The healthcare industry is making a huge effort to ensure the integrity of their products. The healthcare products, like pharmaceutical drugs and medical devices, are transported through various distribution channels and then finally reach patients. The major problem encountered by healthcare industry is product counterfeiting and theft. The product theft and counterfeiting is on the rise globally, primarily in developing and underdeveloped countries. Thus, preventing counterfeiting and stealing of products has become a major industry focus. The companies are adopting various technologies such as 3D holograms, tamper-proof packaging, linear barcodes, 2D barcodes, and RFID for security of their products.
Track and Trace Solutions Market Segmentation
The track and trace system incorporates various technologies including 2D barcodes, linear barcodes, and RFID for the control of distribution channel. These technologies ensure the distinctiveness of serial numbers at the case, pallet, and/or unit level. Track and trace system allocates serial numbers to manufacturing facilities/plants and generates an initialization event. This simplifies the procedure by creating a central database, which contains all serial numbers and search ability with key status information as valid, invalid, or unknown.
The data gathered by track and trace system can be used to increase sales and effectiveness in the distribution processes. The packaging, product outlets, and distribution channel are being monitored and analyzed by companies to improve their businesses. Track and trace helps the companies create more efficient sales outlets, competent distribution channel, and more efficient production & repackaging processes. Thus, track and trace solutions is gaining popularity in healthcare industry and is expected to boost the market growth.
The government and regulatory bodies are taking several initiatives to deploy track and trace solutions in healthcare industry to secure the supply chain. As such, there are no standard regulations at the global level fort rack and trace, but regulatory bodies of several countries such as the U.S. and China have set some standards for their respective countries. These regulations protect the brand equity and patients from hazardous counterfeit drugs. Also, it helps pharmaceuticals, life sciences, and other healthcare companies avoid revenue loss and product recalls.
Some of the key players in the track and trace market are Axway; Mettler-Toledo International, Inc.; Optel Vision; TraceLink, Inc.; Adents International; Antares Vision srl; Siemens AG; Seidenader Maschinenbau GmbH; ACG Worldwide; and Systech, Inc. Several leading vendors in the market have under taken strategic acquisitions, collaborations and partnerships to maximize their market share and to expand their geographical presence. The players are majorly focusing on inorganic growth strategies such as strategic partnerships with their customers and are collaborating with other vendors in the sector. Another key strategy adopted by the players are mergers and acquisitions. For instance, in June 2016, Recipharm, the contract development and manufacturing organization, announced global partnership with SEA Vision, Marchesini, and TraceLink to introduce new serialization capabilities.
In-depth report on global track and trace solutions market by Grand View Research: