New York, United States, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Track and trace solutions allow companies to track an individual product through the supply chain and trace it to its origin. Track and trace (T&T) solutions assist healthcare companies or organizations in effectively managing their supply chain and mitigating the risks associated with counterfeit drugs. It is the process that determines the current and past locations of a drug. It is segmented on the basis of product, technology, application, end-user, and region.
Rising concerns on brand protection due to product counterfeiting and theft of drugs in the pharmaceutical industry impact brand image and product reliability to contribute to market growth. Track and trace solutions enable pharmaceutical companies to track and trace compliance mandates with ease, manage recalls better, and increase the overall efficiency of the manufacturing processes.
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Pharmaceutical Companies Focusing on Brand Protection to Drive Market Growth
Brand protection technologies such as anti-theft and authentication intend to protect individual items rather than safeguard the entire supply chain. Hence, it is required to bring advanced technology into the system to avoid introducing fake products at any stage in the supply chain. To combat counterfeiting and identify massive product items, a solution with automatic and non-line-of-sight capabilities is required. Preventing brand value has become a major focus for building the business and maintaining product reliability. Thus, the increasing focus of pharmaceuticals and medical devices manufacturers on brand protection is expected to drive the track and trace solutions market growth.
Government bodies and companies in the healthcare sector are working to approve specific laws to implement serialization in track and trace systems to ensure supply chain efficiency. Many countries such as Europe are making it mandatory to implement track and trace solutions throughout the supply chain of pharmaceutical products. Serialization is the major step in ensuring compliance with new ePedigree regulations required for product traceability during the supply chain. These are the factors focusing on boosting the market growth during the forecast period.
Report Scope
| Report Metric | Details |
| Market Size | USD 14.3 Billion by 2030 |
| CAGR | 19.30% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technology, Application, End-User, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME, and the Rest of the World |
| Key Companies Profiled/Vendors | Axway, Mettler-Toledo International, Inc., Optel Vision, TraceLink, Inc., Adents International, Antares Vision srl, Siemens AG, Seidenader Maschinenbau GmbH, ACG Worldwide, Systech, Inc., and IBM |
| Key Market Opportunities | Government Regulations and Standards for Implementation of Serialization to Boost Market Growth |
| Key Market Drivers | Increasing Focus of Manufacturers on Brand Protection to Spur Market Growth |
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Impact of COVID-19
COVID-19 is a viral infection that has been declared a global pandemic. The virus has highlighted the importance of product tracking and tracing, resulting in a supply chain that helps minimize costs for pharmaceutical companies and reduces the cases of counterfeiting, black-marketing, and stockpiling of all types of masks, gloves, thermometers, and disinfectants.
Also, an increase in pharmaceutical development, manufacturing, and packaging is expected to drive the adoption of track and trace solutions during this period. Furthermore, players operating in the medical devices market are altering their long-term and short-term growth strategies by tapping the critical care devices market and developing innovative products to combat the pandemic.
On the other hand, although the impact of COVID-19 on the track and trace solutions market is lower than on other medical devices, the timely development and implementation of contingency plans are essential for business operations. Depending on the impact on economic conditions, there will most likely be threats to vulnerable business models and growing opportunities for development.
However, the effects of the covid-19 lockdown and restrictions are short-term. Manufacturers may begin diversifying raw material sourcing or investing in spreading production across different markets rather than in concentrated geographic areas, such as China and India. Another longer-term effect is likely to be the reindustrialization of pharmaceutical production in Europe and the US to reduce dependency on drug imports. This will lead to an increase in the demand for track and trace solutions in these countries.
Regional Analysis
North America and Asia-Pacific are the top two dominant markets for the global track and trace solutions market. With highly regulated serialization & aggregation standards and the availability of advanced technology and healthcare infrastructure, North America is dominating the global market. The need for track and trace solutions that protect against product counterfeiting is high in developing countries of Asia due to the high incidence rate of drug counterfeiting.
Key Insights
- The global track and trace solutions market size is estimated to reach an expected value of USD 14.3 Billion by 2030, growing at a CAGR of 19.30% during the forecast period (2022–2030).
- By product, the software solutions segment accounted for the largest share and is expected to grow at a CAGR of 18.5% during the forecast period.
- By technology, the barcode technology segment accounted for the largest share and is expected to grow at a CAGR of 18.7% during the forecast period.
- By application, the serialization solution segment accounted for the largest revenue share and is expected to grow at a CAGR of 18.7% during the forecast period.
- By end-user, pharmaceutical companies accounted for largest share valued is expected to grow at a CAGR of 19.4% during the forecast period.
- By region, North America and Asia-Pacific regions dominate the global market. North America revenue share valued at USD 959.9 Million in 2020 and the market is expected to grow at a CAGR of 18.0% during the forecast period.
List of Key Players
- Axway
- Optel Vision
- TraceLink Inc.
- Adents International
- Antares Vision srl
- Siemens AG
- Seidenader Maschinenbau GmbH
- ACG Worldwide
- Systech Inc.
