Global Track and Trace Solutions Market is Estimated To Witness High Growth Owing To Rising Pharmaceutical Industry Regulations

Global Track and Trace Solutions Market is Estimated To Witness High Growth Owing To Rising Pharmaceutical Industry Regulations

Market Overview:
Track and trace solutions enable serialization, and aggregation of pharmaceutical products at packaging levels. It helps in validating authentic products and identifying counterfeit ones. The solutions ensure product safety and security across distributors and supply chain by providing visibility and traceability of goods.

Market key trends:
One of the major trends driving the market growth is the stringent regulations imposed by regulatory bodies across countries regarding implementation of track and trace solutions. For instance, the U.S. Drug Supply Chain Security Act (DSCSA) mandates serialization and traceability of pharmaceutical products. Similarly, the European Falsified Medicines Directive includes compliance to serialization deadlines. This is boosting adoption of track and trace solutions among pharmaceutical manufacturers and supply chain stakeholders to ensure product authenticity right from production to patient level. The solutions enable scanning of unique identification codes at different points to track product movement and history in supply chain. This enhances supply chain efficiency and security.

Porter’s Analysis

Threat of new entrants: Low capital requirements and online distribution channels have lowered entry barriers. However, established companies have significant brand loyalty and economies of scale.

Bargaining power of buyers: Large buyers have significant influence due to their purchase volumes but track and trace is mandatory for compliance so choice is limited.

Bargaining power of suppliers: A few large innovative suppliers exist but many smaller suppliers provide substitutes. Suppliers have moderate power due to differentiated products.

Threat of new substitutes: Track and trace is mandatory for certain industries so substitution threat is low. However, emerging technologies may disrupt current solutions.

Competitive rivalry: Intense as major players compete on pricing, innovation and integration with other supply chain solutions. Acquisitions are common to expand capabilities.

SWOT Analysis

Strengths: Track And Trace Solutions Market Demand ensures supply chain compliance and visibility. Digitalization offers real-time data exchange and analytics.

Weaknesses: Initial costs and change management requirements. Operational complexities of legacy systems integration.

Opportunities: Expanding regulations andSerialization requirements present growth avenues. Integration within larger digital supply chain initiatives.

Threats: Stricter privacy laws may limit data usage. Lower cost alternatives or disruptive technologies from newcomers.

Key Takeaways

The global track and trace solutions market is expected to witness high growth, exhibiting CAGR of 14.79% over the forecast period, due to increasing regulatory mandates for supply chain transparency and safety. North America dominated the market in 2022 with a share of over 35%, due to stringent regulations and established pharma and biotech industry in the region. Asia Pacific is anticipated to be the fastest growing region due to expanding generic drug manufacturing in India and China along with growing focus on brand protection.

Key players operating in the track and trace solutions market are Tracelink Inc., Adents International, Seidenader Maschinenbau Gmbh., Axway Software Sa, Siemens Ag, Mettler Toledo International Inc., Robert Bosch Gmbh, and Optel Group. Tracelink Inc. and Axway Software Sa hold a significant share due to their early mover advantage and continue investing in enhancing serialization and aggregation solutions. Emerging players are also focusing on multi-client national encoding platforms.

Read More:

https://www.marketwebjournal.com/track-and-trace-solutions-market-growth/