The global track & trace solutions market is evaluated to register a CAGR of 12.10% during the forecast period, 2019-2028.
Development in medical equipment and pharmaceutical industries, surge in the number of product recalls, and the increasing number of counterfeit drugs are the major factors augmenting the global market growth.
The market analyzed includes the products and software that help in tracking and tracing products in the supply chain to ensure reliable and effective transportation of the product from the manufacturer to the end-user.
The market helps to avoid counterfeiting of products and helps increase customer loyalty and company image.
The medical devices market is growing with a rise in the number of chronic diseases, and an aging global population.
Traceability plays a significant role in the supervision and improvement of the quality of medical devices.
From medical device manufacturers to the end-users, it is critical to know if a medical device is defective, the components and the manufacturers, and how and when it was handled and stored.
More than half of the industry professionals believe that the cost of implementing sterilization is the biggest obstacle to compliance.
Software solutions captured the largest revenue share in 2019, and is also the fastest-growing product during the forecast period.
The global track & trace solutions market is regionally analyzed on the basis of market progress in the region of North America, Europe, Asia Pacific, and the Rest of the World.
The North America track & trace solutions market is predicted to account for the largest revenue share as of 2019, due to the presence of advanced healthcare infrastructure, and highly regulated serialization & aggregation standards.
Market rivalry is expected to be high during the forecast period. The market is dominated by renowned market participants accounting for the majority of the revenue, including Mettler-Toledo International Inc, Adents, Antares Vision SpA, Siemens AG, among others.
For more information, visit www.reportlinker.com