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Track and Trace Solutions in Healthcare Market Size
- Report ID: GMI11939
- Published Date: Oct 2024
- Report Format: PDF
Track and Trace Solutions in Healthcare Market Size
The global track and trace solutions in healthcare market size was valued at USD 4.7 billion in 2023 and is expected to exhibit growth at a CAGR of 14.1% from 2024 to 2032. High market growth can be attributed to the increasing production of pharmaceutical products, growing emphasis on supply chain optimization, and technological advancements in terms of software solutions.
Moreover, increasing regulatory mandates in pharmaceutical, biotechnology, and medical devices industries are prominently responsible to drive the adoption of track and trace solutions. Regulations like the Drug Supply Chain Security Act (DSCSA) in the U.S. and the Falsified Medicines Directive (FMD) in the EU require strict serialization and traceability, compelling companies to invest in robust track and trace technologies. In September 2023, the FDA announced the introduction of guidelines for superior tracing of products in supply chain activities.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Track and Trace Solutions in Healthcare Market Size in 2023: | USD 4.7 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 4.1% |
| 2032 Value Projection: | USD 15.4 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 140 |
| Tables, Charts & Figures: | 275 |
| Segments covered: | Component, Application, Technology, End Use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Furthermore, track and trace solutions provide real-time visibility into the supply chain, facilitating efficient inventory management, reducing stockouts, and improving overall operational efficiency. This enhanced visibility helps companies streamline logistics, minimize costs, and respond more effectively to market demands. In November 2022, Imperial Brands entered strategic partnership with Honeywell with an aim to enhance its supply chain solution by incorporating Honeywell’s track and trace module.
Track and trace solutions in healthcare including pharmaceutical and medical devices industry refer to technologies and systems designed to monitor and trace the journey of products throughout the supply chain, from manufacturing to distribution and ultimately to the end-user. These solutions employ various technologies such as barcode labeling, RFID (Radio Frequency Identification), serialization, and data management software to ensure product authenticity, integrity, and compliance with regulatory requirements. The solutions play major role in pharmaceutical logistics.
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Track and Trace Solutions in Healthcare Market Scope
