Track and Trace Solutions Market worth 2.81 Billion USD by 2021
The report " Track and Trace Solutions Market by Type ( Barcode Scanner , Plant Manager , Labeling , Monitoring & Verification ), Technology ( 1D & 2D Barcode , RFID ), Application ( Serialization , Aggregation ), End User ( Pharmaceutical , Cosmetics ) - Global Forecast to 2021 ", The Global Healthcare Track and Trace Solutions Market is projected to reach USD 2.81 Billion by 2021 , at a CAGR of 17.3 % from 2016 to 2021 .
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The increasing focus of manufacturers on brand protection , growth in the number of packaging-related product recalls , and the need to ensure regulatory compliance are the key factors driving market growth . However , the high cost associated with the installation of serialization and aggregation solutions is restraining the growth of this market .
In this report , the market is majorly segmented by product type , technology , application , end user , and region . Based on technology , the market is segmented into 2D barcodes , radiofrequency identification ( RFID ), and linear barcodes . The 2D barcodes segment accounted for largest share of the healthcare track and trace solutions market . This is attributed to the increased use of 2D barcodes in packaging , as they have higher data storage capacities than linear barcodes . The RFID segment is estimated to register the highest growth primarily due to the growing demand for these systems in automated pharmaceutical distribution and electronic medical records .
In 2015 , North America accounted for the largest share of the healthcare track and trace solutions market , followed by Europe . Technological advancements in the packaging industry , increasing brand awareness and growing awareness on anti-counterfeit packaging technologies among manufacturers in the region are driving market growth in North America . The Asia-Pacific region is expected to witness the highest growth in this market majorly due to improving healthcare infrastructure and mandatory regulations for the implementation of serialization . In addition , manufacturers are increasingly focusing on strengthening their presence in emerging APAC countries .
The global healthcare track and trace solutions market is consolidated in nature , with the top five companies accounting for the largest market share in 2015 . Some key players in this market are Axway Inc . ( U . S .), Adents International ( France ), Optel Vision ( Canada ), Mettler-Toledo International Inc . ( U . S .), Systech Inc . ( U . S .), TraceLink Inc . ( U . S .), Antares Vision ( Italy ), Xyntek Inc . ( U . S .), Sea Vision Srl ( Italy ), Siemens AG ( Germany ), Seidenader Maschinenbau GmbH ( Germany ), and ACG Worldwide ( India ). These leading players have primarily focused on new product launches , agreements , collaboration , partnerships , and expansion for growth in the market .