Track and Trace Solutions Market Size And Forecast

Track and Trace Solutions Market size was valued at USD 3.2 Billion in 2021 and is projected to reach USD 8.1 Billion by 2030, growing at a CAGR of 16.90% from 2022 to 2030.

The growth of the Global Track and Trace Solutions Market is being driven by stringent regulations for the implementation of serialization. Also, the rapid growth of the medical device industry is one of the major factors that are positively influencing the growth of the Global Track and Trace Solutions Market. The Global Track and Trace Solutions Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Track and Trace Solutions Market Definition

The track and trace solutions deal with the logistics and distribution of a wide range of products that facilitates to locate of the present and previous location of the object of interest. The track and trace solutions employ radio frequency identification (RFID) and barcodes to track the delivery of the product. The increase in product recall has led to the development of hardware, software, and consulting systems by track and trace solution manufacturers. Depending upon different end-user industries, different types of solutions are employed by the companies. The major technologies used to track the delivery of the products include radio-frequency identification (RFID) and barcodes.

These software solutions are used for the continuous management of manufacturing facilities, product lines, case, and bundle tracking, warehousing, and shipping. Companies developing this software are investing in R&D for better product development. There are numerous small and large vendors offering a plethora of tracking and trace solutions, resulting in intense competition. Track-and-trace solutions can help you identify any weak links in your supply chain, authenticate individual products and their components, track conditions to help prevent product damage, diversion or waste, and even take control of your product’s carbon footprint.

Global Track and Trace Solutions Market Overview

Drug counterfeiting is a major problem faced by pharmaceutical as well as biopharmaceutical companies. The market is anticipated to be fueled by the increasing deployment of the track as well as trace solutions by pharmaceutical and medical device companies. It is found that the influx of substandard and counterfeit medications is more prevalent in low to middle-income countries such as India as well as Africa. According to the United States Trade Representative (USTR) report in 2019, around 22% of all sold drugs in India were counterfeit. In July 2019, the Therapeutic Goods Administration (TGA) imparted new guidelines on product coding to reduce counterfeiting in Australia.

However, the high cost connected with the track as well as trace implementation and lack of unified global standard regulations for serialization and aggregation will hinder the market growth. Moreover, advancements in coding technologies such as laser marking systems, large character marking (LCM), as well as thermal transfer overprinting (TTO) will fuel the market for track and trace hardware systems in the upcoming years.

Global Track and Trace Solutions Market: Segmentation Analysis

The Global Track and Trace Solutions Market is Segmented on the basis of Product, Technology, End-User, and Geography.

Track and Trace Solutions Market, By Product

• Software
• Hardware Components
• Standalone Platforms

Based on Product, the market is bifurcated into Software, Hardware Components, and Standalone Platforms. The software segment dominated the Global Track and Trace Solutions Market owing to the increasing adoption of track and trace solutions by various companies such as healthcare, pharmaceuticals, and medical device companies.

Track and Trace Solutions Market, By Technology

• Barcodes
• Radio Frequency Identification (RFID)

Based on Technology, the market is bifurcated into Barcodes, and Radio Frequency Identification (RFID). The barcodes segment dominated the Global Track and Trace Solutions Market in 2019 owing to its increasing number of applications in pharmaceutical and biopharmaceutical product packaging.

Track and Trace Solutions Market, By End-User

• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
• Cosmetic Industry
• Other End Users

Based on End-User, the market is bifurcated into Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Cosmetic Industry, and Other End Users. The pharmaceutical and biopharmaceutical companies segment dominated the Global Track and Trace Solutions Market owing to an increase in the number of counterfeit drugs.

Track and Trace Solutions Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Track and Trace Solutions Market is classified into North America, Europe, Asia Pacific, and Rest of the world. Asia Pacific is expected to exhibit the fastest growth due to rising pressure to curb the high incidence of counterfeit drugs in developing Asian countries like China and India. China’s track and trace laws and regulations mandated serialization and tracking throughout the supply chain and compulsory compliance reporting to the China Food and Drug Administration (CFDA) for all pharmaceuticals since December 31, 2015. The stringent regulations are expected to boost the market in these countries in the near future. In addition, untapped opportunities in this region are expected to contribute to the growth of the sector.

Key Players

The “Global Track and Trace Solutions Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are SAP, Antares Vision, TraceLink Inc., Systech International Inc., OPTEL Group, Mettler-Toledo International Inc., Xyntek Inc., Adents International, SEA Vision Srl, and Robert Bosch. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• On February 2021, Anatres Vision acquired Adents International. Through this acquisition, the company expanded its portfolio of software solutions as well as cloud services for end-to-end traceability. This development also helped in strengthening the Group’s international presence, especially in France.
• On October 2020, OPTEL Group entered into a partnership with Bureau Veritas. This partnership aimed to launch V-Trade, a complete assured traceability solution for COVID-19 vaccines, in addition to the whole supply chain.

Report Scope

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Reasons to Purchase this Report:

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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