Revolutionizing Supply Chains: The Rise of Track and Trace Solutions in 2024
The global market for track and trace solutions was valued at USD 3.5 billion in 2022 and is projected to grow at an impressive compound annual growth rate (CAGR) of 19.3% from 2023 to 2030. This growth can be largely attributed to the increasing rates of counterfeiting and theft of healthcare products on a global scale. Manufacturers in biopharmaceutical, pharmaceutical, cosmetic, and medical device sectors are progressively adopting track and trace solutions to secure their products and protect brand integrity. In addition, favorable regulations that encourage serialization implementation further support the adoption of track and trace technology across the healthcare industry, ensuring a secure supply chain for products susceptible to fraud and misappropriation. The demand for track and trace solutions is expected to increase significantly as more pharmaceutical and medical device companies deploy these systems. Counterfeiting in the pharmaceutical industry is a critical issue...