Track and Trace Solutions Market
Global Track and Trace Solutions is estimated to value over USD 4.5 trillion by 2029 and has a CAGR of over 14% during the period 2019 to 2029.u00a0 Track and trace solutions are implemented for monitoring and supply chains by major biopharmaceutical and pharmaceutical companies. Drug counterfeiting ranges from relatively harmless to misleading medication. But using track and trace solutions, this obstacle can be eliminated to a very large extent. The application segment is bifurcated in aggregation, tracking, tracing & reporting and serialization. Aggregation segment is further categorized into pallet aggregation, aggregation and box aggregation segment.u00a0 Technology-wise, the market is categorized into radiofrequency identification (RFID), 2D barcodes and linear barcodes. Depending on the user, the market is bifurcated in the food and beverage industry, medical device companies, cosmetic industry, pharmaceutical & biopharmaceutical companies and other end-users. Serialization segment dominates the market owing to a high-priority implementation of serialization by regulatory bodies. This is a major step to satisfy new ePedigree regulations that are necessary for product traceability during the supply chain process. Additionally, manufacturers prioritize patient safety and brand protection which can support the market segment increase. North America subjugates the global track and trace solutions market owing to a large-scale presence of highly regulated aggregation and serialization standards coupled with an advanced healthcare infrastructure. FDA Recommends Self-Regulating Identification Technologies Like RFID And Barcoding To Major Healthcare And Pharmaceutical Companies Which Increases The Market Proliferation Of The Region.u00a0 Understanding markets and consumer mindsets is what differentiates great companies from good ones. Every index for industry leadership lists companies that strategize based on the right current and forecast data. At FutureWise, we provide the latest and most relevant information to organizations, using the latest market research methodologies.u00a0 We specialize in high-growth niche markets, assuring flexibility, agility and customized solutions for our clients. Through in-depth market insights and consultancy , we present our customers with the tools they need to be at the forefront of their industry - a position for the future. Rapid growth of the retail sector, the growth of customers and rapid growth of e-commerce have boosted the growth of this industry. Rising initiatives of manufacturers to reduce the ecological footprint of recycling and the concept of green packaging / sustainable packaging. At FutureWise, we are looking for a better understanding of Packaging Materials, Packaging Equipment, Labels and Tags, and Sustainable Packaging. To strengthen your business position, and stay ahead of the competition- consult with our packaging and labeling industry research experts .
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