Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Track and Trace Solutions - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Track and Trace Solutions Market size is estimated at USD 3.09 billion in 2024, and is expected to reach USD 4.82 billion by 2029, growing at a CAGR of 9.31% during the forecast period (2024-2029).
With the development in the COVID-19 vaccine and the various treatment and diagnostic devices and instruments to curb the pandemic, the risk of counterfeit drugs and diagnostic devices increased globally, which impacted the pharmacy automation market. For example, in March and April 2020, Homeland Security in the United States also notified 19,000 suspects of COVID-19-related domain names. As a result, it seized over USD 3.2 million linked to 494 shipments of mislabeled, fraudulent, unauthorized, or prohibited COVID-19 test kits, treatment kits, homeopathic remedies, purported antiviral products, and PPE kits, which further led to 11 arrests. Such instances are expected to drive the adoption of track and trace solutions.
The major factors propelling the growth of the track and trace solutions market include the growth of the medical devices and pharmaceutical industries, an increase in implementation of serialization, a rise in the number of packaging-related product recalls, and an increasing number of counterfeit drugs.
Drug counterfeiting is one of the significant problems in large pharmaceutical and biopharmaceutical companies. As per the article published by the World Health Organization in 2019, about 1 out of 10 medical products that circulate in low- and middle-income countries are found to be substandard or falsified. This factor, consequently, is driving the adoption of track and trace solutions among drug manufacturers and other end users. Furthermore, in December 2020, Janssen Pharmaceutical, a subsidiary of Johnson & Johnson, notified that counterfeit SYMTUZA (darunavir/cobicistat/emtricitabine/tenofovir alafenamide) had been distributed to over three pharmacies in the United States. Janssen is currently working closely with the US Food and Drug Administration (FDA) to prevent further distribution and support the agency's investigation into the reported instances. Hence, these factors are expected to fuel market growth.
However, factors such as high costs associated with serialization and aggregation and lack of common standards for serialization and aggregation may hinder the market growth.
RFID Technology is Expected to Observe Growth in the Track and Trace Solutions Market
The outbreak of COVID-19 has accelerated digitization, and thereby, the usage of RFID technology in the healthcare sector increased in 2020. These technologies are being used in tracking and authenticating vaccines, diagnostic kits, and other devices. For instance, in June 2020, the United States Department of Health and Human Services, Department of Defense, and ApiJect Systems America signed a partnership for projects, like "Project Jumpstart" and "RAPID USA," for expanding syringe production. Hence, this is expected to support the market growth in this segment due to the COVID-19 situation.
The radio-frequency identification (RFID) technology also plays a stellar role in inventory management and supply-chain operations, improving security and product handling. It also reduces the labor and time required for product handling in the supply chain. In addition, it has a huge role in tracking and tracing prescription drugs and reducing billions in costs in the medical and healthcare industry.
As a result, companies are now adopting RFID technology in the production and packaging process. For example, in September 2020, Fresenius Kabi incorporated RFID-tag-equipped labels on medications, such as prefilled syringes and vials, which are commonly used in operating rooms to enhance inventory management workflow. The benefits of using modern and advanced RFID have increased its adoption and acceptance in the healthcare sector, which is critical for boosting the growth of the RFID segment.
A selection of companies mentioned in this report includes
- ACG
- Adents
- ANTARES VISION SpA
- Axway
- Mettler-Toledo International Inc.
- Rfxcel Corporation
- Optel Group
- SEIDENADER MASCHINENBAU GMBH (MEDIPAK SYSTEMS)
- Sea Vision SRL
- TraceLink Inc.
- Syntegon Technology GmbH
- Zetes
- Kezzler AS
- Korber Medipak Systems GmbH
For more information about this report visit https://www.researchandmarkets.com/r/sevnj4
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