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Impact of COVID-19 Outbreak on Track and Trace Solutions Market Industry Analysis, Trend and Growth, 2018 to 2028

A recent market study published by Fact.MR discusses the current and future prospects of the Track and Trace Solutions market. Further, the report includes an in-depth COVID-19 pandemic analysis and various factors that are likely to control the growth trajectory of the Track and Trace Solutions market in the upcoming years. In addition, a qualitative and quantitative assessment of the various market segments is enclosed in the report and accurately represented in the form of tables, graphs, and figures.

The report indicates that the Track and Trace Solutions market is expected to register a CAGR growth of ~XX% over the forecast period and reach a value of ~US$XX by the end of 2020. The report elaborates on the micro and macro-economic factors that are projected to influence the growth of the Track and Trace Solutions market in the upcoming months and evaluate the COVID-19 pandemic impact on the market.

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Essential Findings of the Report

  • Factors that are likely to impede the growth of the Track and Trace Solutions market over the forecast period
  • Competition analysis that provides intricate details related to the business prospects of leading market players
  • Impact of the COVID-19 pandemic on the Track and Trace Solutions market
  • Y-o-Y growth of each market segment
  • Pricing strategies of various market players in the Track and Trace Solutions market

Track and Trace Solutions Market Segmentation

By Region

The regional assessment section provides a thorough understanding of the market scenario, growth opportunities, current trends, regulatory framework, restraints and the impact of the COVID-19 pandemic on reach regional market. Regions covered in the report:

By Application

The application analysis offers critical insights related to the consumption volume of the Track and Trace Solutions for different applications. Applications of the Track and Trace Solutions include:

By Product Type

The product adoption patterns of various products segmented in the Track and Trace Solutions market are analyzed in detail in the well-researched market study. The different products include:

competitive landscape of track and trace solutions market include,

  • In April 2019, CIBC Innovation Banking provided Geoforce with flexible US$ 5 million working capital financing. The global provider of field asset tracking solutions Geoforce will use the debt capital to enhance its product delivery and to bring its client growth strategies into effect.
  • In June 2018, Italian pharmaceutical manufacturer and CMO, IBI Lorenzini selected a leading trace and trace solutions provider, TraceLink to comply with worldwide serialization regulations. 

Track and Trace Solutions Market Dynamics

Wide Applications of Bar Code Technology in the Healthcare Industry Promising Robust Growth in Market 

Barcode systems are witnessing significant traction in healthcare industry, as they help in tracking patient data and drug information, enhance medical supplies inventory management, and add barcode labels to blood supplies to distinguish among different samples. Numerous government regulations and growing rate of drug counterfeits are triggering the implementation of barcode technology in the healthcare industry. Other key benefits of using barcodes include improved stock visibility and reduced waste, lesser cost disparities and highly quality of care, improved safety and compliance, and automation of supply-chain tasks. These factors are fueling the demand for barcode technology, which, in turn, is underpinning growth in track and trace solutions market. 

Growing Prevalence of Drug Counterfeiting Fueling Demand for Track and Trace Solutions 

Drug counterfeiting is one of the key problems faced by the large-scale pharmaceutical and biopharmaceutical firms. Consequently healthcare companies are adopting track and trace solutions in supply-chain monitoring to ensure that brands get their share of brand recognition. Counterfeiting has been taking place in a diverse ways, ranging from mislabeling drugs and products with the intent to forge an authentic approved product, to selling medication with active ingredient in inappropriate amount. These counterfeit medicines often contain harmful or extraneous chemicals. As track and trace solutions can eradicate this growing problem to a significant extent, their adoption is increasing across healthcare sector. This increasing adoption by drug manufacturers is further providing an impetus to the growth of track and trace solutions market. 

Developed Economies Dominate Track and Trace Solutions Market 

Developed economics, such as North America is expected to continue its stronghold across track and trace solutions market, on the account of burgeoning number of counterfeit drugs in the region. The FDA issued product identifier requirements under the DSCSA Compliance Policy, in 2017 in order to limit the sales counterfeit drugs. This policy mandated that drugs sold in the US must carry item-level serialization affixed and printed on unit-of-sale prescription drugs, and “standardized numerical identifier” to uniquely identify homogenous packages composed by the NDC. Other factors underpinning growth in North America track and trace solutions market include strong presence of developed healthcare systems across the US and Canada, burgeoning pharmaceutical and biotechnology firms, and a proliferating medical devices market. 

High Cost Remains a Key Challenge Ahead of Stakeholders 

The high cost associated with the implementation of track and trace solutions has been impeding the growth of stakeholders. Furthermore, many pharmaceutical companies have traditional system architectures in pace, which require high degree of system customization for the implementation of track and trace solutions. As such customizations create significant cost increases, many companies refuse to adopt track and trace solutions. 

Track and Trace Solutions Market – Segmentation 

Based on type, the track and trace solutions market is segmented into: 

  • Hardware Systems
    • Printing and Marking
    • Monitoring and Verification
    • Labeling
    • Checkweighers
    • RFID Readers
    • Barcode Scanners 
  • Software Solutions
    • Plant Manager
    • Line Controller
    • Bundle Tracking
    • Warehouse and Shipment Manager
    • Case Tracking
    • Pallet Tracking
    • Enterprise and Network Manager 

Based on technology, the track and trace solutions market is segmented into: 

  • 2D Barcodes
  • RFID
  • Linear Barcodes 

Based on application, the track and trace solutions market is segmented into: 

  • Serialization Solutions
    • Bottle
    • Blister
    • Vials and Ampoules
    • Carton
    • Medical Device Serialization 
  • Aggregation Solutions
    • Case
    • Pallet
    • Bundle 

Based on end user, the track and trace solutions market is segmented into: 

  • Pharmaceutical and Biopharmaceutical Companies
  • Medical Devices Companies
  • Cosmetic Industry
  • Others 

The research report presents a comprehensive assessment of the track and trace solutions market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to track and trace solutions market segments such as geographies, application and industry. 

Track and trace solutions market report covers exhaustive analysis on: 

  • Track and Trace Solutions Market Segments
  • Track and Trace Solutions Market Dynamics
  • Track and Trace Solutions Market Size
  • Track and Trace Solutions Market Supply & Demand
  • Current Trends/Issues/Challenges in Track and Trace Solutions Market
  • Competition & Companies involved in Track and Trace Solutions Market
  • Technology in Track and Trace Solutions Market
  • Value Chain 

Track and trace solutions market regional analysis includes 

  • North America (U.S., Canada) Track and trace solutions market
  • Latin America (Mexico, Brazil, Argentina, Chile, Peru) Track and trace solutions market
  • Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe) Track and trace solutions market
  • CIS and Russia Track and trace solutions market
  • Asia-Pacific (China, India, ASEAN, South Korea) Track and trace solutions market
  • Japan Track and trace solutions market
  • Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel) Track and trace solutions market 

The Track and trace solutions report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with track and trace solutions market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Track and trace solutions market segments and geographies. 

Track and Trace Solutions Market Report Highlights: 

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and Products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

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Important questions pertaining to the Track and Trace Solutions market catered to in the report:

  1. What is the projected revenue generated by some prominent market players in the Track and Trace Solutions market?
  2. What are the prospects of the Track and Trace Solutions market in region 1?
  3. What is the scope for innovation in the Track and Trace Solutions market? How will COVID-19 impact the growth of the market?
  4. How have government policies impacted the dynamics of the Track and Trace Solutions market in various regions?
  5. Which region has the highest concentration of tier 1 companies?

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