frequency identification (RFID). Barcoding is a common and cost-effective method implemented to facilitate item and case-level tracing, thereby assisting in the dominance of the barcode segment in 2019.
By application, the market is bifurcated into serialization solutions and aggregation solutions. The serialization solutions segment has been further divided into bottle serialization, label serialization, carton serialization, and data matrix serialization.
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Key Findings Of The Study
- On the basis of product type, the hardware systems segment was the highest contributor to the track and trace solutions market in 2019
- On the basis of technology, the RFID segment is anticipated to register the fastest track and trace solutions market growth over the forecast period
- On the basis of application, the serialization solutions segment spearheaded the market among other applications
- On the basis of end user, the pharmaceutical & biotechnology companies segment dominated the track and trace solutions market in 2019, and is expected to continue this trend during forecast period with a CAGR of 15.1%
- On the basis of region, North America accounted for the largest revenue share in 2019; while Asia-Pacific is anticipated to grow at the highest CAGR of 16.2% during the forecast period
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Human Growth Hormone (hGH) Market
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