The global track and trace solutions market is expected to witness a CAGR of 18.5%, according to the new report by Grand View Research, Inc. One of the key hindrances faced by large-scale biopharmaceutical and pharmaceutical companies is drug counterfeiting. To enhance brand recognition, companies are promoting market adoption in supply-chain monitoring. Counterfeiting can range from mislabeled medication which can lead to dangerous practices of retailing medication or an excessive amount of active ingredient.
The market is driven by factors such as increasing number of pharmaceutical companies, lack of common serialization standards, and as high costs associated with serialization. Also, increasing issues regarding drug counterfeit and a need for rolling out a structured regulatory framework are anticipated to garner growth. Therefore, several companies are adoption market solutions especially in countries like India, Africa, and other middle-income countries where drug counterfeiting is a key problem faced by the local biopharmaceuticals companies. According to a 2019 report by the United States Trade Representative (USTR), more than 20% of the sold drugs in India were counterfeit. In July 2019, the Therapeutic Goods Administration (TGA) put forth a new regulatory framework on product coding in order to ensure medical integrity in Australia.
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- The inventory management has gained boom during the COVID-19 crisis the market for track & trace solution for coronavirus test kits (CVTK). Virtusa has proposed an innovative IoT-enabled COVID-19 test kit (CVTK) as an inventory management solution. It is an end-to-end solution, which improves the patient outcome with 100% traceability in real-time and drastically reduces the turnaround time for test results. Smart Hub also uses Real Time Location System (RTLS) in their SmartX Healthcare platform to assemble solutions, deploy increased patient throughput, reduces patient wait time, and hospital visits. Similar other asset & people tracking solution in the COVID-19 pandemic is helping to prevent further industry shutdowns and financial disruptions.
Further findings from the report suggest:
- Software solutions dominated the product segment in 2019 owing to the unprecedented need for improved healthcare infrastructure, including biopharmaceuticals, pharmaceuticals, and medical device companies. These software solutions facilitate manufacturing management, product bundle tracking, lines, and case, warehousing, and shipping.
- The North America market has accounted for the largest revenue share and is primarily driven by the presence of highly regulated serialization and aggregation standards, as well as advanced healthcare infrastructure & technology.
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- Mettler-Toledo International, Inc.
- Optel Vision; TraceLink, Inc.
- Adents International
- Antares Vision srl
- Siemens AG
- Seidenader Maschinenbau GmbH
- ACG Worldwide
- Systech, Inc
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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