The global track and trace solutions market demonstrated a substantial valuation of USD 3.5 billion in 2022 and is projected to experience robust growth, with a compound annual growth rate (CAGR) of 19.3% anticipated from 2023 to 2030. This significant expansion can largely be attributed to the escalating rates of counterfeiting and theft of healthcare products on a global scale. To combat these challenges, manufacturers within the biopharmaceutical, pharmaceutical, cosmetic, and medical device sectors are increasingly integrating track and trace solutions into their operations, thereby enhancing the security of their products and safeguarding their brand equity. Additionally, the implementation of favorable regulations aimed at serialization is expected to further catalyze the adoption of track and trace solutions within the healthcare industry.
The market is poised for notable growth as pharmaceutical and medical device companies ramp up their deployment of track and trace solutions. Drug counterfeiting presents a formidable challenge for both pharmaceutical and biopharmaceutical firms, prompting these companies to adopt sophisticated track and trace solutions for comprehensive supply chain monitoring. The prevalence of substandard and counterfeit medications is particularly concerning in low- to middle-income countries, including India and various regions in Africa. A report from the United States Trade Representative (USTR) in 2019 highlighted that approximately 20% of all pharmaceuticals sold in India were identified as counterfeit, underscoring the critical need for robust tracking
Gather more insights about the market drivers, restrains and growth of the Track And Trace Solutions Market
Product Segmentation Insights
In 2022, software solutions emerged as the dominant revenue-generating segment within the market, primarily due to their widespread adoption among healthcare companies across pharmaceuticals, biopharmaceuticals, and medical devices. These software solutions are integral for the continuous management of various aspects of production, including manufacturing facilities, product lines, case and bundle tracking, as well as warehousing and shipping logistics. Companies engaged in the development of such software are increasingly investing in research and development (RD) to enhance product capabilities, which is expected to drive further growth. As a result, the software solutions segment is projected to be the most lucrative part of the market, benefiting from heightened investment in RD and a strong emphasis on customer service by software providers.
Conversely, the hardware systems segment is also anticipated to experience significant growth throughout the forecast period. Within this segment, printing and marking solutions held the largest revenue share in 2021. These systems are crucial for ensuring quality control and product authenticity throughout the production and supply chain processes. The rising demand for serialization, coupled with the necessity to comply with regulatory standards, is propelling growth in this area. Specifically, printing and marking equipment will play an essential role in fulfilling the requirements set forth by the Drug Supply Chain Security Act (DSCSA) by 2023. Furthermore, advancements in coding technologies—including laser marking systems, large character marking (LCM), and thermal transfer overprinting (TTO)—are expected to significantly contribute to market growth in the coming years, enhancing the efficiency and reliability of track and trace systems.
Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.
