The global track and trace solutions market size was valued at US$ 2.09 billion in 2019 by budding at a compound annual growth rate (CAGR) of around 17.98% during period 2020 to 2027.
The global track and trace solutions market size is projected to reach over US$ 8.1 billion by end of 2027.
The global track and trace solutions market is estimated to experience momentous growth during the estimate period owing to aspects such as upsurge in adoption of track and trace solutions by pharmaceutical and medical device manufacturers to resolve the problem of drug counterfeit and organized regulatory framework & execution of standards. Though these influences develop the growth of the track and trace solutions market, great installation cost related with aggregation and serialization solutions greatly obstruct the market growth.
As of 2019 serialization solutions occupied major share in terms of revenue in the global track and trace solutions marketplace. This is attributed to the growing focus of regulatory bodies and execution of the same. Country governments, federal agencies, and the healthcare sector are taking actions to reduce product diversion and drug forging. Serialization is a major step to obey with new ePedigree regulations that are mandatory for product traceability throughout the supply chain. Furthermore, augmented focus on patient security and brand safety by producers is anticipated to push segment growth throughout the study period.
Product Type Insights
Among different product type, software solutions dominated market with huge share of track and trace solutions market revenue in 2019. This is on account of mounting adoption in healthcare companies, such as biopharmaceuticals, pharmaceuticals, and medical device corporations. These software solutions are employed for uninterrupted management of product lines, manufacturing facilities, case, and warehousing, bundle tracking, and shipping. Establishments developing this software are capitalizing in R&D for improved product improvement, which is anticipated to thrust market growth during years to come.
Among technology segmentation of the market, as of 2019, barcodes technology garnered major share of the total revenue in the track and trace solutions market. 2D barcode has appeared as leading sub-segment and is anticipated to uphold its position during the estimate period. Augmented application of 2D barcodes in biopharmaceutical and pharmaceutical product packaging is a main aspect that backed to the great revenue share. Furthermore, plenty data storage capacity of 2D barcodes above linear barcodes plus its greater popularity in the market, lifts the sale of 2D barcode-based track and trace solutions.
In 2019, out of different end users of the market pharmaceutical companies lead the market with significant revenue share. Guaranteeing safe product track and trace abilities through several entities during the supply chain by employing serialization is a decisive step to meet the issues confronted by pharmaceutical firms. Presently, it is binding for pharmaceutical producers to obey with state and federal regulations for track and trace solutions, which is further flourishing the demand for these solutions.
Geographically North America dominated the global track and trace solutions market in 2019 with significant revenue share, trailed by Europe. Causes including the existence of a huge number of biotechnology and pharmaceutical corporations and medical device producers, strict regulations concerning serialization, and the increasing medical devices market, are driving the growth of the track and trace solutions market growth in this region.
Asia Pacific market for track and trace solutions offer great potential and projected to register fastest growth rate throughout the forecast period. The intensifying pharmaceutical market and the enactment of rigorous regulations to improve the consistency and quality of pharmaceutical medicine are the important factors for market growth in this region. Additionally, escalating pressure to limit high occurrence of fake drugs in emerging Asian nations such as China and India further drives the market growth. China’s track and trace regulations and laws authorized serialization and tracking during the supply chain and vital compliance reporting to the China Food and Drug Administration for whole pharmaceuticals. These rigorous regulations are anticipated to lift the growth of the market in these nations in the nearby future.
Key Companies & Market Share Insights
Rising numbers of companies are facing frequent issues on account of the increasing diversity and complexity in serialization necessities, mostly in the pharmaceutical business. Disparities in regulations and standards across nations along with the management of accumulated complex data makes it tough for companies to implement serialization in track and trace. Nevertheless, cumulative rate of forging of pharmaceuticals and other healthcare produces pushes the acceptance of serialization in the supply chain.
Some of the important companies operating in the global track and trace solutions market include:
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the track and trace solutions market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of various parameters including product type, application, technology, end user, and region as follows:
By Regional Outlook
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