[FURL=https://www.industryarc.com/Report/16759/track-and-trace-solutions-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Track and Trace Solutions Market[/FURL] Track and Trace Solutions Market size is estimated to reach $5.7 billion by 2026, growing at a CAGR of 17.6% during the forecast period 2021-2026. Track and trace solutions permit brands to record the rare journey of a single product through every step of the supply chain. Brands can dedicatedly utilize real data and observations to solve concerns connected to product sustainability, production effectiveness, regulatory compliance, and hazard. Serialization is a procedure that suppliers utilize to recognize products at different pack levels. The procedure includes assigning a unique identifier to every parcel at the level needed by the individual, company, or organization acquiring it. (For example a wholesaler, hospital, or patient). Products scarcely ship only with pack-level serialization.Key Takeaways
Geographically, North America Track and Trace Solutions Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the growing count of fraudulent medications accessible in the market requiring track and trace solutions involving serialization and aggregation in the North American region.
Track and Trace Solutions Market growth is being driven by the development of medical instruments and pharmaceutical industries and a boost in the application of serialization. However, the soaring cost connected to the application of serialization in the supply chain is one of the major factors hampering the growth of the Track and Trace Solutions Market.
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Track and Trace Solutions Market Segment Analysis – By Geography:
The Track and Trace Solutions Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Track and Trace Solutions Market) held the largest share with 35% of the overall market in 2020. The growth of this region is owing to the existence of greatly regulated serialization and aggregation standards and progressive healthcare infrastructure in the region. The U.S. Food and Drug Administration (FDA) has approved automatic identification technologies like barcoding and radio frequency identification (RFID) for Pharmaceuticals and other healthcare establishments.
Track and Trace Solutions Market Drivers
Increased Traceability Is Projected To Drive The Growth Of Track and Trace Solutions Market:
Technological Advancements Are Expected To Boost The Demand Of Track And Trace Solutions:
Track and Trace Solutions Market Landscape:
Key companies of this market include are Axway, Seavision SRL, TraceLink Inc., RFXCEL ANTARES VISION GROUP, Mettler-Toledo International Inc., OPTEL GROUP, Adents International, Siemens AG, Seidenader, ACG Worldwide
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