Track And Trace Solutions Industry Overview
The global track and trace solutions market size was valued at USD 3.5 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 19.3% from 2023 to 2030.
The market growth is majorly accredited to the growing rate of counterfeiting and theft of healthcare products worldwide. Biopharmaceutical, pharmaceutical, cosmetic products, and medical device manufacturers are adopting track and trace solutions and protecting their products and brand equity. Furthermore, favorable regulations for serialization implementation are anticipated to drive the application of track and trace solutions in the healthcare industry.
Gather more insights about the market drivers, restrains and growth of the Track And Trace Solutions Market
The market is anticipated to witness significant growth owing to the rising deployment of track and trace solutions by pharmaceutical and medical device companies. Drug counterfeiting is a major problem faced by pharmaceutical and biopharmaceutical companies. Thus, companies are adopting track and trace solutions for supply chain monitoring. It has been found that the influx of substandard/counterfeit medications is more prevalent in low to middle-income countries, such as India and Africa. According to the United States Trade Representative (USTR) report in 2019, around 20% of all sold drugs in India were counterfeit.
Product counterfeiting and theft are key problems faced by pharmaceutical, biopharmaceutical, and cosmetic companies. According to the WHO, it is estimated that around 10% of all medicines are counterfeit worldwide, and this percentage is much higher in some of the African, Asian, and Latin American countries (10% to 30%). Annually, thousands of people die due to the consumption of fake medicines. Thus, the governments of many countries have set standards and regulations for mandatory implementation of track and trace solutions in the healthcare industry to protect people from fake medicines and other products. In addition, the advancement in products and technology such as RFID drives the adoption of track and trace in the supply chain. It is estimated that over 40 countries and more than 75% of the worldwide medicine supply will be covered by track and trace regulations by 2018. However, the high cost associated with the implementation of track and trace in the supply chain could hinder the growth of this market.
Moreover, stringent regulations and standards pertinent to serialization implementation and aggregation are expected to drive the market. In July 2019, Therapeutic Goods Administration (TGA) imparted new guidelines on product coding to reduce counterfeiting in Australia. However, the high cost connected with the track and trace implementation and the lack of unified global standard regulations for serialization and aggregation could hinder the market growth.
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Track And Trace Solutions Market Segmentation
Grand View Research has segmented the global track and trace solutions market on the basis of product, technology, application, end-use, and region:
Track And Trace Solutions Product Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware Systems
- Printing Marking Solutions
- Monitoring Verification Solutions
- Labeling Solutions
- Others
- Software Solutions
- Plant Manager Software
- Line Controller Software
- Bundle Tracking Software
- Others
Track And Trace Solutions Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Barcode
- RFID
Track And Trace Solutions Application Outlook (Revenue, USD Million, 2017 - 2030)
- Serialization Solutions
- Bottle Serialization
- Label Serialization
- Carton Serialization
- Data Matrix Serialization
- Aggregation Solutions
- Bundle Aggregation
- Case Aggregation
- Pallet Aggregation
Track And Trace Solutions End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Pharmaceutical Companies
- Medical Device Companies
- Healthcare Others
- Food and Beverage
- Consumer Packaged Goods
- Luxury Goods
Track And Trace Solutions Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Belgium
- Russia
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- South Africa
- Saudi Arabia
- Egypt
Key Companies profiled:
- Axway
- Mettler-Toledo International, Inc.
- Optel Vision
- TraceLink, Inc.
- Adents
- Antares Vision S.r.l
- Siemens AG
- Korber AG
- ACG Worldwide
- Markem Imaje, a Dover Company
Key Track And Trace Solutions Company Insights
There are multiple small and large manufacturers offering products for tracking and tracing applications, resulting in intense competition among vendors. The vendors are increasing their focus on strategic partnerships with their consumers and are collaborating with other players in the sector. For instance, in January 2022, Optel Group acquired the track and trace unit of Korber Business Area Pharma, also known as Taxeed. The company is based in Germany and has helped Optel to leverage Taxeed’s expertise in agrochemical and pharmaceutical track and trace technologies. Furthermore, in September 2021, Rfxcel, a subsidiary of Antares Vision Group, signed a five-year cooperative agreement with the Lebanese Republic’s Ministry of Public Health for providing a GS1-compliant traceability hub for securing Lebanon’s entire pharmaceutical supply chain.
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