Evidence that the track-and-trace market will remain vibrant comes in the form of recent MarketInsightsReports projections that its global solutions market will rise at a healthy 16.9% Compound Annual Growth Rate through 2025, reaching a value of $5.15 billion by that year.
Although the report says “high implementation costs” represent the primary market restraint, it lists the following three important market drivers:
• Favorable regulations for technology implementation
• Increasing focus of healthcare product manufacturers on brand protection
• Growth in the number of packaging-related product recalls
The report segments the track-and-trace market by type, including hardware, software, and machinery, including printing, marking, verification, checkweighing, labeling, scanners and readers. The report also analyzes the market by application. For serialization, this includes a view of bottle, label, carton and datamatrix. For aggregation, the focus is on bundle, case and pallet.
By end user, the global track-and-trace report reviews not only pharmaceutical and biopharmaceutical companies, but also medical device and cosmetics applications. Technologies evaluated include 2D barcodes, Radio Frequency Identification and linear barcodes.