Growing counterfeits and theft in the healthcare merchandise sector throughout the globe is resulting into manufacturers of biopharmaceuticals, pharmaceuticals, cosmetics, and medical gadgets deploying track and trace solutions to protect merchandise and trademark equity. This is the major driver of global track and trace solutions market.
The global Track & Trace Solutions market is anticipated to increase at a 18% CAGR to reach value USD 12.71 billion in 2030
Covid-19 Impact & Market Status
The COVID-19 impact discovered the importance of tracking and tracing to effectively supply chains, and monitor people, and assets within the healthcare enterprise. The COVID-19 outbreak has intensified the danger posed via the global trade in counterfeit pharmaceutical merchandise. In line with the arena health business enterprise (WHO), a growing capacity of fake drug treatments linked to COVID-19 is on sale in growing countries at the side of an upsurge in counterfeit scientific merchandise associated with coronavirus.
Software Segment to Emerge as a Most Lucrative Segment
The global track and trace solution market is classified into software, hardware, and standalone based on the product. Among these, the software product has witnessed increasing adoption. Marketplace increase is essentially driven by the increasing consciousness about comfy packaging, the growing number of counterfeit capsules and related merchandise, and the developing consciousness of brand protection. Further, regulatory compliance is similarly supporting the growth of this marketplace.
Serialization Application to Remain Atop
The global track and trace solution market is classified into reporting, serialization, and aggregation based on the application. Among these, serialization application is expected to gather substantial market share in the global track and trace solution market and remain atop the global track and trace solution market in the forecast years.
Pharmaceutical End Use to Ensure Revenue Maximization
The global track and trace solution market is classified into medical devices, pharmaceuticals, and food based on end-use. Pharmaceutical companies dominated the market by revenue share. Pharmaceutical manufacturers are now in high demand as they must comply with federal and state regulations for track and trace solutions.
North American Region to Render Ample Investment Avenues
North America accounted for the biggest sales percentage. This is primarily due to the existence of highly regulated serialization and aggregation standards and sophisticated healthcare infrastructure.
2D Barcode Technology to Account for Largest Market Size
The global track and trace solutions market is segmented into 2D barcodes and radio frequency identification (RFID) based on technology. The 2D barcode phase accounted for the biggest share of the era marketplace in 2020 at 73.2%. The large proportion of 2D barcodes inside the technology segment may be attributed to the increasing use of second barcodes within the packaging enterprise. It has greater records storage capability than linear barcodes, much less variant in image length, and can store huge quantities of facts.
Owing to the benefits such as a more efficient process, better control over quality confidence, cost reduction, increased customer satisfaction, consumer protection, and improved vendor and supplier accountability, thus fostering remarkable progress in the global track and trace solutions market.
The global track and trace solutions market is anticipated to reach USD 9.3 billion by 2029 at a Compound Annual Growth Rate of 19.1% during the forecast period.
Due to strict legal guidelines and the need to use serialization and development in the pharmaceutical and scientific tool industries, the global market for track and trace solutions is growing rapidly. Recently, the demand for software has skyrocketed due to its growing popularity in the healthcare field.
Organizations can use track and trace solutions to control their delivery chains and reduce the hazard of counterfeit items. They provide transparency, product identity verification offerings, facilitate product motion and help with packaging and logistics control. As a result, track and trace solutions are used for both personal and commercial enterprise functions, saving money on fuel and insurance, supplying customer service, and delivering the latest facts through SMS or e-mail indicators.
To improve the efficiency of the healthcare supply chain, many governments are working to pass specific laws mandating serialization in their tracking systems. Tracking and tracing solutions are needed across the European pharmaceutical supply chain.
Implementation of a track and trace solution at any stage (1-5) takes about 15-18 months and consists of application software programs, hardware, tags, middleware, and barcode/RFID framework integration, legacy structures, preservation offerings, consulting expenses, and personnel training. Moreover, the value of implementing computerized tracking structures which include RFID, which requires extra servers, databases, and middleware, maintains to upward push. The overall cost of implementing an automatic device for monitoring surgical contraptions using RFID may be very excessive compared to standard systems which include barcode-based structures.
Combating counterfeiting and identifying bulky product items requires solutions with automated and invisible capabilities. In recent years, there has been an increasing demand for modularly designed technology to meet business needs. For example, RFID-based tracking technology maintains an electronic family tree that records the transactional information of products in the supply chain.
The major players in the global track and trace solutions market are WIPOTEC-OCS, Laetus GmbH, ACG Worldwide, Axway, Zebra Technologies, Videojet Technologies, JEKSON VISION, Uhlmann Group, Siemens AG, Körber Medipak Systems AG, Syntegon, SEA Vision Srl, Xyntek, SAP, Antares Vision, TraceLink, Systech International, Mettler-Toledo International, and OPTEL GROUP.
Providers are increasingly making strategic partnerships with prominent firms and working with other players in the industry. The Optel Group acquired the tracking division of the Korber Pharma division, also known as Taxeed. Based in Germany, the company has helped Optel leverage Taxeed's expertise in pesticide and pharmaceutical tracking technology.
Latest Innovations in the Global Track and Trace Solutions Market: a Snapshot
- In October 2020, TraceLink launched Serialized Product Intelligence. The product uses serialization records to provide actionable insights enabling operative excellence.
Track and Trace Solutions Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 12.71 billion|
|Growth Rate||CAGR of 18 % during 2022-2030|
|Segment Covered||By Product, By Application, By Technology, By End Use, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||OPTEL GROUP (Canada), Mettler-Toledo (U.S), Systech International (U.S), TraceLink Inc. (U.S), Antares Vision S.p.A (Italy), SAP (Germany), Xyntek Incorporated (U.S), SEA Vision (Italy), Syntegon (Germany), Körber AG (Switzerland), Siemens (Germany), Uhlmann Group Holding GmbH & Co. KG (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (U.S), Zebra Technologies Corporation (U.S), Axway (U.S), ACG (India), Laetus GmbH (Germany), WIPOTEC-OCS (Germany)|
Key Segment Of The Track and Trace Solutions Market
By Technology, 2022-2030 (USD Million)
By Product, 2022-2030 (USD Million)
o Hardware Systems
• Monitoring & Verification Solutions
• Printing & Marking Solutions
• Labeling Solutions
o Software Solutions
• Bundle Tracking Software
• Plant Manager Software
• Line Controller Software
By Application, 2022-2030 (USD Million)
o Aggregation Solutions
• Bundle Aggregation
• Case Aggregation
• Pallet Aggregation
o Serialization Solutions
• Carton Serialization
• Label Serialization
• Bottle Serialization
• Data Matrix Serialization
End-User, 2022-2030 (USD Million)
• Medical device Companies
• Pharmaceutical Companies
• Food and Beverage
• Consumer Packaged Goods
• Luxury Goods
Regional Overview, 2022-2030 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
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