Brand protection technologies such as anti-theft and authentication intend to protect individual items rather than safeguard the entire supply chain. Hence, it is required to bring advanced technology into the system to avoid the introduction of fake products at any stage in the supply chain. To combat counterfeiting and identify massive product items, a solution with automatic and non-line-of-sight capabilities is required. Preventing brand value has become a major focus for building the business and maintaining product reliability. Thus, the increasing focus of pharmaceuticals and medical devices manufacturers on brand protection is expected to drive the track and trace solutions market growth.
Government bodies and companies in the healthcare sector are working to approve specific laws to implement serialization in track and trace systems to ensure supply chain efficiency. Many countries such as Europe are making it mandatory to implement track and trace solutions throughout the supply chain of pharmaceutical products. Serialization is the major step in ensuring compliance with new ePedigree regulations required for product traceability during the supply chain. These are the factors boosting the market growth during the forecast period.
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COVID-19 is a viral infection that has been declared a global pandemic. The virus has highlighted the importance of product tracking and tracing, resulting in a supply chain that helps minimize costs for pharmaceutical companies and reduces the cases of counterfeiting, black-marketing, and stockpiling of all types of masks, gloves, thermometers, and disinfectants.
Also, an increase in pharmaceutical development, manufacturing, and packaging is expected to drive the adoption of track and trace solutions during this period. Furthermore, players operating in the medical devices market are altering their long-term and short-term growth strategies by tapping the critical care devices market and developing innovative products to combat the pandemic.
On the other hand, although the impact of COVID-19 on the track and trace solutions market is lower than on other medical devices, the timely development and implementation of contingency plans are essential for business operations. Depending on the impact on economic conditions, there will most likely be threats to vulnerable business models and growing opportunities for development.
However, the effects of the covid-19 lockdown and restrictions are short-term. Manufacturers may begin diversifying raw material sourcing or investing in spreading production across different markets rather than in concentrated geographic areas, such as China and India. Another longer-term effect is likely to be the reindustrialization of pharmaceuticals production in Europe and the US to reduce dependency on drug imports. This will lead to an increase in the demand for track and trace solutions in these countries.
North America and Asia-Pacific are the top two dominant markets for the global track and trace solutions market. With highly regulated serialization & aggregation standards and the availability of advanced technology and healthcare infrastructure, North America is dominating the global market with a revenue share valued at USD 959.9 Million in 2020, and the market is expected to grow at a CAGR of 18.0% during the forecast period. It accounted for 38.0% of the global track and trace solutions market.
Asia-Pacific is the fastest-growing market for track and trace solutions, valued at USD 394.7 Million in 2020. The market is expected to grow at a CAGR of 21.3% during the forecast period. The need for track and trace solutions that protect against product counterfeiting is high in developing countries of Asia due to the high incidence rate of drug counterfeiting. These factors are boosting the track and trace solutions market in Asia-Pacific.
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods