Track and Trace Solutions Market Research Report: By Product (Hardware, Software), Technology (Linear Barcodes, 2D Barcodes, RFID), Application (Serialization, Aggregation), Industry (Pharmaceuticals and Biopharmaceuticals, Cosmetics, Medical devices, Food and Beverages) - Global Industry Size, Share and Growth Analysis, Forecast to 2030

Track and Trace Solutions Market Overview

The global track and trace solutions market is projected to exhibit a significant growth during the forecast period (2020–2030), owing to its associated advantages, which include better visibility, traceability, optimization of supply chain, enhancing operational efficiency, improving transparency, and stringent standards and regulations for the implementation of serialization. Furthermore, growing focus on protection of brand reputation by eliminating counterfeit sales by product manufacturers and increasing number of packaging-related product recalls are other factors fueling the growth of the market.

The track and trace solutions market on the basis of product is categorized into hardware and software. Between these, the software category held the larger share in the market in 2019. This is majorly due to increasing usage of software by several companies in varied industries, especially healthcare, which includes biopharmaceuticals, pharmaceuticals, and medical device sectors. These track and trace software solutions are used for constant management of product lines, manufacturing facilities, shipping and warehousing, and case and bundle tracking. Such factors lead to the category’s higher share in the market.

The track and trace solutions market in terms of application is bifurcated into serialization solutions and aggregation solutions. Of the two, the serialization solutions category dominated the market during the historical period. Increasing government regulations for mandating the deployment of traceable and unique serial numbers led to the increased revenue generation by this category. The healthcare industry, governments, and federal agencies are taking initiatives to minimize drug counterfeiting and product diversion. In order to achieve this, serialization is becoming one of the essential requirements, therefore, resulting in its larger adoption.

The pharmaceuticals and biopharmaceuticals category among all industries held the largest share in 2019. This is due to rigorous regulations for pharmaceutical packaging companies and growing number of counterfeiting in drugs.

Geographically, North America dominated the track and trace solutions market during the historical period, with largest revenue contribution by the U.S. Owing to increasing cases of drug counterfeiting, and growing number of counterfeit medicines in the market, the Food and Drug Administration (FDA) issued product identifier requirements in 2019, under the Drug Supply Chain Security Act (DSCSA) compliance policy. Under this policy, the drugs sold in the U.S. are mandated to have item-level serialization attached and printed on unit-of-sale treatment drugs. Such factors boosted the usage of track and trace solutions in the region, resulting in largest revenue share.

Track and Trace Solutions Market Dynamics

Drivers

Rigorous standards and regulations for the implementation of serialization are driving the track and trace solutions market, globally. Several countries are mandating the usage of traceable serial number on each product produced, in order to target counterfeiting and other related issues. For instance, according to the European Union (EU) Falsified Medicines Directive 2011/62/EU, from February 2019, it is mandatory for all pharmaceutical manufacturers to deploy unique and traceable serial numbers to each of the company’s manufactured products and packaging units. Also, serializations for the unique traceability of products and mitigating the risk of counterfeit packaging are becoming essential requirements in order to ensure both patient safety and product quality.

Challenges

High cost related with setting up and implementation of the track and trace solutions is a major challenge for the growth of the track and trace solutions market. Several pharmaceutical companies operate on traditional system architectures, which results in requirement of high grade of system customization in order to implement these solutions. Such customizations generate substantial increase in capital cost; hereby, several companies prefer not to adopt track and trace solutions. Also, implementation of these solution increases the complexity of manufacturing operations, induced capital expenditure, and disrupted workflow, which further hamper the growth of the market.

Track and Trace Solutions Market Competitive Landscape

Some of the major players operating in the global track and trace solutions market include Axway Inc., Optel Group, Mettler-Toledo International Inc., Tracelink Inc., ACG Worldwide, Sea Vision S.r.l., Adents High Tech International SAS, Körber AG, Sys-Tech Solutions Inc., Siemens AG, Xyntek Inc., Zebra Technologies Corp., Robert Bosch GmbH, and ANTARES VISION S.p.A.

The report covers country-wise track and trace solutions market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., France, Germany, Spain, China, Japan, India, Australia, South Korea, Brazil, Mexico, South Africa, the U.A.E., Saudi Arabia, and Turkey.

Track and Trace Solutions Market Size Breakdown by Segment

The track and trace solutions market report offer comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Product

• Hardware
  • Printing and marking systems
  • Monitoring and verification systems
  • Barcode scanners
  • Checkweighers
  • Labelers
• Software
  • Plant manager
  • Enterprise and network manager
  • Line controller
  • Case tracker
  • Bundle tracker
  • Warehouse and shipment manager

Based on Technology

• Linear Barcodes
• 2D Barcodes
• Radiofrequency Identification (RFID)

Based on Application

• Serialization
  • Carton serialization
  • Medical device serialization
  • Bottle serialization
  • Vial and ampoule serialization
• Aggregation
  • Pallet aggregation
  • Case aggregation
  • Bundle aggregation

Based on Industry

• Pharmaceuticals and Biopharmaceuticals
• Cosmetics
• Medical devices
• Food and Beverages

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • France
  • Germany
  • Spain
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • South Africa
  • U.A.E.
  • Saudi Arabia
  • Turkey