- IBM
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Track and Trace Solutions Market: Segmentation
By Product
- Hardware Systems
- Printing & Marking Solutions
- Monitoring & Verification Solutions
- Labelling Solutions
- Others
- Software Solutions
- Plant Manager Software
- Line Controller Software
- Bundle Tracking Software
- Others
By Technology
- Barcodes
- RFID
By Application
- Serialization Solutions
- Label Serialization
- Bottle Serialization
- Carton Serialization
- Data Matrix Serialization
- Aggregation Solutions
- Bundle Aggregation
- Case Aggregation
- Pallet Aggregation
By End-User
- Pharmaceutical and Biopharmaceutical Companies
- Medical Device Companies
- Other Healthcare End-Users
- Food and Beverage Industry
- Consumer Goods
- Luxury Goods
By Region
- North America
- Europe
- Asia-Pacific
- Middle East and Africa
- Central and South America
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Track and Trace Solutions Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2030
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Product Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Hardware Systems
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Software Solutions
5.3.1 Market Size & Forecast (Value & Volume)
6 Technology Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Barcodes
6.2.1 Market Size & Forecast (Value & Volume)
6.3 RFID
6.3.1 Market Size & Forecast (Value & Volume)
7 Applications Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 Serialization Solutions
7.2.1 Market Size & Forecast (Value & Volume)
7.3 Label Serialization
7.3.1 Market Size & Forecast (Value & Volume)
7.4 Bottle Serialization
7.4.1 Market Size & Forecast (Value & Volume)
7.5 Carton Serialization
7.5.1 Market Size & Forecast (Value & Volume)
7.6 Data Matrix Serialization
7.6.1 Market Size & Forecast (Value & Volume)
7.7 Aggregation Solutions
7.7.1 Market Size & Forecast (Value & Volume)
7.8 Bundle Aggregation
7.8.1 Market Size & Forecast (Value & Volume)
7.9 Case Aggregation
7.9.1 Market Size & Forecast (Value & Volume)
7.10 Pallet Aggregation
7.10.1 Market Size & Forecast (Value & Volume)
8 End User Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 Pharmaceutical Biopharmaceutical Companies
8.2.1 Market Size & Forecast (Value & Volume)
8.3 Medical Device Companies
8.3.1 Market Size & Forecast (Value & Volume)
8.4 Other Healthcare End-Users
8.4.1 Market Size & Forecast (Value & Volume)
8.5 Food and Beverage Industry
8.5.1 Market Size & Forecast (Value & Volume)
8.6 Consumer Goods
8.6.1 Market Size & Forecast (Value & Volume)
8.7 Luxury Goods
8.7.1 Market Size & Forecast (Value & Volume)
9 Regional Overview
9.1 Introduction
9.1.1 Market Size & Forecast (Value & Volume)
9.2 North America
9.2.1 Economic Overview
9.2.2 Market Scenario
9.2.3 U.S.
9.2.4 Canada
9.2.5 Mexico
9.3 Central and South America and the Caribbean
9.3.1 Economic Overview
9.3.2 Market Scenario
9.3.3 Brazil
9.3.4 Argentina
9.3.5 Colombia
9.3.6 Rest of Central and South America and the Caribbean
9.4 Europe
9.4.1 Economic Overview
9.4.2 Market Scenario
9.4.3 Germany
9.4.4 France
9.4.5 The U.K.
9.4.6 Italy
9.4.7 The Rest Of Europe
9.5 Asia-Pacific (APAC)
9.5.1 Economic Overview
9.5.2 Market Scenario
9.5.3 China
9.5.4 Japan
9.5.5 India
9.5.6 Australia
9.5.7 South Korea
9.5.8 Rest Of APAC
9.6 Middle East
9.6.1 Economic Overview
9.6.2 Market Scenario
9.6.3 South Arabia
9.6.4 The UAE
9.6.5 Qatar
9.6.6 Oman
9.6.7 Turkey
9.6.8 The Rest Of Middle East
9.7 Africa
9.7.1 Economic Overview
9.7.2 Market Scenario
9.7.3 Nigeria
9.7.4 South Africa
9.7.5 The Rest Of Africa
10 Competitive Landscape — Manufacturers & Suppliers
10.1 Competition Dashboard
10.2 Industry Structure
10.3 Axway
10.3.1 Business Overview
10.3.2 Financial Performance
10.3.3 Recent Developments
10.3.4 Portfolio
10.4 Mettler-Toledo International, Inc.
10.5 Optel Vision
10.6 TraceLink, Inc.
10.7 Adents International
10.8 Antares Vision srl
10.9 Siemens AG
10.10 Seidenader Maschinenbau GmbH
10.11 ACG Worldwide
10.12 Systech, Inc
10.13 IBM
11 Conclusion & Recommendation
12 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/track-and-trace-solutions-market/toc
Market News
- TRACE LINK- In May 2021, TraceLink Inc. announced that Yangtze River Pharmaceutical Group selected TraceLink’s multienterprise compliance applications and digital supply network to comply with track and trace requirements in multiple markets, including the US and Europe.
- ANTARES VISION S.P.A.- In March 2021, Antares Vision acquired RFXCEL Corporation. RFXCEL specialized in the development of software for the life science and F&B sectors to ensure the safety of medicines along the distribution chain.
- OPTEL GROUP- In January 2021, Optel Group collaborated with Bureau Veritas for addressing the critical issue of traceability and reliability in COVID-19 vaccine logistics.
- KORBER MEDIPAK SYSTEMS GMBH- In December 2020, the company started offering its track and trace solution for APAC region in regional languages and short response times. With this, it strengthened its geographical presence in the region.
News Media
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