Global Track and Trace Solutions Market Size By Product (Software, Hardware Components), By Technology (Barcodes, Radio Frequency Identification (RFID)), By End-User (Pharmaceutical And Biopharmaceutical Companies, Medical Device Companies), By Geographic Scope And Forecast

Track and Trace Solutions Market Size And Forecast

Track and Trace Solutions Market size was valued at USD 3.2 Billion in 2021 and is projected to reach USD 8.1 Billion by 2030, growing at a CAGR of 16.90% from 2022 to 2030.

The growth of the Global Track and Trace Solutions Market is being driven by stringent regulations for the implementation of serialization. Also, the rapid growth of the medical device industry is one of the major factors that are positively influencing the growth of the Global Track and Trace Solutions Market. The Global Track and Trace Solutions Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Track and Trace Solutions Market Definition

Imagine you're receiving a package from a friend across the country. How do you know when to expect it and where it is now? That's where "track and trace" solutions come into play. These solutions are like the eyes and ears of the logistics world, letting businesses keep tabs on the journey of their products. They use special tags like RFID (radio frequency identification) and barcodes to "mark" the products and follow their movement. Why is this important? Because nowadays, there's a lot of focus on making sure products are safe and meet quality standards. If there's a problem, companies need to be able to quickly track down the products that may be affected. That's where track and trace solutions step in, providing companies with the tools and technology to track their products every step of the way. They even offer consulting services to help businesses design the best tracking system for their specific needs. So, next time you're waiting for a package, know that there's a whole system working behind the scenes to make sure it gets to you safely and on time.

These software solutions are used for the continuous management of manufacturing facilities, product lines, case, and bundle tracking, warehousing, and shipping. Companies developing this software are investing in R&D for better product development. There are numerous small and large vendors offering a plethora of tracking and trace solutions, resulting in intense competition. Track-and-trace solutions can help you identify any weak links in your supply chain, authenticate individual products and their components, track conditions to help prevent product damage, diversion or waste, and even take control of your product’s carbon footprint.

Global Track and Trace Solutions Market Overview

Counterfeit drugs are a huge issue for drug companies. This problem is expected to grow as more drug and medical device companies use systems to track and trace their products. Developing countries like India and Africa are hit hardest by fake and low-quality drugs. For example, in India, about one in five drugs sold was fake in 2019, according to the United States Trade Representative. In 2019, the Therapeutic Goods Administration in Australia came out with new rules for product coding to cut down on counterfeit drugs.

However, the high cost connected with the track as well as trace implementation and lack of unified global standard regulations for serialization and aggregation will hinder the market growth. Moreover, advancements in coding technologies such as laser marking systems, large character marking (LCM), as well as thermal transfer overprinting (TTO) will fuel the market for track and trace hardware systems in the upcoming years.

Global Track and Trace Solutions MarketSegmentation Analysis

The Global Track and Trace Solutions Market is Segmented on the basis of Product, Technology, End-User, and Geography.

Track and Trace Solutions Market, By Product

• Software
• Hardware Components
• Standalone Platforms

Based on Product, the market is bifurcated into Software, Hardware Components, and Standalone Platforms. The software segment dominated the Global Track and Trace Solutions Market owing to the increasing adoption of track and trace solutions by various companies such as healthcare, pharmaceuticals, and medical device companies.

Track and Trace Solutions Market, By Technology

• Barcodes
• Radio Frequency Identification (RFID)

Based on Technology, the market is bifurcated into Barcodes, and Radio Frequency Identification (RFID). The barcodes segment dominated the Global Track and Trace Solutions Market in 2019 owing to its increasing number of applications in pharmaceutical and biopharmaceutical product packaging.

Track and Trace Solutions Market, By End-User

• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
• Cosmetic Industry
• Other End Users

Based on End-User, the market is bifurcated into Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Cosmetic Industry, and Other End Users. The pharmaceutical and biopharmaceutical companies segment dominated the Global Track and Trace Solutions Market owing to an increase in the number of counterfeit drugs.

Track and Trace Solutions Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Across the globe, the Track and Trace Solutions market is spread across regions like North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is all set to witness the fastest growth in this market. The reason for this is the increasing pressure to control the widespread problem of fake medicines in developing Asian countries like China and India. China has implemented strict track and trace regulations. These rules make it mandatory for all pharmaceutical products to be serialized and tracked throughout the supply chain. Additionally, all manufacturers must submit compliance reports to the China Food and Drug Administration (CFDA). These stringent measures are expected to give a major boost to the Track and Trace Solutions market in these countries in the near future. Not only this, but untapped opportunities in this region are also expected to play a role in the growth of this sector.

Key Players

The “Global Track and Trace Solutions Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are SAP, Antares Vision, TraceLink Inc., Systech International Inc., OPTEL Group, Mettler-Toledo International Inc., Xyntek Inc., Adents International, SEA Vision Srl, and Robert Bosch. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• On February 2021, Anatres Vision acquired Adents International. Through this acquisition, the company expanded its portfolio of software solutions as well as cloud services for end-to-end traceability. This development also helped in strengthening the Group’s international presence, especially in France.
• On October 2020, OPTEL Group entered into a partnership with Bureau Veritas. This partnership aimed to launch V-Trade, a complete assured traceability solution for COVID-19 vaccines, in addition to the whole supply chain.

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