Pharmaceutical & biopharmaceutical end-user segment acquired the largest market revenue share in the India track and trace solutions market– 6Wresearch
India track and trace solutions market grew considerably in 2017-2020 due to strict regulations & standards such as conforming to GS1 standards set by the government of India for the implementation of serialization. Furthermore, compared to 2018, counterfeiting incidents surged by 24% in 2019. Moreover, following the coronavirus outbreak in February-April 2020, over 150 cases of counterfeiting were documented, mostly involving counterfeit PPE kits, sanitizers, and masks. The need for track and trace solutions in the country increased in the previous period due to an increase in counterfeiting medications and related products, greater awareness of brand protection, and stringent government regulations for implementing serialisation and aggregation solutions.
According to 6Wresearch, India Track And Trace Solutions Market size is projected to grow at a CAGR of 10.5% during 2021-2027. Manufacturers' growing concerns about packaging-related product recall, their increasing attention on brand protection, significant growth in the generic and OTC markets, and expansion in the medical device industry are projected to propel the track & trace solutions market in the upcoming years. Additionally, government regulations such as the replacement of the DAVA portal with the iVEDA portal to improve serialisation uploading procedures and the requirement that all medical devices sold in India include a unique device identification (UDI) starting in January 2022 would provide opportunities for track and trace solutions deployment in the country in the forecast period.
According to Bhawna Singh, Research Analyst, 6Wresearch, “By end-user, pharmaceuticals & biopharmaceutical segment accounted for maximum revenue size in 2020 and the same trend is expected to follow in the upcoming years as well on the back of increased efforts of manufacturers to assure transparency and create consumer confidence.”
“In the coming years, the need for track and trace solutions would be fueled by increasing pressure on pharmaceutical companies to embrace serialisation and rising demand for standalone platforms to shorten the serialisation installation timeframe.”, Bhawna further added.
Some of the major companies in India track and trace solutions market include Optel Group, ACG Group, Antares Vision S.r.l., Kevision Systems, Mettler-Toledo International Inc., Jekson Vision Private Limited, and Tracelink India Private Limited.
“India track and trace solutions market (2021-2027)” report provides an in-depth analysis with 26 figures and 11 tables, covered in 95 pages. The report estimates and forecast the overall India track and trace solutions market by products, technology, applications, end users, and regions. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
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