The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
In the recent years, the demand for track and trace solutions has been witnessed a significant growth in healthcare sector. Track and trace solutions are involved with the logistics and distribution of extensive range of products, which allows to locate the present and previous location of the object of interest. The major technologies utilized to pursue the delivery of the products consist of barcodes and radio-frequency identification (RFID).
Recently, there is a rise in the product recall, that resulted into development of hardware, software and consulting systems by the producers of track and trace systems. These products provide an extensive range of solutions for tracking products catering to varied industries. Increasing number of product recalls and counterfeit drugs, stringent regulations & standards for the implementation of serialization and rise in production of medical devices worldwide are the few factors responsible for high CAGR of the market over the forecast period.
For instance, in June 2017, the FDA established product identifier requirements under the Drug Supply Chain Security Act (DSCSA) Compliance Policy. In this policy, the FDA defines that drugs to be sold in the United States must have item-level serialization and printed on unit-of-sale prescription drugs.
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The DSCSA also require a “standardized numerical identifier” to exclusively categorize packages or homogenous cases that are organized by the National Drug Code (NDC). This, in turn, is expected to accelerate the demand for Track and Trace Solutions for tracking drugs to avoid product recalls, thus contributing to the growth of the global market. However, high costs of serialization and aggregation, along with the lack of common standards for serialization and aggregation are the few factors expected to hamper the growth of the market over the forecast period of 2020-2026.
The regional analysis of global Track and Trace Solutions market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing number of counterfeit drugs, along with the presence of stringent policies for serialization and aggregation in the region.
Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026, due to the implementation of regulations & norms to improve the reliability and quality of pharmaceutical drugs in the countries like China and India.
Major market player included in this report are:
Adents High Tech International SAS
SEA Vision s.r.l
Systech Group Limited
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Tracking, Tracing, & Reporting
Radiofrequency Identification (RFID)
Pharmaceutical & Biopharmaceutical Companies
Medical Device Companies
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Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Track and Trace Solutions Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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