Fatpos Global has released a report titled “Track and Trace Solutions Market- Analysis of Market Size, Share & Trends for 2014 – 2021 and Forecasts to 2031” which is anticipated to reach USD 12.6 billion by 2031. According to a study by Fatpos Global, the market is anticipated to portray a CAGR of 14.9%  between 2021 and 2031. According to the report, the demand for track and trace solutions has raised due to increasing drug counterfeiting. Furthermore, the demand for track and trace solutions has increased along with the introduction of technologically advanced track and trace solutions. Factors such as the growth of the medical devices and pharmaceutical industries, an increase in the number of packaging-related product recall, a rise in the implementation of serialization, and a rising number of counterfeit drugs are expected to continue pushing sales in the forthcoming years.

The market report on the global Track and Trace Solutions Market includes in-depth insights as:

• The market's estimated value was USD 3.2 billion in the year 2021.
• Global Track and Trace Solutions Market in North America held the largest market share in the year 2020.
• Global Track and Trace Solutions Market are classified based on Technology into Radiofrequency Identification (RFID), 2D Barcodes, Linear Barcodes.
• Based on End User, global Track and Trace Solutions Market is fragmented into Pharmaceutical & Biotechnology Companies and Medical Device Companies
• Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.

“One of the market's primary drivers is Drug counterfeiting. Drug counterfeiting is one of the significant problems faced by wide-ranging pharmaceutical and biopharmaceutical firms. The major factor contributing to the adoption of track and trace solutions is that the medical products distribute in low- and middle-income countries are found to be substandard or falsified. The healthcare companies are adopting track and trace solutions to ensure that brands get their share of brand recognition.”, said a lead analyst at Fatpos Global.

The track and trace solutions provide comprehensive information related to logistics and distribution of a wide range of products that facilitate locating the previous and present location of the product. The track and trace solutions use radio frequency identification (RFID) and barcodes to track the delivery of the specific product. There are many small and large vendors providing an excess of tracking and trace solutions, creating intense competition.

Global Track and Trace Solutions Market is classified based on Technology into Radiofrequency Identification (RFID), 2D Barcodes, Linear Barcode. Among these, the barcodes segment is predicted to grow at an appreciable pace through the forecast period. The 2D barcode is the biggest category of barcode technology and is predicted to remain the same during the review period.

Key Players in the Market

Some of the key players operating in the global Track and Trace Solutions Market are Seavision SRL, TraceLink Inc., RFXCEL ANTARES VISION GROUP, Mettler, Toledo International Inc., OPTEL GROUP, Adents International, Siemens AG, Seidenader, ACG Worldwide, Other Prominent Players.

Get Valuable Insights into Global Track and Trace Solutions Market

In the new report, Fatpos Global thrives to present an unbiased analysis of the global Track and Trace Solutions Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2031. The study includes compelling insights into growth that is witnessed in the market. Global Track and Trace Solutions Market is classified based on Technology into Radiofrequency Identification (RFID), 2D Barcodes, Linear Barcodes. Based on end-user, the global Track and Trace Solutions Market is fragmented into Pharmaceutical & Biotechnology Companies, Medical Device Companies, and Others. Global Track and Trace Solutions Market are classified based on Product Type into Hardware Systems and Software Solutions. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East, and Africa.