The Asia Pacific Track and Trace Solutions Market would witness market growth of 11.9% CAGR during the forecast period (2022-2028).
Track and trace solution for pharmaceuticals does precisely what its name implies. It follows a drug, a vaccine, a medical device, or anything in any configuration as it moves forward across the supply chain and follows back to reveal where it has been throughout the supply chain, all the way to the components or elements that were used to manufacture it. Tracking allows businesses to monitor the whereabouts of every item in their supply chain.
It optimizes operating efficiency and speed, protects against theft and diversion, ensures the safety and environmental stability of the products, and prevents counterfeit, contaminated, or expired drugs from entering the supply chain. Traceability also allows users to track the path of any item in the supply chain. Its numerous benefits include speedy and effective product returns, current recall management capabilities, brand protection, and consumer confidence development.
The availability of cutting-edge technologies for T&T operations is one of the most important factors driving market expansion. As an example, barcode technology is commonly employed as a T&T solution due to its numerous advantages, such as increased stock visibility, reduced cost disparities, and enhanced safety and compliance. Furthermore, radio-frequency identification is gaining favor as a T&T solution since it uses transmitter-receiver devices for contact-free identification and uses radio waves to locate objects and living things.
It is anticipated that the value of the Indian logistics market will increase considerably in the coming years owing to the widespread urbanization across the region. The Commerce and Industry Ministry's National Logistics Policy will increase India's trade competitiveness, generate more jobs, improve India's performance in global rankings, and pave the path for India to become a logistics powerhouse. The expansion of the transportation and logistics industry in the region would offer various lucrative prospects to market players operating in the track and trace solutions industry. This factor would boost the growth of the regional track and trace solutions market.
The China market dominated the Asia Pacific Track and Trace Solutions Market by Country in 2021; thereby, achieving a market value of $715.3 million by 2028. The Japan market is registering a CAGR of 11.3% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 12.6% during (2022 - 2028).
Based on Product, the market is segmented into Software Solutions, Hardware Components and Standalone Platforms. Based on End User, the market is segmented into Pharmaceutical & Biopharmaceutical Companies, Medical Device Industry, Food Industry, Cosmetic Industry and Others. Based on Application, the market is segmented into Serialization Solutions, Aggregation Solutions and Tracking, Tracing & Reporting Solutions. Based on Technology, the market is segmented into 2D Barcodes, Linear Barcodes and Radiofrequency Identification (RFID). Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Track and Trace Solutions Market is Projected to reach USD 9.1 Billion by 2028, at a CAGR of 11.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAP SE, Syntegon Technology GmbH, Siemens AG, Videojet Technologies, Inc. (Danaher Corporation), Zebra Technologies Corporation, Mettler-Toledo International, Inc., Systech International, Inc. (Dover Corporation), Optel Group and TraceLink, Inc.
By Product
By End User
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By Technology
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