Track And Trace Solutions Market Value will Hit USD 28.9 BN by 2032

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Table of Content

The track and trace solutions market has a current business value of about USD 4.9 billion in 2022 and it is expected to grow 19.42% globally to around USD 28.9 billion by 2032.

The track and trace solutions market growth is driven by an increase in the use of sophisticated track and trace technologies, supportive government action, and strict rules and standards for the application of serialization.

Market Overview:

Track-and-trace solution marketplaces, contract manufacturing businesses, contract packaging companies, and their supply chain partners help pharmaceutical and biotechnology companies adapt to market changes and comply with rules on drug traceability with integrated serialization solutions.  Pharmaceutical and medical device companies are expected to use track-and-trace solutions much more frequently.

Around one out of every 10 medical products sold in low- and middle-income nations are mediocre or fake, according to a 2019 World Health Organization article. As a result, track-and-trace solutions are being adopted by drug producers and other end users more frequently.

Track and Trace Solutions Market Report Scope:

Report Highlights:

• By Technology, In 2021, barcode technology had the highest revenue share more than 81%. The 2D barcode is now the most widely used type of barcode and is predicted to remain so for the whole prediction period. A significant element that contributed to the larger revenue share is the increased use of 2D barcodes in pharmaceutical and biopharmaceutical product packaging.
• By Products, The market was led by software solutions in 2022, accounting for a significant portion of the income generated by track and trace solutions. The expanding use of medical devices, medicines, and biopharmaceuticals in healthcare organizations. Case and bundle tracking, product lines, production facilities, warehousing, and shipping are all managed continuously utilizing these software programs. Over the projection period, the hardware systems category is projected to have profitable expansion. The printing and marking solutions category had the greatest sales share in the hardware systems section in 2021. To guarantee the quality and authenticity of the products, this system is crucial to the production and the supply chain. The requirement to achieve regulatory compliance and the growing demand for serialization are driving market expansion.

• By Application, In terms of revenue, serialization solutions accounted for a sizable portion of the market for track-and-trace products as of 2022. This is due to regulatory agencies' increased attention to and performance of their mandates. The healthcare industry, federal agencies, and national governments are all taking measures to lessen product theft and drug fraud.

Regional Insights:

North America accounted for the largest market share in 2022 due to strict controls over serialization and aggregation requirements as well as state-of-the-art healthcare infrastructure. Throughout the forecast period, it is expected that this dominance will continue. The FDA advises pharmaceutical and other healthcare industries to use automatic identification technology such as barcoding and RFID. Also, the market is anticipated to be driven by the U.S.'s adoption of this technology and its highly established healthcare infrastructure.

On the other hand, the Asia Pacific market for track and trace solutions has enormous potential and is anticipated to grow at the quickest rate throughout the forecast period due to the implementation of rules to improve the quality and dependability of pharmaceutical products, the development of the pharmaceutical and biotechnology market, and increased pressure to reduce the high prevalence of counterfeit drugs in developing Asian nations like China and India.

Market Dynamics:

Drivers:

Manufacturers are paying more attention to brand protection

Companies that produce medications, medical devices, cosmetics, and pharmaceutical packaging face an increasing threat from counterfeiting. The use of fake medicines and other items has expanded globally as a result of expanding global trade and lax restrictions. Branded and generic products that include inaccurate or fraudulent ingredients, no active ingredients, an erroneous amount of active substances, or fake packaging are considered counterfeit.

The producer expends a lot of effort on building a brand, and counterfeiters leverage this brand identification to market their products. The revenue of the original producer suffers greatly, and the brand's reputation is also damaged. Therefore, it is essential to deploy track and trace technology like barcodes and RFID to stop counterfeiting. To improve product traceability and security, many firms implement a variety of track and trace technologies throughout their supply chain.

Restraints:

High implementation costs for aggregation and serialization

Cost and implementation delay are the market's main worries, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA). The serialization and aggregation of individual objects require significant capital expenditures from the pharmaceutical industry, the medical device industry, contract manufacturers, and the packaging industry. Small and medium-sized firms face a greater burden than larger medicine companies, which may have the financial capacity to handle sterilization's financial commitments. A lot of pharmaceutical companies are aware of the expenses associated with integrating new technologies and procedures.

Opportunities:

Technology advancement

Technologies like anti-theft and authentication, which are frequently used to protect trademarks, are made to safeguard individual products rather than the entire supply chain. At any step in the supply chain, there is a high possibility that phony items will enter. To detect huge product items and prevent counterfeiting, a system with autonomous and non-line-of-sight capabilities is required.

The demand for technologies with modular designs that cater to corporate demands has grown in recent years. For instance, RFID-based track-and-trace devices keep a digital record of the transactions involving products along the supply chain. The use of this strategy has been proven to be quite successful in thwarting supply chain intrusion, theft, and fraud.

Challenges:

High installation and implementation costs for track and trace technologies

An important barrier to the market's growth is the high cost of establishing and implementing track-and-trace technology. Numerous pharmaceutical companies employ conventional system designs, which require substantial system customization to implement these solutions. As track-and-trace technologies require considerable capital expenditure, many organizations opt not to use them. The implementation of these solutions also results in higher capital costs, disturbed workflow, and more complex manufacturing processes, all of which limit market expansion.

Recent developments, trade laws, import-export evaluation, production analysis, supply chain optimization, market share, the impact of domestic and localized market players, assessments of possibilities in terms of raising revenue pockets, modifications to market laws, strategic market expansion analysis, market size, category market growths, application areas and dominance, product approvals, and product launches are all included in this track and trace solutions market research.

Recent Development:

• December 2020, The "K600G" blister foil and web digital printing solution for pharmaceutical solutions was created by Domino in association with Gallarus and SeaVision. With a variety of solutions that enable various installation styles, it also has a function that enables direct printing on blister foil packets.
• In September 2021, A five-year partnership agreement was inked by Rfxcel, an Antares Vision Group company, and the Ministry of Public Health of the Lebanese Republic to provide a GS1-compliant traceability hub for Lebanon's complete pharmaceutical supply chain.

Major Key Players:

• Adents International
• Mettler-Toledo International, Inc
• Axway, TraceLink, Inc
• Optel Vision
• Siemens AG
• SeidenaderMaschinenbau GmbH
• Others

Market Segmentation:

By Technology

• RFID
• Barcode

 By Product

• Hardware Systems
  • Monitoring & Verification Solutions
  • Printing & Marking Solutions
  • Labeling Solutions
  • Others
• Software Solutions
  • Bundle Tracking Software
  • Plant Manager Software
  • Line Controller Software
  • Others

By Application

• Aggregation Solutions
  • Bundle Aggregation
  • Case Aggregation
  • Pallet Aggregation
• Serialization Solutions
  • Carton Serialization
  • Label Serialization
  • Bottle Serialization
  • Data Matrix Serialization

By End-User

• Medical device Companies
• Pharmaceutical Companies
• Food and Beverage
• Healthcare
• Consumer Packaged Goods
• Luxury Goods
• Others

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