Number of pages: 100 | Report Format: PDF | Published date: 09 August, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global track and trace solutions market was pegged at ~US$ 3.8 billion in 2021 and is expected to witness a CAGR of ~ 11.80 % during the forecast period.
Track and trace solutions support the pharmaceutical and medical devices companies and other stakeholders to effectively manage their production and supply chain procedures and reduce the risk related to the manufacturing of drugs. It is a process that helps track the entire supply chain i.e., manufacturing to the customer consumption which makes it demanding. This technology helps pharmaceutical and biopharmaceutical companies, medical devices companies, and other manufacturers with the serialization and aggregation of their products. The trending use of products with RFID technologies can increase the demand in the coming years.
As drug counterfeiting has increased in the pharmaceutical and biopharmaceuticals industries, adoption of track and trace solutions has gradually become a necessity and thus augmenting the market growth of track and trace solutions industry. The incumbent use of serialization is going to further grow the market base. Strict recommendations by the governments of different nations to use track and trace solutions is also paving way for further expansion on the global platform. However, the high cost required for setting up this system can restrain the market growth. With the advancement of technology, the remote use of these products to check the status of manufacturing will be a lucrative opportunity for market growth.
The global track and trace solutions market has been analyzed from four perspectives: Product, Applications, Technology, End-user, and Region.
Track and Trace solutions Market by Product
According to the product segment, the global track and trace solutions market is grouped into hardware systems and software solutions. The software solution products are further categorized into plant manager software, bundle tracking, and warehouse and shipment, and the hardware systems are classified into printing and marking solutions, monitoring, and verification, and labeling solutions. Software solution products have the highest stake in the market share in 2021. The driving elements for the prominence of this segment are improved understanding. Moreover, as the number of counterfeit drugs increases, so will the need for remote access to technology. Remote access can be provided with the help of software solution products. Better management of products in the production process can be provided with efficient use of software systems in shipment and warehousing, bundle tracking, product line, etc. The plant manager software is a new software that deals with all the visible operations on a single screen. This software is very helpful to track any irregularity in the production process of the drugs or medical devices, which simultaneously helps in maintaining the quality standards of the products.
Track and Trace Solutions Market by Application
Based on the applications, the global track and trace solutions market is categorized into serialization solutions and aggregation solutions. The serialization solution is again classified into medical device serialization, vial and ampoule serialization, and carton serialization. Serialization is a technique of providing a unique code to the product being produced, which helps it to be identified and tracked in the manufacturing process. Administration in many countries is recommending the use of serialization in the pharmaceutical industries to get rid of drug counterfeiting, for instance in Europe, The European Federation of Pharmaceutical Industries and Associations acclaims a communal coding scheme intended for the medicinal business throughout Europe. Many countries that have already mandated serialization include Argentina, China, Russia, UAE, South Korea, Turkey, etc.
Track and Trace Solutions Market by Technology
Based on technology, the global track and trace solutions market is classified into linear barcodes, 2D barcodes, and RFID (Radio-frequency Identification). Among these, RFID is the dominant segment attributed to factors such as procurement of real-time data on tracking, tracing, and maintaining the validity of the products being manufactured, reduction in need for labor and time needed to handle the manufactured goods.
Track and Trace Solutions Market by Region
Geographically, the global track and trace solutions market is studied for four major regions North America, Europe, Asia Pacific, and the Rest of the World. The market in North America has the largest share of the global industry, followed by Europe and the Asia Pacific. Some attributed to the dominance position of North America are the implementation of a wide range of manufacturing and processing practices by pharmaceutical and biotechnology companies, strict use of serialization in production practices, better scope of capital investment by pharmaceutical and medical devices companies. Europe is accounted as the second largest region in the global track and trace solutions market because for reasons such as the European Union aiming to mandate the usage of track and trace solutions to reduce drug forging and theft, high adoption of breakthrough tracking technologies in healthcare infrastructure and so on. Due to the rising cases of drug counterfeiting and augmented administration initiatives to decrease it through the obligation of severe rules, Germany leads the European track and trace solutions market. Asia Pacific has also shown dramatic growth because of factors such as emerging growth in the pharmaceutical and biotechnology sectors in terms of business procurement and use of different manufacturing and processing approaches, increased investments in upgrading of manufacturing and logistics systems and support from domestic governments, etc.
Some of the prominent players operating in the global track and trace solutions market are