The Latin America, Middle East and Africa Track and Trace Solutions Market would witness market growth of 14.4% CAGR during the forecast period (2022-2028).
With the rapid development of technology and the constant change of needs, pharmaceutical track and trace systems have become much more important in the pharmaceutical industry. There are many benefits of using drug track and trace systems that protect human health and prevent counterfeit drugs from entering the supply chain. One of the most important benefits of the pharmaceutical track and trace system is that it increases efficiency in production sales channels and reduces theft and fraud rates.
Government authorities in a number of nations are offering legislative support to businesses combating counterfeiting, thereby bolstering the expansion of the market. The expanding pharmaceutical and biotechnology industries, as well as the growing need for aggregating systems as well as automated serialization within the healthcare industry, are anticipated to be additional factors driving the market growth.
According to Invest SA, South Africa is the largest cosmetics and personal care market in Africa. In 2018, the industry generated nearly $3.2 billion in revenue. In the coming years, household expenditure on personal care items is anticipated to rise by 25%. In 2018, cosmetics manufacturing contributed approximately 1% to South Africa's manufacturing output. The country's personal care market is dominated by large multinational corporations, which account for 90% of sales. Owing to the significant cosmetic industry of the country, the demand for track and trace solutions is estimated to boom in the coming years. This factor would stimulate the growth of the regional track and trace solutions market.
The Brazil market dominated the LAMEA Track and Trace Solutions Market by Country in 2021; thereby, achieving a market value of $158.3 million by 2028. The Argentina market is showcasing a CAGR of 15% during (2022 - 2028). Additionally, The UAE market would register a CAGR of 14.1% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Track and Trace Solutions Market is Predict to reach $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.
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